Document:

<PAGE>
                   SEVERANCE BENEFITS AGREEMENT                  EXHIBIT 10.179

         AGREEMENT, dated as of December 31, 2002, by and among GLIMCHER REALTY
TRUST, a Maryland real estate investment trust, with offices at 20 South Third
Street, Columbus, Ohio 43215 ("GRT"), GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a
Delaware limited partnership, with offices at 20 South Third Street, Columbus,
Ohio 43215 ("GPLP"), and Melinda A. Janik, an individual residing at 6002
Inismore, Dublin, Ohio 43017 (the "Executive").

         WHEREAS, GRT, GPLP and/or their subsidiaries and affiliates, including
entities in which GRT or GPLP own a majority of any non-voting stock
(collectively, the "Company"), have employed, or may employ in the future, the
Executive as an employee of the Company to perform certain services for and on
behalf of the Company upon terms and conditions upon which the Company and the
Executive have previously agreed, or may in the future agree (the "Services");

         WHEREAS, the Company recognizes that the Executive's contributions to
the future growth of the Company will be substantial; and

         WHEREAS, to induce the Executive to remain in the employ of the
Company, the parties hereto desire to set forth certain severance benefits which
GPLP will pay to the Executive in the event of a Change in Control of GRT (as
defined in Section 2 hereof).

         IT IS AGREED:

         1. TERM. This Agreement shall commence on the date hereof and shall
terminate upon the earlier of (a) the date on which GPLP and GRT have satisfied
all of their obligations hereunder or (b) the date on which the Executive is no
longer an employee of the Company for any reason whatsoever including, without
limitation, termination without cause. Notwithstanding the termination of this
Agreement subsequent to a Change in Control of GRT, in the event that the
Executive is an employee of the Company at the moment immediately prior to a
Change in Control of GRT, the Executive shall be entitled to receive all
benefits described hereunder and the provisions hereof related thereto shall
survive such termination.

         2. CHANGE IN CONTROL OF GRT. For purposes of this Agreement, a "Change
in Control of GRT" shall be deemed to occur if:

                  (i) there shall have occurred a change in control of a nature
         that would be required to be reported in response to Item 6(e) of
         Schedule 14A of Regulation 14A promulgated under the Securities
         Exchange Act of 1934, as amended (the "Exchange Act"), as in effect on
         the date hereof, whether or not GRT is then subject to such reporting
         requirement; provided, however, that there shall not be deemed to be a
         Change in Control of GRT if immediately prior to the occurrence of what
         would otherwise be a Change in Control of GRT (a) the Executive is the
         other party to the transaction (a "Control of GRT Event") that would
         otherwise result in a Change in Control of GRT or

<PAGE>

         (b) the Executive is an Executive officer, trustee, director or more
         than 5% equity holder of the other party to the Control of GRT Event or
         of any entity, directly or indirectly, controlling such other party;

                  (ii) GRT merges or consolidates with, or sells all or
         substantially all of its assets to, another company (each, a
         "Transaction"); provided, however, that a Transaction shall not be
         deemed to result in a Change in Control of GRT if (a) immediately prior
         thereto the circumstances in (i)(a) or (i)(b) above exist or (b) (1)
         the shareholders of GRT, immediately before such transaction, own,
         directly or indirectly, immediately following such Transaction in
         excess of fifty percent (50%) of the combined voting power of the
         outstanding voting securities of the corporation or other entity
         resulting from such Transaction (the "Surviving Corporation") in
         substantially the same proportion as their ownership of the voting
         securities of GRT immediately before such Transaction and (2) the
         individuals who were members of GRT's Board of Trustees immediately
         prior to the execution of the agreement providing for such Transaction
         constitute at least a majority of the members of the board of directors
         or the board of trustees, as the case may be, of the Surviving
         Corporation, or of a corporation or other entity beneficially, directly
         or indirectly, owning a majority of the outstanding voting securities
         of the Surviving Corporation; or

                  (iii) GRT acquires assets of another company or a subsidiary
         of GRT merges or consolidates with another company (each an "Other
         Transaction") and (a) the shareholders of GRT, immediately before such
         Other Transaction own, directly of indirectly, immediately following
         such Other Transaction fifty percent (50%) or less of the combined
         voting power of the outstanding voting securities of the corporation or
         other entity resulting from such Other Transaction (the "Other
         Surviving Corporation") in substantially the same proportion as their
         ownership of the voting securities of GRT immediately before such Other
         Transaction or (b) the individuals who were members of GRT's Board of
         Trustees immediately prior to the execution of the agreement providing
         for such Other Transaction constitute less than a majority of the
         members of the board of directors or board of trustees, as the case may
         be, of the Other Surviving Corporation, or of a corporation or other
         entity beneficially, directly or indirectly, owing a majority of the
         outstanding voting securities of the Other Surviving Corporation;
         provided, however, that an Other Transaction shall not be deemed to
         result in a Change in Control of GRT if immediately prior thereto the
         circumstances in (i)(a) or (i)(b) above exist.

         3. COMPENSATION UPON A CHANGE IN CONTROL OF GRT. If the Executive is an
employee of the Company at the moment immediately prior to a Change in Control
of GRT, the Executive shall be entitled to receive the compensation and benefits
set forth below.

         (a) GPLP shall pay to the Executive, not later than the date of any
Change in Control of GRT, unless otherwise agreed to in writing, a lump sum
severance payment (the "Severance Payment") equal to two (2) times the Base
Amount (as defined below). For purposes of this Section 3(a), the Base Amount
shall mean the Executive's annual compensation during the calendar year period
preceding the calendar year in which the Change in Control of GRT occurs.

<PAGE>

For purposes of determining annual compensation in this Section 3(a), there
shall be included (i) all base salary and bonuses paid or payable to the
Executive by the Company with respect to the preceding calendar year; (ii) all
grants of restricted common shares of beneficial interest of GRT (the "Shares"),
if any, with respect to such preceding calendar year, which Shares shall be
valued based on their date of grant at the then Fair Market Value (as defined in
Section of 7.2 of GRT's 1993 Employee Share Option Plan, 1993 Trustee Share
Option Plan or 1997 Incentive Plan, as the case may be, or any other plan or
agreement pursuant to which they are issued) and (iii) the fair market value of
any other property or rights given or awarded to the Executive by the Company
with respect to such preceding calendar year, or partial first year of
employment.

         (b) Any Shares now or hereafter issued to the Executive pursuant to any
restricted Share grant shall vest on the day immediately prior to the date of a
Change in Control of GRT and no longer be subject to repurchase or any other
forfeiture restrictions.

         (c) GRT and GPLP shall cause the Company to maintain in full force and
effect for the Executive's continued benefit for eighteen (18) months following
a Change in Control of GRT, all life, accident, medical and dental insurance
benefit plans and programs or arrangements in which the Executive was entitled
to participate immediately prior to the date of a Change in Control of GRT,
provided that the Executive's continued participation is allowable under the
general terms and provisions of such plans and programs and provided, further,
that in the event that the Executive becomes employed by any third party during
such 18-month period, then upon the date of such employment the Executive shall
no longer be entitled to any accident, medical or dental insurance benefits
described in the preceding clause. Subject to the preceding sentence, in the
event that the Executive's participation in any such plan or program is barred,
GRT and GPLP shall arrange to cause the Company to provide the Executive with
benefits substantially similar to those which the Executive was entitled to
receive under such plans and programs. Subject to the first sentence of this
paragraph, at the end of the period of coverage, the Executive shall have the
option to have assigned to him at no cost to the Executive and with no
apportionment of prepaid premiums, any assignable insurance policy owned by the
Company and relating specifically to the Executive.

         (d) All options to purchase Shares now or hereafter granted to the
Executive shall vest on the day immediately prior to the date of a Change in
Control of GRT and become fully exercisable in accordance with their terms.

         (e) The Executive shall not be required to mitigate the amount of any
payment provided for in this Section 3 by seeking other employment or otherwise,
nor shall the amount of any payment or benefit provided for in this Section 3 be
reduced by any compensation earned by him as the result of employment by another
employer or by retirement benefits after the date of termination, or otherwise,
except as specifically provided in this Section 3.

         4. ADDITIONAL AMOUNT. Whether or not Section 3 hereof is applicable, if
in the opinion of tax counsel selected by the Executive and reasonably
acceptable to the Company, the Executive has or will receive any compensation or
recognize any income (whether or not pursuant to this Agreement or any plan or
other arrangement of the Company and whether or not the Executive's employment
with the Company has terminated) which constitutes an "excess of parachute
payment" within the meaning of Section 280G(b)(1) of the Internal Revenue Code
of

<PAGE>

1986, as amended (the "Code") (or for which a tax is otherwise payable under
Section 4999 of the Code), then GPLP shall pay the Executive an additional
amount (the "Additional Amount") equal to the sum of (i) all taxes payable by
the Executive under Section 4999 of the Code with respect to all such excess
parachute payments (or otherwise) including, without limitation, the Additional
Amount, plus (ii) all Federal, state and local income taxes for which the
Executive may be liable with respect to the Additional Amount. The amounts
payable pursuant to this Section 4 shall be paid by GPLP to the Executive not
later than the date of any Change in Control of GRT, unless otherwise agreed to
in writing.

         5. EXPENSES. GPLP shall pay or reimburse the Executive, as the case may
be, for all legal fees and related expenses (including the costs of experts,
evidence and counsel) paid by the Executive as a result of (i) the Executive
seeking to obtain or enforce any right or benefit provided by this Agreement or
(ii) any action taken by the Company against the Executive in enforcing its
rights hereunder; provided, however, that GPLP shall reimburse the legal fees
and related expenses described in Section 5 only if and when a final judgment
has been rendered in favor of the Executive and all appeals related to any such
action have been exhausted.

         6. NO EMPLOYMENT RIGHTS OR OBLIGATIONS. Nothing contained herein shall
confer upon the Executive the right to continue in the employment or service of
the Company or affect any right that the Company may have to terminate the
employment or service of the Executive at any time for any reason.

         7. GRT GUARANTY. GRT guarantees the satisfaction of all obligations of,
and the full and prompt payment of all amounts payable by GPLP hereunder. In
addition, GRT guarantees the satisfaction of all obligations of the Company
hereunder.

         8 GOVERNING LAW; ARBITRATION. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Maryland, without
regard to Maryland's conflicts of law principles. Any dispute or controversy
arising under this Agreement, or out of the interpretation hereof, or based upon
the breach hereof, shall be resolved by arbitration held at the offices of the
American Arbitration Association in The Commonwealth of Pennsylvania, in the
City of Philadelphia, in accordance with the rules and regulations of such
association prevailing at the time of the demand for arbitration by either party
hereto; provided, however, that the arbitrator or arbitrators shall only have
the power and authority to interpret, and not modify or amend, the terms and
provisions hereof. Judgment upon an award rendered by the arbitrator or
arbitrators may be entered in any court having jurisdiction thereof.
Notwithstanding anything contained in this Section 8, either party shall have
the right to seek preliminary injunctive relief in any court in the City of
Philadelphia in aid of (and pending the final decision) the arbitration
proceeding.

         9. ENTIRE AGREEMENT. This Agreement sets forth the entire agreement of
the parties and is intended to supersede all prior negotiations, understandings
and agreements with respect to the subject matter hereof. No provision of this
Agreement may be waived or changed, except by a writing signed by the party to
be charged with such waiver or change.

         10. SUCCESSORS; BINDING AGREEMENT. This shall inure to the benefit of,
be binding upon and enforceable by GRT and GPLP, their successors and assigns,
and the

<PAGE>

Executive and the Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

         11. NOTICES. All notices provided for in this Agreement shall be in
writing, and shall be deemed to have been duly given when delivered personally
to the party to receive the same, when given by telex, telegram or mailgram, or
when mailed first class postage prepaid, by registered or certified mail, return
receipt requested, addressed to the party to receive the same. All notices shall
be deemed to have been given as of the date of personal delivery, transmittal or
mailing thereof.

         12. SEVERABILITY. If any provision in this Agreement is determined to
be invalid, it shall not affect the validity or enforceability of any of the
other remaining provisions hereof.

         13. GRT EXCULPATION. This Agreement and all documents, agreements,
understandings and arrangements relating to the matters described herein have
been executed by the undersigned representative of GRT in his/her capacity as an
officer or trustee of GRT which has been formed as a Maryland real estate
investment trust pursuant to the Amended and Restated Declaration of Trust of
GRT, as amended, and not individually, and neither the trustees, officers or
shareholders of GRT shall be bound or have any personal liability hereunder or
thereunder. The Executive shall look solely to the assets of GRT for
satisfaction of any liability of GRT in respect to this Agreement and all
documents, agreements, understandings and arrangements relating to this
transaction and will not seek recourse or commence any action against any of the
trustees, officers or shareholders or GRT or any of their personal assets for
the performance or payment of any obligation hereunder or thereunder. The
foregoing shall also apply to any future documents, agreements, understandings,
arrangements and transactions between the parties hereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                 GLIMCHER REALTY TRUST

                                 By: /s/ Michael P. Glimcher
                                     --------------------------------
                                      Michael P. Glimcher, President

                                 GLIMCHER PROPERTIES LIMITED PARTNERSHIP

                                 BY:  GLIMCHER PROPERTIES CORPORATION,
                                         its General Partner

                                 By: /s/ Michael P. Glimcher
                                     --------------------------------
                                      Michael P. Glimcher, President

EXECUTIVE:

/s/ Melinda A. Janik
--------------------------
Melinda A. Janik<PAGE>

                     AMENDED AND RESTATED PROMISSORY NOTE 1     EXHIBIT 10.179-1
                     --------------------------------------

$70,000,000.00                                                New York, New York
                                                             As of June 30, 2003

         THIS AMENDED AND RESTATED PROMISSORY NOTE A1 (this "NOTE A1") is made
as of this 26 day of June, 2003, by and between LC PORTLAND, LLC, a Delaware
limited liability company, having its principal place of business at 20 South
Third Street, Columbus, Ohio 43215 ("BORROWER"), and LEHMAN BROTHERS HOLDINGS
INC., doing business as Lehman Capital, a division of Lehman Brothers Holdings
Inc., having an address at 399 Park Avenue, 8th Floor, New York, New York 10022
("LENDER").

                                 R E C I T A L S

         WHEREAS, on May 12, 2003 Lender made a loan (the "LOAN") in the
aggregate principal amount of $140,000,000.00 to Borrower, which Loan is (a)
evidenced by that certain Promissory Note dated as of May 12, 2003 (the "NOTE")
and (b) secured by, among other things, that certain Fee and Leasehold Deed of
Trust and Security Agreement dated as of May 12, 2003 (the "MORTGAGE");

         WHEREAS, there is now owing on the Note and the Mortgage the unpaid
principal sum of $140,000,000.00, together with interest;

         WHEREAS, Borrower and Lender desire to amend and restate the Note in
its entirety and split the indebtedness evidenced by the Note into two separate
obligations of indebtedness evidenced by (a) this Note A1 evidencing the
principal sum of Component A1 (as described in that certain Amendment to Loan
Agreement dated the date hereof between Borrower and Lender (together with that
certain Loan Agreement dated as of May 12, 2003 between Borrower and Lender, the
"LOAN AGREEMENT")) in the aggregate principal amount of Seventy Million and
No/100 Dollars ($70,000,000.00) and (b) that certain Amended and Restated
Promissory Note A2 dated as of the date hereof evidencing the principal sum of
Component A2 (as described in the Loan Agreement) in the principal amount of
Seventy Million and No/100 Dollars ($70,000,000.00) ("NOTE A2"); and

         WHEREAS, each of this Note A1 and Note A2 shall continue to be secured
by the Mortgage and shall collectively be referred to as the "Note" in the
Mortgage, the Loan Agreement and all other Loan Documents (as defined in the
Loan Agreement).

         NOW, THEREFORE, in consideration of the premises, the agreements
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby covenant
and agree as follows, effective as of the date first above written:

<PAGE>

         Borrower and Lender hereby agree that the portion of the Note to be
hereafter evidenced by this Note A1 is hereby amended, restated and replaced in
its entirety with respect to the principal indebtedness evidenced by this Note
A1 to read as follows:

                     AMENDED AND RESTATED PROMISSORY NOTE A1
                     ---------------------------------------

$70,000,000                                                   New York, New York
                                                             As of June __, 2003

         FOR VALUE RECEIVED LC PORTLAND, LLC, a Delaware limited liability
company, as maker, having its principal place of business at 20 South Third
Street, Columbus, Ohio 43215 ("BORROWER"), hereby unconditionally promises to
pay to the order of LEHMAN BROTHERS HOLDINGS INC., doing business as Lehman
Capital, a division of Lehman Brothers Holdings Inc., having an address at 399
Park Avenue, 8th Floor, New York, New York 10022 ("LENDER"), or at such other
place as the holder hereof may from time to time designate in writing, the
principal sum of SEVENTY MILLION AND NO/100 DOLLARS ($70,000,000), in lawful
money of the United States of America with interest thereon to be computed from
the date of this Note A1 at the Applicable Interest Rate, and to be paid in
accordance with the terms of this Note A1 and that certain Loan Agreement dated
as of May 12, 2003 between Borrower and Lender, as amended by that certain
Amendment to Loan Agreement dated of even date herewith between Borrower and
Lender (collectively, the "LOAN AGREEMENT"). All capitalized terms not defined
herein shall have the respective meanings set forth in the Loan Agreement.

                            ARTICLE I: PAYMENT TERMS

         (a) Borrower agrees to pay the principal sum of this Note A1 and
interest on the unpaid principal sum of this Note A1 from time to time
outstanding in accordance with this Note A1 and the Loan Agreement. The
outstanding balance of the principal sum of this Note A1, all accrued and unpaid
interest thereon and all other amounts due hereunder and under the Mortgage and
the other Loan Documents shall be due and payable on June 11, 2033, or such
other date which by acceleration or otherwise the principal sum of this Note A1
becomes due and payable (the "MATURITY DATE").

         (b) Prior to June 11, 2013 (the "ANTICIPATED REPAYMENT DATE"), interest
on the outstanding principal balance of this Note A1 shall accrue at a fixed
rate per annum equal to 5.42% (the "REGULAR INTEREST RATE"). From and after the
Anticipated Repayment Date, interest on the outstanding principal balance of
this Note A1 shall accrue at the Matured Performing Rate (as defined in the Loan
Agreement). After the occurrence and during the continuance of an Event of
Default, interest on the outstanding principal balance of this Note A1 shall
accrue at the Default Rate.

         (c) Commencing on July 11, 2003 and on the first day of each succeeding
calendar month (each such date a "PAYMENT DATE") through and including the
Anticipated Repayment Date Borrower shall pay to Lender a monthly payment of
$393,946.00 (the "MONTHLY DEBT SERVICE PAYMENT AMOUNT") to be applied by Lender
in accordance with the Loan Agreement. If any Payment Date is not a Business
Day, the applicable payment shall be

                                      -2-
<PAGE>

made by Borrower on the first Business Day succeeding the applicable Payment
Date. After the Anticipated Repayment Date, Borrower shall pay to Lender the
Monthly Debt Service Payment Amount together with such additional amounts
required to be paid by Borrower as more fully described in the Loan Agreement.

         (d) All amounts due under this Note A1 shall be payable without setoff,
counterclaim or any other deduction whatsoever.

         (e) Interest on the outstanding principal balance of this Note A1 shall
be calculated by multiplying (a) the actual number of days elapsed in the period
for which the calculation is being made by (b) a daily rate based on a three
hundred sixty (360) day year by (c) the outstanding principal balance.

         (f) Each payment by Borrower under this Note A1 shall be made in funds
settled through the New York Clearing House Interbank Payments System or other
funds immediately available to Lender by 2:00 p.m., New York City time, on the
date such payment is due, to Lender by deposit to such account as Lender may
designate by written notice to Borrower in accordance with the Loan Agreement.
Whenever any payment under this Note A1 shall be stated to be due on a day which
is not a Business Day, such payment shall be made on the first Business Day
succeeding such scheduled due date.

                      ARTICLE II: DEFAULT AND ACCELERATION

         The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note A1 is not paid on or prior
to the date when due or if not paid on the Maturity Date or on the happening of
any other Event of Default. In the event that, and for so long as, any Event of
Default shall have occurred and be continuing, the outstanding principal balance
of the Loan shall accrue interest at the Default Rate.

                          ARTICLE III: LOAN DOCUMENTS

         This Note A1 is secured by the Mortgage and the other Loan Documents.
All of the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note A1 to
the same extent and with the same force as if they were fully set forth herein.
In the event of a conflict or inconsistency between the terms of this Note A1
and the Loan Agreement, the terms and provisions of the Loan Agreement shall
govern.

                             ARTICLE IV: PREPAYMENTS

         This Note A1 may not be prepaid in whole or in part except in
compliance with the terms, provisions and conditions of the Loan Agreement.

                                      -3-
<PAGE>

                            ARTICLE V: SAVINGS CLAUSE

         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.

                           ARTICLE VI: NO ORAL CHANGE

         This Note A1 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.

                              ARTICLE VII: WAIVERS

         Borrower and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of
acceleration, protest and notice of protest and non-payment and all other
notices of any kind. No release of any security for the Debt or extension of
time for payment of this Note A1 or any installment hereof, and no alteration,
amendment or waiver of any provision of this Note A1, the Loan Agreement or the
other Loan Documents made by agreement between Lender or any other Person shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other Person who may become liable for the
payment of all or any part of the Debt, under this Note A1, the Loan Agreement
or the other Loan Documents. No notice to or demand on Borrower shall be deemed
to be a waiver of the obligation of Borrower or of the right of Lender to take
further action without further notice or demand as provided for in this Note A1,
the Loan Agreement or the other Loan Documents. If Borrower is a partnership,
the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and applicable
notwithstanding any changes in the shareholders comprising, or the officers and
directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such partnership which
may be set forth in the Loan Agreement, the Mortgage or any other Loan
Document.)

                                      -4-
<PAGE>

                             ARTICLE VIII: TRANSFER

         Upon the transfer of this Note A1, Borrower hereby waiving notice of
any such transfer, Lender may deliver all the collateral mortgaged, granted,
pledged or assigned pursuant to the Loan Documents, or any part thereof, to the
transferee who shall thereupon become vested with all the rights herein or under
applicable law given to Lender with respect thereto, and Lender shall thereafter
forever be relieved and fully discharged from any liability or responsibility in
the matter; but Lender shall retain all rights hereby given to it with respect
to any liabilities and the collateral not so transferred.

                             ARTICLE IX: EXCULPATION

         The provisions of Section 9.4 of the Loan Agreement are hereby
incorporated by reference into this Note A1 to the same extent and with the same
force as if fully set forth herein.

                           ARTICLE X: GOVERNING LAW

         (A) THIS NOTE A1 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
THIS NOTE A1 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 NOTE A1 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. 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 NOTE A1 AND THIS NOTE A1 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 NOTE A1 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

                                      -5-
<PAGE>

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,
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.

                               ARTICLE XI: NOTICES

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

                         [NO FURTHER TEXT ON THIS PAGE]

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, Borrower and Lender have duly executed this Amended
and Restated Promissory Note A1 as of the day and year first above written.

                       BORROWER:
                       ---------

                       LC PORTLAND, LLC,
                       a Delaware limited liability company

                       By:   GLIMCHER PROPERTIES LIMITED
                             PARTNERSHIP,
                             a Delaware limited partnership,
                             its sole member

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

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

                       LENDER:
                       -------

                       LEHMAN BROTHERS HOLDINGS INC.,
                       DOING BUSINESS AS LEHMAN CAPITAL,
                       A DIVISION OF LEHMAN BROTHERS
                       HOLDINGS INC.

                       By:
                          ------------------------------------------------------
                           Name:
                           Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00054-of-00352.parquet"}]]