Document:

<PAGE>
                                                                 Exhibit 10.164

                             MODIFICATION AGREEMENT

                  This Modification Agreement (this "AGREEMENT") is made as of
the 15th day of July, 2002 between MORNINGSIDE PLAZA, LLC, a Delaware limited
liability company, having its principal place of business at 20 South Third
Street, Columbus, Ohio 43215 ("BORROWER") and LEHMAN BROTHERS BANK, FSB, a
Delaware corporation, having an address at 1000 West Street, Suite 200,
Wilmington, Delaware 19801 ("LENDER").

                                  R E C I T A L

                  A. Pursuant to that certain Loan Agreement (the "LOAN
AGREEMENT") dated August 2, 2001, between Lender, as lender, and Borrower, as
borrower, Lender made a loan in the original principal amount of $2,650,000.00
(the "Loan") to Borrower. The Loan is evidenced by a certain promissory note
dated August 2, 2001 made by Borrower to Lender in the principal amount of the
Loan (the "NOTE") and secured by, among other things, a first priority Mortgage
and Security Agreement (the "SECURITY INSTRUMENT") encumbering property commonly
known as Morningside Plaza, located in Dade City, Florida (the "PROPERTY").

                  B. Borrower and Lender have agreed to modify the Loan
Documents as hereinafter provided.

                  NOW THEREFORE, in consideration of the agreements set forth
herein and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows (capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Loan Documents,
as modified hereby):

         1. MATURITY DATE. The definition of "Maturity Date", as defined in
Section 1.1 of the Loan Agreement, is hereby deleted in its entirety and
replaced with the following:

              "MATURITY DATE" shall mean July 11, 2007 or such other date on
              which the final payment of principal of the Note becomes due and
              payable as therein or herein provided, whether at such stated
              maturity date, by declaration of acceleration, or otherwise."

         2. GUARANTORS. The following definition is hereby added to Section 1.1
of the Loan Agreement:

              "GUARANTORS" shall mean Glimcher Properties Limited Partnership,
              Glimcher Properties Corporation and Glimcher Development
              Corporation.

         3. OTHER DEFINITIONS. The following definitions set forth in Section
1.1 of the Loan Agreement, and all references thereto in the Loan Documents, are
hereby deleted in their entirety: "Defeasance Date," "Defeasance Deposit",
"Defeasance Event", "Permitted Release Date," "Scheduled Defeasance Payments,"
and "Successor Borrower."

         4. PREPAYMENTS. Section 2.3.1 of the Loan agreement is hereby deleted
in its entirety and replaced with the following:

              "2.3.1 VOLUNTARY PREPAYMENTS. Provided no Event of Default exists,
              the principal balance of the Loan may be prepaid, in whole but not
              in part, upon not less than 15 days prior written

                                       1
<PAGE>

              notice from Borrower to Lender specifying the scheduled payment
              date on which prepayment is to be made (the "PREPAYMENT DATE")
              and provided such prepayment is accompanied by payment to Lender
              of (i) all accrued and unpaid interest on the outstanding
              principal balance of the Loan to and including the Prepayment
              Date and together with a payment of all interest which would have
              accrued on the principal balance of the Loan to and including the
              tenth (10th) day of the calendar month in which the Prepayment
              Date occurs, if such prepayment occurs on a date which is not the
              eleventh (11th) day of a calendar month, (ii) all other sums
              payable with respect to the Loan, and (iii) a prepayment premium
              equal to a percentage of the outstanding principal amount of the
              Loan, which percentage shall equal (a) three percent (3%) of the
              outstanding principal amount of the Loan if the Loan is prepaid
              prior to July 11, 2003, (b) two percent (2%) of the outstanding
              principal amount of the Loan if the Loan is prepaid on or after
              July 11, 2003 but prior to July 11, 2004, and (c) one percent
              (1%) of the outstanding principal amount of the Loan if the Loan
              is prepaid on or after July 11, 2004."

         5. PREPAYMENTS AFTER DEFAULT. Section 2.3.3 of the Loan Agreement is
hereby deleted in its entirety and replaced with the following:

              "2.3.3 PREPAYMENTS AFTER DEFAULT. If, prior to the Maturity Date
              and during any period of time in which an Event of Default remains
              uncured, payment of all or any part of the Debt is tendered by
              Borrower or otherwise recovered by Lender, such tender or recovery
              shall be deemed a voluntary prepayment by Borrower and Borrower
              shall pay, in addition to the Debt, an amount equal to a
              percentage of the then outstanding principal amount of the Loan,
              which percentage shall equal (a) three percent (3%) of the
              outstanding principal amount of the Loan repaid if the Loan is
              repaid prior to July 11, 2003, (b) two percent (2%) of the
              outstanding principal amount of the Loan repaid if the Loan is
              repaid on or after July 11, 2003 but prior to July 11, 2004, and
              (c) one percent (1%) of the outstanding principal amount of the
              Loan repaid if the Loan is repaid on or after July 11, 2004."

         6. DEFEASANCE. Section 2.4 of the Loan Agreement is hereby deleted in
its entirety.

         7. RELEASE OF PROPERTY. The first paragraph of Section 2.5 of the Loan
Agreement is hereby deleted in its entirety.

         8. TRANSFER RIGHT. The provisions of Section 6.4 of the Security
Instrument beginning with the phrase, "Notwithstanding anything to the contrary
contained in this Article 6, and in addition to the transfers permitted
hereunder, following the sale of the Loan in a securitization, Lender's consent
to a sale, assignment, or other transfer of the Property . . ." through the end
of such Section 6.4, are hereby deleted in their entirety.

         9. GUARANTY. Simultaneously herewith, Borrower shall cause Guarantors
to execute and deliver a Guaranty of Payment of the Loan in form acceptable to
Lender. The foregoing Guaranty of Payment shall be deemed a guaranty issued in
connection with the Loan for the purposes of the Loan Agreement.

         10. OUTSTANDING BALANCE. Borrower certifies and agrees that the
outstanding principal balance of the Loan as of the date hereof is
$2,629,921.16. Borrower covenants and agrees that the above-described amount is
outstanding and that there exists no offset, defense or counterclaim to the
payment thereof in accordance with the terms of the Note, the Loan Agreement,
the Security Instrument and other Loan Documents.

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<PAGE>

         11. REPRESENTATION. Borrower represents and warrants to Lender that as
of the date hereof: (i) the Property has not been transferred or conveyed, and
(ii) title to the Property has not become subject to any additional liens or
encumbrances, and (iii) no Event of Default has occurred and is continuing.

         12. OTHER DOCUMENTS. All References in the Loan Documents to the Loan
Agreement, the Note, and the Security Instrument shall mean the Loan Agreement,
the Note and the Security Instrument, as hereby modified.

         13. NO ADDITIONAL MODIFICATION; COUNTERPARTS. Except as expressly
modified or supplemented hereby, the terms and provisions of the Loan Agreement,
the Note, the Security Agreement and the other Loan Documents remain unmodified
and remain in full force and effect. This Agreement may not be modified, amended
or supplemented without the written consent of the parties hereto. This
Agreement may be executed in multiple counterparts and, upon execution of
counterparts by all parties hereto, such counterparts shall constitute a single
fully executed instrument.

         14. BINDING NATURE. This Agreement shall be binding upon and inure to
the benefit of the parties and their respective heirs, legal representatives,
successors and assigns.

         15. GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, without regard to
principles of conflict laws and any applicable law of the United States of
America.

         16. ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding and agreement between Borrower and Lender with respect to the
subject matter hereof and supersedes all prior written and oral understandings
and agreements between Borrower and Lender with respect thereto. Borrower hereby
acknowledges that, except as incorporated in writing in this Agreement, 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 subject matter hereof.

                  [Remainder of Page Intentionally Left Blank]

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<PAGE>

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

                    BORROWER:

                    MORNINGSIDE PLAZA, 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

                                   Address of Borrower: 20 South Third Street,
                                   Columbus, Ohio 43215
                    LENDER:

                    LEHMAN BROTHERS BANK, FSB,
                    a federal stock savings bank

                    By:   /s/ Charlene H. Thomas
                          -----------------------------------------------------
                          Name:  Charlene H. Thomas
                          Title:  Vice President

                                       4
<PAGE>

                                 ACKNOWLEDGMENTS

State of Ohio                )
                             )ss.
County of Franklin           )

         The foregoing instrument was acknowledged before me this 12 day of
July, 2002, by George A. Schmidt, the Executive Vice President of Glimcher
Properties Corporation, a Delaware corporation, the general partner of Glimcher
Properties Limited Partnership, a Delaware limited partnership, the sole member
of Morningside Plaza, LLC, a Delaware limited liability company, on behalf of
the company. He is personally known to me.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                  /s/ FAITH OLDAKER STUBBS
                                                  -----------------------------
                                                                  Notary Public

Commission
Expiration:   11/22/04
              --------

State of New York            )
                             )ss.
County of ________           )

         The foregoing instrument was acknowledged before me this 17 day of
July, 2002, by Charlene H. Thomas, the Authorized Signature of Lehman Brothers
Bank, FSB, a federal stock savings bank, on behalf of the company. He/she is
personally known to me or has produced ______ as identification.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                  /s/ SALEENAH CALLAWAY
                                                  -----------------------------
                                                                  Notary Public

Commission
Expiration:   9/18/02
              -------

                                       5<PAGE>
                                                                 Exhibit 10.165

                                                             New York, New York
                                                            As of July 15, 2002

                               GUARANTY OF PAYMENT

                  THIS GUARANTY OF PAYMENT ("this GUARANTY") dated as of July
15, 2002, is made by GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership, GLIMCHER PROPERTIES CORPORATION, a Delaware corporation, and
GLIMCHER DEVELOPMENT CORPORATION, a Delaware corporation, each having an address
at 20 South Third Street, Columbus, Ohio 43215 (collectively and individually,
as the context requires, "GUARANTOR" or "GUARANTORS") in favor of LEHMAN
BROTHERS BANK, FSB, a federal stock savings bank, having an address at 1000 West
Street, Suite 200, Wilmington, Delaware 19801 (the "LENDER").

                              PRELIMINARY STATEMENT

         A. Pursuant to that certain Loan Agreement (the "LOAN AGREEMENT") dated
August 2, 2001, between Lender, as lender, and Morningside Plaza, LLC, a
Delaware Limited Liability Company (the "BORROWER"), as borrower, Lender made a
loan in the original principal amount of $2,650,000.00 (the "LOAN") to Borrower.
The Loan is evidenced by a certain Promissory Note dated August 2, 2001 made by
Borrower to Lender in the principal amount of the Loan (the "NOTE") and secured
by, among other things, a first priority Mortgage and Security Agreement (the
"SECURITY INSTRUMENT") encumbering property commonly known as Morningside Plaza,
located in Dade City, Florida (the "PROPERTY").

         B. Lender has required, as a condition precedent to entering into that
certain Modification Agreement, dated the date hereof, between Lender and
Borrower (the "MODIFICATION AGREEMENT"), that the Guarantors execute and deliver
this Guaranty with respect to the Loan.

         C. Any capitalized terms not defined herein shall have the meanings
ascribed to them in the Loan Agreement (except as otherwise set forth herein).

         D. The parties hereto acknowledge and agree that this Guaranty
constitutes a guaranty issued in connection with the Loan and shall be deemed a
Loan Document as that term is defined in the Loan Agreement.

         E. Each Guarantor is an affiliate of Borrower and thus will derive
substantial benefit from the execution and delivery of the Modification
Agreement. Guarantors have entered into this Agreement to induce Lender to enter
into the Modification Agreement.

                                    AGREEMENT

1.       Guarantors jointly and severally hereby absolutely and unconditionally
         guarantee to Lender the prompt and unconditional payment of (i) the
         Loan and the interest thereon, as the same shall become due and payable
         under the Note, (ii) the Obligations (as defined in the Security
         Instrument), as the same may become due and payable under the Loan
         Documents, and (iii) any and all other sums of money which, at any
         time, may become due and payable under the provisions of the Note, the
         Loan Agreement or the other Loan Documents (collectively, the "DEBT").

<PAGE>

2.       It is expressly understood and agreed that, except as otherwise
         expressly provided in Paragraph 4 herein, this is a continuing guaranty
         and that the obligations of each Guarantor hereunder are and shall be
         absolute under any and all circumstances, without regard to the
         validity or enforceability of the Note, the Loan Agreement, or the
         other Loan Documents, a true copy of each of said documents Guarantors
         hereby acknowledge having received and reviewed.

3.       Any indebtedness of Borrower to any Guarantor now or hereafter existing
         (including, but not limited to, any rights of subrogation that any
         Guarantor may have against Borrower or any other Guarantor as a result
         of any payment by any Guarantor under this Guaranty), together with any
         interest thereon, shall be, and such indebtedness is, hereby deferred
         and postponed until, and subordinated to, the prior payment in full of
         the Debt. Until payment in full of the Debt (including interest
         accruing on the Note after the commencement of a proceeding by or
         against Borrower under the Bankruptcy Code which interest the parties
         agree shall remain a claim that is prior and superior to any claim of
         any Guarantor notwithstanding any contrary practice, custom or ruling
         in cases under the Bankruptcy Code generally), each Guarantor agrees
         not to accept any payment or satisfaction of any kind of indebtedness
         of Borrower to any Guarantor and hereby assigns such indebtedness to
         Lender, including the right to file proof of claim and to vote thereon
         in connection with any such proceeding under the Bankruptcy Code,
         including the right to vote on any plan of reorganization. Further,
         each Guarantor agrees that until such payment in full of the Debt, (i)
         no one of them shall accept payment from the others by way of
         contribution on account of any payment made hereunder by such party to
         Lender, (ii) no one of them will take any action to exercise or enforce
         any rights to such contribution, and (iii) if any Guarantor should
         receive any payment, satisfaction or security for any indebtedness of
         Borrower to any Guarantor or for any contribution by any Guarantor for
         payment made hereunder by the recipient to Lender, the same shall be
         delivered to Lender in the form received, endorsed or assigned as may
         be appropriate for application on account of, or as security for, the
         Debt and until so delivered, shall be held in trust for Lender as
         security for the Debt. Notwithstanding anything contained herein to the
         contrary, Manager shall not be obligated to return or refund to Lender
         any Management Fee (as defined in that certain Assignment of Management
         Agreement and Subordination of Management Fees, dated August 2, 2001,
         among Borrower, Lender and Manager) or other fee, commission or other
         amount already received by Manager prior to the occurrence of an Event
         of Default, and to which Manager was entitled under the Management
         Agreement.

4.       Notwithstanding anything to the contrary contained herein, this
         Guaranty and the obligations contained herein shall terminate in the
         event that Lender, in its sole and absolute discretion, consents to and
         approves of a transfer of the Property to, and the assumption of the
         Loan by, a third party.

5.       Each Guarantor agrees that, upon written notice from Lender, each
         Guarantor will reimburse Lender within five (5) days of receipt of such
         notice, to the extent that such reimbursement is not made by Borrower
         for all expenses (including reasonable counsel fees and disbursements)
         incurred by Lender in connection with the collection of the Debt or any
         portion thereof or with the enforcement of this Guaranty.

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<PAGE>

6.       All moneys available to Lender for application in payment or reduction
         of the Debt may be applied by Lender in such manner and in such amounts
         and at such time or times and in such order and priority as Lender may
         elect.

7.       Each Guarantor hereby waives notice of the acceptance hereof,
         presentment, demand for payment, protest, notice of protest, or any and
         all notice of non-payment, non-performance or non-observance, or other
         proof, or notice or demand.

8.       Each Guarantor further agrees that the validity of this Guaranty and
         the obligations of each Guarantor hereunder shall in no way be
         terminated, affected or impaired (i) by reason of the assertion by
         Lender of any rights or remedies which it may have under or with
         respect to either the Note, the Loan Agreement or the other Loan
         Documents, against any person obligated thereunder or the Property, or
         (ii) by reason of the release of the Property, or (iii) by reason of
         Lender's failure to exercise, or delay in exercising, any such right or
         remedy or any right or remedy Lender may have hereunder or in respect
         to this Guaranty, or (iv) by reason of the commencement of a case under
         the Bankruptcy Code by or against any person obligated under the Note,
         the Loan Agreement or the other Loan Documents, or (v) by reason of any
         payment made on the Debt or any other indebtedness arising under the
         Note, the Loan Agreement or the other Loan Documents, whether made by
         Borrower, any Guarantor or any other person, which is required to be
         refunded pursuant to any bankruptcy or insolvency law; it being
         understood that no payment so refunded shall be considered as a payment
         of any portion of the Debt, nor shall it have the effect of reducing
         the liability of any Guarantor hereunder. It is further understood,
         that if Borrower shall have taken advantage of, or be subject to the
         protection of, any provision in the Bankruptcy Code, the effect of
         which is to prevent or delay Lender from taking any remedial action
         against Borrower, including the exercise of any option Lender has to
         declare the Debt due and payable on the happening of any default or
         event by which under the terms of the Note, the Loan Agreement or the
         other Loan Documents, the Debt shall become due and payable, Lender
         may, as against each Guarantor, nevertheless, declare the Debt due and
         payable and enforce any or all of its rights and remedies against each
         Guarantor provided for herein.

9.       Each Guarantor further covenants that, this Guaranty shall remain and
         continue in full force and effect as to any modification, extension or
         renewal of the Note, the Loan Agreement, or any of the other Loan
         Documents, that Lender shall not be under a duty to protect, secure or
         insure the Property, and that other indulgences or forbearance may be
         granted under any or all of such documents, all of which may be made,
         done or suffered without notice to, or further consent of, any
         Guarantor.

10.      As a further inducement to Lender to enter into the Modification
         Agreement and in consideration thereof, each Guarantor further
         covenants and agrees (i) that in any action or proceeding brought by
         Lender against any Guarantor on this Guaranty, each Guarantor shall and
         does hereby waive trial by jury, (ii) that the Supreme Court of the
         State of New York for the County of New York, or, in a case involving
         diversity of citizenship, the United States District Court for the
         Southern District of New York, shall have jurisdiction of any such
         action or proceeding, and (iii) that service of any summons and
         complaint or other process in any such action or proceeding may be made
         by registered or certified mail directed to each Guarantor at such
         Guarantor's respective address set forth above, each Guarantor hereby
         waiving personal service thereof.

                                       3
<PAGE>

11.      This is a guaranty of payment and not of collection and upon any
         default of Borrower under the Note, the Loan Agreement, or any other
         Loan Documents, Lender may, at its option, proceed directly and at
         once, without notice, against any Guarantor to collect and recover the
         full amount of the liability hereunder or any portion thereof, without
         proceeding against Borrower or any other person, or foreclosing upon,
         selling, or otherwise disposing of or collecting or applying against
         the Property or other collateral for the Loan. Guarantor hereby waives
         the pleading of any statute of limitations as a defense to the
         obligations hereunder.

12.      Each reference herein to Lender shall be deemed to include its
         successors and assigns. Each reference herein to Guarantor shall be
         deemed to include the heirs, executors, administrators, legal
         representatives, successors and assigns of each Guarantor respectively,
         all of whom shall be bound by the provisions of this Guaranty.

13.      If any party hereto shall be a partnership, the agreements and
         obligations on the part of each Guarantor herein contained shall remain
         in force and application notwithstanding any changes in the individuals
         composing the partnership and the term "Guarantor" shall include any
         altered or successive partnerships but the predecessor partnerships and
         their partners shall not thereby be released from any obligations or
         liability hereunder.

14.      Each Guarantor has the full power, authority and legal right to execute
         this Guaranty and to perform all of its respective obligations under
         this Guaranty.

15.      All understandings, representations and agreements heretofore had with
         respect to this Guaranty are merged into this Guaranty which alone
         fully and completely expresses the agreement of each Guarantor and
         Lender.

16.      This Guaranty may be executed in one or more counterparts by some or
         all of the parties hereto, each of which counterparts shall be an
         original and all of which together shall constitute a single agreement
         of Guaranty. The failure of any party hereto to execute this Guaranty,
         or any counterpart hereof, shall not relieve the other signatories from
         their obligations hereunder.

17.      This Guaranty may not be modified, amended, waived, extended, changed,
         discharged or terminated orally or by any act or failure to act on the
         part of Lender or Borrower 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.

18.      This Guaranty shall be governed, construed and interpreted as to
         validity, enforcement and in all other respects, in accordance with the
         laws of the State of New York.

                  [Remainder of Page Intentionally Left Blank]

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<PAGE>

                  IN WITNESS WHEREOF, each Guarantor has duly executed this
Guaranty as of the date first above set forth.

                                        GLIMCHER PROPERTIES
                                        CORPORATION, a Delaware corporation

                                        By:  /s/ GEORGE A. SCHMIDT
                                             -------------------------------
                                             George A. Schmidt
                                             Executive Vice President

                                        GLIMCHER DEVELOPMENT
                                        CORPORATION, a Delaware corporation

                                        By:  /s/ GEORGE A. SCHMIDT
                                             ----------------------------
                                                 George A. Schmidt
                                                 Executive Vice President

                                        GLIMCHER PROPERTIES LIMITED
                                        PARTNERSHIP, a Delaware limited
                                        partnership

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

                                            By: /s/ GEORGE A. SCHMIDT
                                                ------------------------------
                                                George A. Schmidt
                                                Executive Vice President

                                       5

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