Document:

EXHIBIT 10.113

                UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE

     FOR VALUE RECEIVED and for the purpose of inducing THE HUNTINGTON NATIONAL
BANK, a national banking association, having an office at 41 South High Street,
Columbus, Ohio 43215 ("Huntington"), to make a loan in the amount of Six Million
And 00/100 Dollars ($6,000,000.00) to EM COLUMBUS, LLC, a Delaware limited
liability company, having an office at 150 E. Gay Street, Columbus, Ohio 43215,
("Borrower"), in which the undersigned owns a beneficial interest and from which
the undersigned expects to derive direct monetary benefit, the undersigned
Glimcher Properties Corporation, a Delaware Corporation ("Guarantor"), whose
social security number or tax identification number is 31-1393472, agrees for
the benefit of Huntington as follows:

     1. Guarantor unconditionally and absolutely guarantees to Huntington the
full and prompt payment, whether at stated or accelerated maturity or otherwise,
of any and all principal, interest, damages, losses, costs, charges, expenses
and liabilities, whether fixed or contingent (collectively the "Indebtedness")
and the complete, faithful and punctual performance of any and all other
obligations (collectively the "Obligations") of Borrower to Huntington under the
terms and conditions of (a) a Loan Commitment Letter dated December 22, 2003, by
and between Borrower and Huntington (the "Commitment Letter") pertaining to such
loan; (b) the Note, of even date herewith, made by Borrower to Huntington, in
the principal amount of Six Million And 00/100 Dollars ($6,000,000.00). and any
and all renewals, amendments, modifications, reductions and extensions thereof
and substitutions therefor (collectively the "Note") evidencing such loan; (c)
the Open-End Mortgage, Assignment of Rents and Security Agreement, of even date
herewith, granted by Borrower to Huntington (the "Mortgage") securing such loan;
and (d) any other instrument, document, certificate or affidavit heretofore, now
or hereafter given by Borrower evidencing or securing all or any part of the
foregoing (the same, together with the Commitment Letter, the Note and the
Mortgage, collectively the "Loan Documents").

     2. Guarantor agrees that, if any of the Indebtedness shall not be paid or
any of the Obligations shall not be performed by Borrower in accordance with the
terms and conditions of the Loan Documents, Guarantor shall immediately so pay
such Indebtedness and so perform such Obligations and the same shall become the
direct and primary indebtedness and obligation of Guarantor. Guarantor shall be
liable for the payment of the Indebtedness and the performance of the
Obligations as fully and to the same effect as if Guarantor was the maker or
principal obligor under the Loan Documents.

     3. The liability of Guarantor under this Unconditional Guaranty of Payment
and Performance (the "Guaranty") is independent of the Indebtedness and
Obligations of Borrower, and a separate action or actions may be brought and
prosecuted against Guarantor regardless of whether any action is brought against
Borrower or whether Borrower be joined in any such action or actions. There
shall be no duty or obligation of Huntington to exhaust any remedy in law or in
equity against Borrower or any security before bringing suit or instituting
proceedings of any kind against Guarantor.

<PAGE>

     4. The liability of Guarantor hereunder is joint and several with all
others guaranteeing payment of the Indebtedness and performance of the
Obligations (the "Other Guarantors"), and Guarantor may be sued without first,
contemporaneously or subsequently, suing any or all of the Other Guarantors.
Further, Huntington may compromise with any or all of the Other Guarantors for
less than all of the liability of Guarantor hereunder and release any or all of
the Other Guarantors from all further liability, without impairing the right of
Huntington to enforce the liability hereunder of Guarantor.

     5. Guarantor represents that, at the time of the execution and delivery of
this Guaranty, nothing exists to impair the liability of Guarantor hereunder or
the immediate effectiveness of this Guaranty.

     6. The liability of Guarantor hereunder shall continue until full payment
of the Indebtedness and full performance of the Obligations, it being the
intention hereof that Guarantor shall remain liable for the payment of the
Indebtedness and for the performance of the Obligations notwithstanding any act,
omission or event which might, but for the provisions hereof, otherwise operate
as a legal or equitable discharge of Guarantor. Without limiting the generality
of the foregoing, the liability of Guarantor hereunder shall not be affected or
impaired on account of the following events:

     (a) any execution of any guaranty by any of the Other Guarantors, whether
     now or hereafter, or any invalidity or unenforceability of any such
     guaranty;

     (b) any impairment, modification, release, discharge or limitation of
     liability of Borrower or any of the Other Guarantors, or any stay of lien
     enforcement proceedings against any of the same or their respective
     property, resulting from any receivership, insolvency, bankruptcy,
     dissolution, merger, reorganization or other similar proceeding under any
     present or future provision of the United States Bankruptcy Code or any
     other similar federal or state law or under the decision of any court;

     (c) any voluntary or involuntary liquidation, sale or other disposition of
     all or substantially all of the assets of Borrower;

     (d) any determination that Borrower is not liable for the payment of the
     Indebtedness or the performance of the Obligations because the act creating
     the Indebtedness or Obligations is ultra vires, because the officers or
     persons creating the Indebtedness or Obligations acted in excess of their
     authority, because of any exculpatory provision in the Loan Documents,
     because of any federal or state law or decision of any court, because of
     any illegality, irregularity, invalidity or unenforceability, in whole or
     in part, of the Loan Documents, or otherwise; or

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<PAGE>

     (e) any failure of Huntington to accelerate the maturity of the
     Indebtedness or the Obligations upon default thereon, to preserve the
     liability of any person for payment of the Indebtedness or performance of
     the Obligations, to take security therefor, to perfect its interest in any
     security taken or to exercise or enforce, by legal proceedings or
     otherwise, its rights against Borrower, any other person or any security
     taken;

whether or not Guarantor shall have any notice or knowledge of any of the
foregoing. Further, no delay in exercising any right, power or privilege under
this Guaranty or the Loan Documents shall operate as a waiver of such right,
power or privilege.

     7. Guarantor authorizes Huntington to deal in any manner with the
Indebtedness and the Obligations and with the security of every kind and
character given to secure the payment and performance thereof, provided that the
principal portion of the Indebtedness shall not be increased above the amount
aforesaid without the written consent of Guarantor, and consents to each action
or omission of Huntington pursuant to such authority. Without limiting the
generality of the foregoing, Guarantor authorizes Huntington, from time to time
and whether one or more times, to amend, modify or supplement any or all of the
Loan Documents; accept one or more replacement promissory notes; extend the time
of payment or maturity of or renew the Indebtedness or the Obligations; waive or
compromise any term or condition contained in the Loan Documents or any right,
remedy or power thereunder, including without limitation, any condition
precedent to loan advances or any right with respect to requiring additional
security; accept additional or replacement security; or release or surrender
security.

     8. The liability of Guarantor hereunder and the rights of Huntington
hereunder shall be reinstated and revived with respect to any amount at any time
paid against the Indebtedness that thereafter is required to be restored or
returned by Huntington as a result of insolvency, bankruptcy, reorganization or
other similar proceedings affecting Borrower, Guarantor, any of the Other
Guarantors or any other person, or any of the assets of the same, or as a result
of any other fact or circumstance, all as though such amount had not been paid.

     9. Guarantor waives:

     (a) notice of acceptance of this Guaranty by Huntington, of loan advances
     by Huntington and of presentment for payment, nonpayment or dishonor or
     protest of any of the Indebtedness, or any of the indebtedness of any
     person or entity pledged to Huntington as security for the Indebtedness or
     the Obligations;

     (b) any and all defenses, offsets and counterclaims of Borrower to
     liability under the Loan Documents or of Guarantor under this Guaranty,
     whether now existing or hereafter arising, it being understood and agreed
     that the guarantee of Guarantor hereunder is absolute and unconditional
     under any and all circumstances;

     (c) any duty on the part of Huntington to disclose to Guarantor any fact or
     facts it may now or hereafter know about Borrower, regardless of whether
     Huntington has reason to believe that any such facts materially increase
     the risk beyond that which Guarantor intends to assume, has reason to
     believe that such facts are unknown to Guarantor or has a reasonable
     opportunity to communicate such facts to Guarantor, it being understood and
     agreed that Guarantor is fully responsible for being and remaining informed
     of the financial condition of Borrower and of all circumstances bearing on
     the risk of nonpayment of the Indebtedness or nonperformance of the
     Obligations; and

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<PAGE>

     (d) until the Indebtedness has been repaid and the Obligations have been
     performed, any and all rights of subrogation, contribution, reimbursement,
     indemnity, exoneration, implied contract, recourse to security or any other
     claim, including without limitation, any claim, as that term is defined in
     the United States Bankruptcy Code and any amendments, which Guarantor may
     now have or later acquire against Borrower, against any other entity
     directly or contingently liable for the payment of the Indebtedness or
     performance of the Obligations or against the security for the Indebtedness
     or the Obligations, arising from the existence or payment of the
     Indebtedness or existence or performance of the Obligations under this
     Guaranty.

     10. Whether or not due Huntington from Borrower, Guarantor agrees to pay to
Huntington all damages, losses, costs, charges, expenses and liabilities of
every kind, nature and description suffered or incurred by Huntington, including
without limitation reasonable attorneys' fees, arising in any manner out of,
growing out of or connected in any way with the enforcement of the Loan
Documents or the protection of any security created thereby, including the
priority thereof, or the enforcement of this Guaranty.

     11. Guarantor subordinates any and all indebtedness of Borrower now or
hereafter owed to Guarantor to the Indebtedness and agrees that Guarantor shall
not claim any offset or other reduction of Guarantor's liability hereunder
because of any such indebtedness and that, until the Indebtedness has been
repaid and the Obligations have been performed, Guarantor shall not demand or
accept any payment of principal or interest from Borrower and shall not take any
action to obtain any of the security for the Indebtedness or the Obligations.

     12. Guarantor warrants and represents to Huntington that all financial
statements heretofore delivered by Guarantor to Huntington are true and correct
and that there have been no material, adverse changes as of the date hereof.
Guarantor shall deliver to Huntington then current balance sheets, income and
expense statements and such other financial information as Huntington may
require, within ninety (90) days after the end of each fiscal year of Guarantor
and when otherwise requested by Huntington, and tax returns, within thirty (30)
days after the last date that the same can be filed without imposition of a
penalty for late filing. All financial statements shall be prepared in
accordance with generally accepted accounting principles or otherwise in form
acceptable to Huntington. Huntington reserves the right to require not more
often than annually audited or certified financial information by a certified
public accountant acceptable to Huntington.

     13. Guarantor shall not transfer assets to others that would constitute
fraudulent transfers under Ohio law or under the United States Bankruptcy Code,
or in other than the ordinary course of business, without Huntington's prior
written consent.

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<PAGE>

     14. Nothing herein contained, nor contained in any of the other Loan
Documents, shall be construed or so operate as to require Guarantor to pay
interest in an amount or at a rate greater than the highest rate permissible
under applicable law. Should any interest or other charges paid by Guarantor
result in the computation or earning of interest in excess of the highest rate
permissible under applicable law, then any and all such excess shall be and the
same is waived by Huntington, and all such excess shall be automatically
credited against and in reduction of the principal sum, and any portion of said
excess which exceeds the principal sum shall be paid by Huntington to Guarantor,
it being the intent of the parties hereto that under no circumstances shall
Guarantor be required to pay interest in excess of the highest rate permissible
under applicable law. All interest paid or agreed to be paid to Huntington
shall, to the extent permitted under applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the
Indebtedness, including the period of any renewal or extensions thereof, so that
interest thereon for such full period shall not exceed the maximum amount
permitted by applicable law. Notwithstanding anything to the contrary herein
contained, in the event that the interest rate to be charged hereunder ever
exceeds the highest rate permissible under applicable law, thereby causing the
interest accruing to be limited to such rate, then any subsequent reduction in
the interest rate to which Guarantor would otherwise be entitled shall be held
in abeyance until the total amount of interest accrued equals the amount of
interest which would have accrued had the interest rate not been limited to the
highest rate permissible under applicable law.

     15. Any notice required or permitted to be given hereunder shall be in
writing. If mailed by first class United States mail, postage prepaid,
registered or certified with return receipt requested, then such notice shall be
effective upon its deposit in the mails. Notice given in any other manner shall
be effective only if and when received by the addressee. For purposes of notice,
the addresses of Guarantor and Huntington shall be as set forth below; provided
however, that either party shall have the right to change such party's address
for notice hereunder to any other location within the continental United States
by the giving of thirty (30) days' written notice to the other party.

     If to Guarantor:   Glimcher Properties Corporation
                        150 East Gay Street
                        Columbus, Ohio  43215

     If to Huntington:  The Huntington National Bank
                        Commercial Real Estate Group
                        41 South High Street
                        Columbus, Ohio 43215
                        Attention: Bonnie Birath

     16. All rights and remedies of Huntington are cumulative and not
alternative. If any provision or any part of any provision contained in this
Guaranty shall for any reason be held or deemed to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or remaining part of the affected provision
of this Guaranty, and this Guaranty shall be construed as if such invalid,
illegal or unenforceable provision or part thereof had never been contained
herein, and the remaining provisions of this Guaranty shall remain in full force
and effect.

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<PAGE>

     17. Guarantor agrees that this Guaranty shall inure to the benefit of and
may be enforced by Huntington or its endorsees, transferees, successors and
assigns, and shall be binding upon and enforceable against Guarantor and
Guarantor's legal representatives, heirs, successors and assigns. This Guaranty
may be assigned by Huntington in whole or in part.

     18. This Guaranty is executed and delivered by Guarantor at Columbus,
Franklin County, Ohio and is to be governed by and construed in accordance with
the laws of the State of Ohio. Guarantor consents to, and by execution of this
Guaranty submits to, the personal jurisdiction of the Court of Common Pleas of
Franklin County, Ohio and the United States District Court sitting in Columbus,
Ohio for the purposes of any judicial proceedings which are instituted for the
enforcement of this Guaranty. Guarantor agrees that venue is proper in either of
said courts.

     19. This is the entire agreement and there are no other oral or written
agreements and no understandings affecting the terms hereof. This Guaranty may
be modified only by subsequent written agreement executed by Guarantor and
Huntington.

     20. This Guaranty is a "contract of indebtedness" pursuant to Section
1301.21, O.R.C. The loan guaranteed by this Guaranty is a business loan and is
not incurred for purposes that are primarily "personal, family or household", as
defined in Section 1301.21, O.R.C.

     21. Guarantor authorizes any attorney-at-law to appear in any court of
record in the State of Ohio or in any other state or territory of the United
States at any time after this Guaranty or the payment of the Indebtedness or the
performance of the Obligations becomes due, whether at stated maturity,
accelerated maturity or otherwise, to waive the issuing and service of process
and to confess judgment against Guarantor in favor of Huntington for the amount
due, together with interest, expenses, the costs of suit and reasonable
attorneys fees, and thereupon to release and waive all errors, rights of appeal
and stays of execution. Such authority shall not be exhausted by one exercise,
but judgment may be confessed from time to time as any sums and/or costs,
expenses or reasonable attorneys fees shall be due, by filing an original or a
photostatic copy of this Guaranty.

     HUNTINGTON, BY ACCEPTANCE OF THIS GUARANTY, AND GUARANTOR HEREBY MUTUALLY,
VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY WAIVE FOR THE BENEFIT OF THE OTHER
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING
IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, IN CONNECTION WITH, RELATED TO,
OR INCIDENTAL TO THIS GUARANTY OR THE LOAN DOCUMENTS, THE TRANSACTIONS RELATED
THERETO OR THE RELATIONSHIP ESTABLISHED THEREBY. THIS PROVISION IS A MATERIAL
INDUCEMENT TO HUNTINGTON AND GUARANTOR TO ENTER INTO THIS TRANSACTION. IT SHALL
NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY HUNTINGTON'S ABILITY TO
PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY CONFESSION OF JUDGMENT OR
COGNOVIT PROVISION CONTAINED IN THIS GUARANTY OR THE LOAN DOCUMENTS.

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<PAGE>

     IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed as of
the ______ day of ________________, 2005.

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WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.
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                                          Glimcher Properties Corporation, a
                                          Delaware Corporation

                                          By:________________________________
                                             George A. Schmidt
                                             Executive Vice President

                                       7EXHIBIT 10.114

                UNCONDITIONAL GUARANTY OF PAYMENT AND PERFORMANCE

     FOR VALUE RECEIVED and for the purpose of inducing THE HUNTINGTON NATIONAL
BANK, a national banking association, having an office at 41 South High Street,
Columbus, Ohio 43215 ("Huntington"), to make a loan in the amount of Six Million
And 00/100 Dollars ($6,000,000.00) to EM COLUMBUS, LLC, a Delaware limited
liability company, having an office at 150 E. Gay Street, Columbus, Ohio 43215,
("Borrower"), in which the undersigned owns a beneficial interest and from which
the undersigned expects to derive direct monetary benefit, the undersigned
Glimcher Properties Limited Partnership, a Delaware limited partnership
("Guarantor"), whose social security number or tax identification number is
31-1390925, agrees for the benefit of Huntington as follows:

     1. Guarantor unconditionally and absolutely guarantees to Huntington the
full and prompt payment, whether at stated or accelerated maturity or otherwise,
of any and all principal, interest, damages, losses, costs, charges, expenses
and liabilities, whether fixed or contingent (collectively the "Indebtedness")
and the complete, faithful and punctual performance of any and all other
obligations (collectively the "Obligations") of Borrower to Huntington under the
terms and conditions of (a) a Loan Commitment Letter dated December 22, 2003, by
and between Borrower and Huntington (the "Commitment Letter") pertaining to such
loan; (b) the Note, of even date herewith, made by Borrower to Huntington, in
the principal amount of Six Million And 00/100 Dollars ($6,000,000.00). and any
and all renewals, amendments, modifications, reductions and extensions thereof
and substitutions therefor (collectively the "Note") evidencing such loan; (c)
the Open-End Mortgage, Assignment of Rents and Security Agreement, of even date
herewith, granted by Borrower to Huntington (the "Mortgage") securing such loan;
and (d) any other instrument, document, certificate or affidavit heretofore, now
or hereafter given by Borrower evidencing or securing all or any part of the
foregoing (the same, together with the Commitment Letter, the Note and the
Mortgage, collectively the "Loan Documents").

     2. Guarantor agrees that, if any of the Indebtedness shall not be paid or
any of the Obligations shall not be performed by Borrower in accordance with the
terms and conditions of the Loan Documents, Guarantor shall immediately so pay
such Indebtedness and so perform such Obligations and the same shall become the
direct and primary indebtedness and obligation of Guarantor. Guarantor shall be
liable for the payment of the Indebtedness and the performance of the
Obligations as fully and to the same effect as if Guarantor was the maker or
principal obligor under the Loan Documents.

     3. The liability of Guarantor under this Unconditional Guaranty of Payment
and Performance (the "Guaranty") is independent of the Indebtedness and
Obligations of Borrower, and a separate action or actions may be brought and
prosecuted against Guarantor regardless of whether any action is brought against
Borrower or whether Borrower be joined in any such action or actions. There
shall be no duty or obligation of Huntington to exhaust any remedy in law or in
equity against Borrower or any security before bringing suit or instituting
proceedings of any kind against Guarantor.

<PAGE>

     4. The liability of Guarantor hereunder is joint and several with all
others guaranteeing payment of the Indebtedness and performance of the
Obligations (the "Other Guarantors"), and Guarantor may be sued without first,
contemporaneously or subsequently, suing any or all of the Other Guarantors.
Further, Huntington may compromise with any or all of the Other Guarantors for
less than all of the liability of Guarantor hereunder and release any or all of
the Other Guarantors from all further liability, without impairing the right of
Huntington to enforce the liability hereunder of Guarantor.

     5. Guarantor represents that, at the time of the execution and delivery of
this Guaranty, nothing exists to impair the liability of Guarantor hereunder or
the immediate effectiveness of this Guaranty.

     6. The liability of Guarantor hereunder shall continue until full payment
of the Indebtedness and full performance of the Obligations, it being the
intention hereof that Guarantor shall remain liable for the payment of the
Indebtedness and for the performance of the Obligations notwithstanding any act,
omission or event which might, but for the provisions hereof, otherwise operate
as a legal or equitable discharge of Guarantor. Without limiting the generality
of the foregoing, the liability of Guarantor hereunder shall not be affected or
impaired on account of the following events:

     (a) any execution of any guaranty by any of the Other Guarantors, whether
     now or hereafter, or any invalidity or unenforceability of any such
     guaranty;

     (b) any impairment, modification, release, discharge or limitation of
     liability of Borrower or any of the Other Guarantors, or any stay of lien
     enforcement proceedings against any of the same or their respective
     property, resulting from any receivership, insolvency, bankruptcy,
     dissolution, merger, reorganization or other similar proceeding under any
     present or future provision of the United States Bankruptcy Code or any
     other similar federal or state law or under the decision of any court;

     (c) any voluntary or involuntary liquidation, sale or other disposition of
     all or substantially all of the assets of Borrower;

     (d) any determination that Borrower is not liable for the payment of the
     Indebtedness or the performance of the Obligations because the act creating
     the Indebtedness or Obligations is ultra vires, because the officers or
     persons creating the Indebtedness or Obligations acted in excess of their
     authority, because of any exculpatory provision in the Loan Documents,
     because of any federal or state law or decision of any court, because of
     any illegality, irregularity, invalidity or unenforceability, in whole or
     in part, of the Loan Documents, or otherwise; or

                                       2
<PAGE>

     (e) any failure of Huntington to accelerate the maturity of the
     Indebtedness or the Obligations upon default thereon, to preserve the
     liability of any person for payment of the Indebtedness or performance of
     the Obligations, to take security therefor, to perfect its interest in any
     security taken or to exercise or enforce, by legal proceedings or
     otherwise, its rights against Borrower, any other person or any security
     taken;

whether or not Guarantor shall have any notice or knowledge of any of the
foregoing. Further, no delay in exercising any right, power or privilege under
this Guaranty or the Loan Documents shall operate as a waiver of such right,
power or privilege.

     7. Guarantor authorizes Huntington to deal in any manner with the
Indebtedness and the Obligations and with the security of every kind and
character given to secure the payment and performance thereof, provided that the
principal portion of the Indebtedness shall not be increased above the amount
aforesaid without the written consent of Guarantor, and consents to each action
or omission of Huntington pursuant to such authority. Without limiting the
generality of the foregoing, Guarantor authorizes Huntington, from time to time
and whether one or more times, to amend, modify or supplement any or all of the
Loan Documents; accept one or more replacement promissory notes; extend the time
of payment or maturity of or renew the Indebtedness or the Obligations; waive or
compromise any term or condition contained in the Loan Documents or any right,
remedy or power thereunder, including without limitation, any condition
precedent to loan advances or any right with respect to requiring additional
security; accept additional or replacement security; or release or surrender
security.

     8. The liability of Guarantor hereunder and the rights of Huntington
hereunder shall be reinstated and revived with respect to any amount at any time
paid against the Indebtedness that thereafter is required to be restored or
returned by Huntington as a result of insolvency, bankruptcy, reorganization or
other similar proceedings affecting Borrower, Guarantor, any of the Other
Guarantors or any other person, or any of the assets of the same, or as a result
of any other fact or circumstance, all as though such amount had not been paid.

     9. Guarantor waives:

     (a) notice of acceptance of this Guaranty by Huntington, of loan advances
     by Huntington and of presentment for payment, nonpayment or dishonor or
     protest of any of the Indebtedness, or any of the indebtedness of any
     person or entity pledged to Huntington as security for the Indebtedness or
     the Obligations;

     (b) any and all defenses, offsets and counterclaims of Borrower to
     liability under the Loan Documents or of Guarantor under this Guaranty,
     whether now existing or hereafter arising, it being understood and agreed
     that the guarantee of Guarantor hereunder is absolute and unconditional
     under any and all circumstances;

     (c) any duty on the part of Huntington to disclose to Guarantor any fact or
     facts it may now or hereafter know about Borrower, regardless of whether
     Huntington has reason to believe that any such facts materially increase
     the risk beyond that which Guarantor intends to assume, has reason to
     believe that such facts are unknown to Guarantor or has a reasonable
     opportunity to communicate such facts to Guarantor, it being understood and
     agreed that Guarantor is fully responsible for being and remaining informed
     of the financial condition of Borrower and of all circumstances bearing on
     the risk of nonpayment of the Indebtedness or nonperformance of the
     Obligations; and

                                       3
<PAGE>

     (d) until the Indebtedness has been repaid and the Obligations have been
     performed, any and all rights of subrogation, contribution, reimbursement,
     indemnity, exoneration, implied contract, recourse to security or any other
     claim, including without limitation, any claim, as that term is defined in
     the United States Bankruptcy Code and any amendments, which Guarantor may
     now have or later acquire against Borrower, against any other entity
     directly or contingently liable for the payment of the Indebtedness or
     performance of the Obligations or against the security for the Indebtedness
     or the Obligations, arising from the existence or payment of the
     Indebtedness or existence or performance of the Obligations under this
     Guaranty.

     10. Whether or not due Huntington from Borrower, Guarantor agrees to pay to
Huntington all damages, losses, costs, charges, expenses and liabilities of
every kind, nature and description suffered or incurred by Huntington, including
without limitation reasonable attorneys' fees, arising in any manner out of,
growing out of or connected in any way with the enforcement of the Loan
Documents or the protection of any security created thereby, including the
priority thereof, or the enforcement of this Guaranty.

     11. Guarantor subordinates any and all indebtedness of Borrower now or
hereafter owed to Guarantor to the Indebtedness and agrees that Guarantor shall
not claim any offset or other reduction of Guarantor's liability hereunder
because of any such indebtedness and that, until the Indebtedness has been
repaid and the Obligations have been performed, Guarantor shall not demand or
accept any payment of principal or interest from Borrower and shall not take any
action to obtain any of the security for the Indebtedness or the Obligations.

     12. Guarantor warrants and represents to Huntington that all financial
statements heretofore delivered by Guarantor to Huntington are true and correct
and that there have been no material, adverse changes as of the date hereof.
Guarantor shall deliver to Huntington then current balance sheets, income and
expense statements and such other financial information as Huntington may
require, within ninety (90) days after the end of each fiscal year of Guarantor
and when otherwise requested by Huntington, and tax returns, within thirty (30)
days after the last date that the same can be filed without imposition of a
penalty for late filing. All financial statements shall be prepared in
accordance with generally accepted accounting principles or otherwise in form
acceptable to Huntington. Huntington reserves the right to require not more
often than annually audited or certified financial information by a certified
public accountant acceptable to Huntington.

     13. Guarantor shall not transfer assets to others that would constitute
fraudulent transfers under Ohio law or under the United States Bankruptcy Code,
or in other than the ordinary course of business, without Huntington's prior
written consent.

                                       4
<PAGE>

     14. Nothing herein contained, nor contained in any of the other Loan
Documents, shall be construed or so operate as to require Guarantor to pay
interest in an amount or at a rate greater than the highest rate permissible
under applicable law. Should any interest or other charges paid by Guarantor
result in the computation or earning of interest in excess of the highest rate
permissible under applicable law, then any and all such excess shall be and the
same is waived by Huntington, and all such excess shall be automatically
credited against and in reduction of the principal sum, and any portion of said
excess which exceeds the principal sum shall be paid by Huntington to Guarantor,
it being the intent of the parties hereto that under no circumstances shall
Guarantor be required to pay interest in excess of the highest rate permissible
under applicable law. All interest paid or agreed to be paid to Huntington
shall, to the extent permitted under applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the
Indebtedness, including the period of any renewal or extensions thereof, so that
interest thereon for such full period shall not exceed the maximum amount
permitted by applicable law. Notwithstanding anything to the contrary herein
contained, in the event that the interest rate to be charged hereunder ever
exceeds the highest rate permissible under applicable law, thereby causing the
interest accruing to be limited to such rate, then any subsequent reduction in
the interest rate to which Guarantor would otherwise be entitled shall be held
in abeyance until the total amount of interest accrued equals the amount of
interest which would have accrued had the interest rate not been limited to the
highest rate permissible under applicable law.

     15. Any notice required or permitted to be given hereunder shall be in
writing. If mailed by first class United States mail, postage prepaid,
registered or certified with return receipt requested, then such notice shall be
effective upon its deposit in the mails. Notice given in any other manner shall
be effective only if and when received by the addressee. For purposes of notice,
the addresses of Guarantor and Huntington shall be as set forth below; provided
however, that either party shall have the right to change such party's address
for notice hereunder to any other location within the continental United States
by the giving of thirty (30) days' written notice to the other party.

     If to Guarantor:     Glimcher Properties Limited Partnership
                          150 East Gay Street
                          Columbus, Ohio  43215

     If to Huntington:    The Huntington National Bank
                          Commercial Real Estate Group
                          41 South High Street
                          Columbus, Ohio 43215
                          Attention: Bonnie Birath

     16. All rights and remedies of Huntington are cumulative and not
alternative. If any provision or any part of any provision contained in this
Guaranty shall for any reason be held or deemed to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or remaining part of the affected provision
of this Guaranty, and this Guaranty shall be construed as if such invalid,
illegal or unenforceable provision or part thereof had never been contained
herein, and the remaining provisions of this Guaranty shall remain in full force
and effect.

                                       5
<PAGE>

     17. Guarantor agrees that this Guaranty shall inure to the benefit of and
may be enforced by Huntington or its endorsees, transferees, successors and
assigns, and shall be binding upon and enforceable against Guarantor and
Guarantor's legal representatives, heirs, successors and assigns. This Guaranty
may be assigned by Huntington in whole or in part.

     18. This Guaranty is executed and delivered by Guarantor at Columbus,
Franklin County, Ohio and is to be governed by and construed in accordance with
the laws of the State of Ohio. Guarantor consents to, and by execution of this
Guaranty submits to, the personal jurisdiction of the Court of Common Pleas of
Franklin County, Ohio and the United States District Court sitting in Columbus,
Ohio for the purposes of any judicial proceedings which are instituted for the
enforcement of this Guaranty. Guarantor agrees that venue is proper in either of
said courts.

     19. This is the entire agreement and there are no other oral or written
agreements and no understandings affecting the terms hereof. This Guaranty may
be modified only by subsequent written agreement executed by Guarantor and
Huntington.

     20. This Guaranty is a "contract of indebtedness" pursuant to Section
1301.21, O.R.C. The loan guaranteed by this Guaranty is a business loan and is
not incurred for purposes that are primarily "personal, family or household", as
defined in Section 1301.21, O.R.C.

     21. Guarantor authorizes any attorney-at-law to appear in any court of
record in the State of Ohio or in any other state or territory of the United
States at any time after this Guaranty or the payment of the Indebtedness or the
performance of the Obligations becomes due, whether at stated maturity,
accelerated maturity or otherwise, to waive the issuing and service of process
and to confess judgment against Guarantor in favor of Huntington for the amount
due, together with interest, expenses, the costs of suit and reasonable
attorneys fees, and thereupon to release and waive all errors, rights of appeal
and stays of execution. Such authority shall not be exhausted by one exercise,
but judgment may be confessed from time to time as any sums and/or costs,
expenses or reasonable attorneys fees shall be due, by filing an original or a
photostatic copy of this Guaranty.

     HUNTINGTON, BY ACCEPTANCE OF THIS GUARANTY, AND GUARANTOR HEREBY MUTUALLY,
VOLUNTARILY, IRREVOCABLY AND UNCONDITIONALLY WAIVE FOR THE BENEFIT OF THE OTHER
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING
IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, IN CONNECTION WITH, RELATED TO,
OR INCIDENTAL TO THIS GUARANTY OR THE LOAN DOCUMENTS, THE TRANSACTIONS RELATED
THERETO OR THE RELATIONSHIP ESTABLISHED THEREBY. THIS PROVISION IS A MATERIAL
INDUCEMENT TO HUNTINGTON AND GUARANTOR TO ENTER INTO THIS TRANSACTION. IT SHALL
NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY HUNTINGTON'S ABILITY TO
PURSUE ITS REMEDIES INCLUDING, BUT NOT LIMITED TO, ANY CONFESSION OF JUDGMENT OR
COGNOVIT PROVISION CONTAINED IN THIS GUARANTY OR THE LOAN DOCUMENTS.

                                       6
<PAGE>

     IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed as of
the ______ day of ________________, 2005.

--------------------------------------------------------------------------------
WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.
--------------------------------------------------------------------------------

                                        Glimcher Properties Limited Partnership,
                                        a Delaware limited partnership

                                        By:  Glimcher Properties Corporation
                                        Its General Partner

                                        By:____________________________________
                                           George A. Schmidt
                                           Executive Vice President

                                       7

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