Document:

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                                                                    Exhibit 10.5

                             STOCK OPTION AGREEMENT

        THIS AGREEMENT, dated as of February 23, 2000, is made by and between
New Plan Excel Realty Trust, Inc., a Maryland corporation, hereinafter referred
to as "Company," and Glenn J. Rufrano, an employee of the Company or a
Subsidiary of the Company, hereinafter referred to as "Employee":

        WHEREAS, the Company wishes to afford the Employee the opportunity to
purchase shares of its $0.01 par value Common Stock; and

        WHEREAS, the Company wishes to carry out the Plan (the terms of which
are hereby incorporated by reference and made a part of this Agreement); and

        WHEREAS, the Committee, appointed to administer the Plan, has determined
that it would be to the advantage and best interest of the Company and its
shareholders to grant to the Employee as an inducement to remain in the service
of the Company or its Subsidiaries and as an incentive for increased efforts
during such service the Non-Qualified Option ("Option") to purchase shares
subject to the restrictions set forth below ("Restricted Shares"), and has
advised the Company thereof and instructed the undersigned officers to issue the
Option.

        NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto do hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

        Whenever the following terms are used in this Agreement, they shall have
the meaning specified below unless the context clearly indicates to the
contrary. The masculine pronoun shall include the feminine and neuter and the
singular the plural, where the context so indicates.

SECTION 1.1 - BOARD

        "Board" shall mean the Board of Directors of the Company.

SECTION 1.2 - CAUSE

        "Cause" shall mean Cause as defined in the Employment Agreement.

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SECTION 1.3 - CHANGE IN CONTROL

        "Change in Control" shall mean the consummation of a merger,
consolidation, share exchange or similar form of transaction involving the
Company or any of its subsidiaries, or the sale of all or substantially all of
the Company's assets (a "Business Transaction"), unless immediately following
such Business Transaction (i) more than 50% of the total voting power of the
entity resulting from such Business Transaction or the entity acquiring the
Company's assets in such Business Transaction (the "Surviving Corporation") is
beneficially owned, directly or indirectly, by the Company's shareholders
immediately prior to any such Business Transaction, and (ii) no person (other
than (1) the Company or any majority-owned entity (provided, that this exclusion
applies solely to the ownership levels of the Company or the majority-owned
entity), (2) any tax-qualified, broad-based employee benefit plan sponsored or
maintained by the Company or any majority-owned entity, or (3) any underwriter
temporarily holding securities pursuant to an offering of such securities), or
any tax-qualified, broad-based employee benefit plan of the Surviving
Corporation or its Affiliates beneficially owns, directly or indirectly, 30% or
more of the total voting power of the Surviving Corporation.

SECTION 1.4 - CODE

        "Code" shall mean the Internal Revenue Code of 1986, as amended.

SECTION 1.5 - COMMITTEE

        "Committee" shall mean the Executive Compensation and Stock Option
Committee of the Board, appointed as provided in the Plan.

SECTION 1.6 - COMPANY

        "Company" shall mean New Plan Excel Realty Trust, Inc. In addition,
"Company" shall mean any corporation assuming, or issuing a new stock option in
substitution for, the Option in a transaction to which Section 424(a) of the
Code applies.

SECTION 1.7 - CUMULATIVE FOUR YEAR ROI

        "Cumulative Four Year ROI" shall mean the annualized return on
investment on a share from the Effective Date through the fourth anniversary of
the Effective Date (determined in good faith by the Committee based upon
dividends paid and appreciation in share price during such period).

SECTION 1.8 - CUMULATIVE FIVE YEAR ROI

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        "Cumulative Five Year ROI" shall mean the annualized return on
investment of a share from the Effective Date through the fifth anniversary of
the Effective Date (determined in good faith by the Committee based upon
dividends paid and appreciation in share price during such period).

SECTION 1.9 - DIRECTOR

        "Director" shall mean a member of the Board.

SECTION 1.10 - DISABILITY

        "Disability" shall mean Disability as defined in the Employment
Agreement.

SECTION 1.11 - EFFECTIVE DATE

        "Effective Date" shall mean the effective date of the Employment
Agreement.

SECTION 1.12 - EMPLOYMENT AGREEMENT

        "Employment Agreement" shall mean the Employment Agreement by and
between New Plan Excel Realty Trust, Inc., a Maryland corporation, and Glenn J.
Rufrano dated February 23, 2000.

SECTION 1.13 - EMPLOYMENT PERIOD

        "Employment Period" shall mean Employment Period as defined in the
Employment Agreement.

SECTION 1.14 -  EXCHANGE ACT

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

SECTION 1.15 - GOOD REASON

        "Good Reason" shall mean Good Reason as defined in the Employment
Agreement.

SECTION 1.16 - OPTION

        "Option" shall mean the option to purchase Common Stock of the Company
granted under this Agreement.

SECTION 1.17 - PLAN

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        "Plan" shall mean the 1993 Stock Option Plan of New Plan Excel Realty
Trust, Inc., as amended from time to time.

SECTION 1.18 - SECRETARY

        "Secretary" shall mean the Secretary of the Company.

SECTION 1.19 - SECURITIES ACT

        "Securities Act" shall mean the Securities Act of 1933, as amended.

SECTION 1.20 - SUBSIDIARY

        "Subsidiary" shall mean any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than
the last corporation in the unbroken chain then owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock
in one (1) of the other corporations in such chain. To the extent not
inconsistent with the requirements of Section 422 of the Code, "corporation" in
the preceding sentence shall include entities other than corporations,
including, without limitation, partnerships and trusts.

SECTION 1.21 - TERMINATION OF EMPLOYMENT

        "Termination of Employment" shall mean the time when the
employee-employer relationship between the Employee and the Company or a
Subsidiary is terminated for any reason, with or without Cause, including, but
not by way of limitation, a termination by resignation with or without Good
Reason, discharge, death or retirement, but excluding any termination where
there is a simultaneous reemployment by the Company or a Subsidiary.

                                   ARTICLE II
                                 GRANT OF OPTION

SECTION 2.1 - GRANT OF OPTION

        For good and valuable consideration, on the date hereof the Company
irrevocably grants to the Employee the option to purchase an aggregate of Five
Hundred Fifteen Thousand One Hundred and Twenty-One (515,121) shares of its
$0.01 par value Common Stock upon the terms and conditions set forth in this
Agreement.

SECTION 2.2 - PURCHASE PRICE

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        The purchase price of the shares of stock covered by the Option shall be
Twelve and Thirteen Sixteenths Dollars ($12.8125) per share without commission
or other charge.

SECTION 2.3 - ADJUSTMENTS IN OPTION

        In the event that the outstanding shares of the stock subject to the
Option are changed into or exchanged for a different number or kind of shares of
the Company or other securities of the Company by reason of merger,
consolidation, recapitalization, reclassification, stock split up, stock
dividend or combination of shares, the Committee shall make an appropriate and
equitable adjustment in the number and kind of shares as to which the Option, or
portions thereof then unexercised, shall be exercisable, to the end that after
such event the Employee's proportionate interest shall be maintained as before
the occurrence of such event. Such adjustment in the Option shall be made
without change in the total price applicable to the unexercised portion of the
Option (except for any change in the aggregate price resulting from rounding-off
of share quantities or prices) and with any necessary corresponding adjustment
in the Option price per share. Any such adjustment made by the Committee shall
be final and binding upon the Employee, the Company and all other interested
persons.

                                   ARTICLE III
                            PERIOD OF EXERCISABILITY

SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY

        The Option shall become exercisable on the Effective Date.

SECTION 3.2 - DURATION OF EXERCISABILITY

        The Option which becomes exercisable pursuant to Section 3.1 shall
remain exercisable until it becomes unexercisable under Section 3.3.

SECTION 3.3 - EXPIRATION OF OPTION

        The Option may not be exercised to any extent by anyone after the first
to occur of the following events:

               (a)      The Option may not be exercised to any extent by anyone
        after the expiration of six months from the Effective Date; or

               (b)      The effective date of either the merger or consolidation
        of the Company with or into another corporation, or the acquisition by
        another corporation or person of all

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        or substantially all of the Company's assets or eighty percent (80%) or
        more of the Company's then outstanding voting stock, or the liquidation
        or dissolution of the Company, unless the Committee waives this
        provision in connection with such transaction. At least ten (10) days
        prior to the effective date of such merger, consolidation, acquisition,
        liquidation or dissolution, the Committee shall give the Employee notice
        of such event if the Option has then neither been exercised nor become
        unexercisable under this Section 3.3.

SECTION 3.4 - MERGER, CONSOLIDATION, ACQUISITION OR DISSOLUTION OF THE COMPANY

        In the event of the merger or consolidation of the Company with or into
another corporation, or the acquisition by another corporation or person of all
or substantially all of the Company's assets or eighty percent (80%) or more of
the Company's then outstanding voting stock, or the liquidation or dissolution
of the Company, the Committee may, in its absolute discretion and upon such
terms and conditions as it deems appropriate, provide by resolution, adopted
prior to such event and incorporated in the notice referred to in Section
3.3(b), that at some time prior to the effective date of such event this Option
shall be exercisable as to all the shares covered hereby.

                                   ARTICLE IV
                               EXERCISE OF OPTION

SECTION 4.1 - PERSON ELIGIBLE TO EXERCISE

        During the lifetime of the Employee, only he may exercise the Option.
After the death of the Employee, any exercisable portion of the Option may,
prior to the time when the Option becomes unexercisable under Section 3.3, be
exercised by his personal representative or by any person empowered to do so
under the Employee's will or under the then applicable laws of descent and
distribution.

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SECTION 4.2 - PARTIAL EXERCISE

        The Option is exercisable only for the full number of Restricted Shares.

SECTION 4.3 - MANNER OF EXERCISE

        The Option may be exercised solely by delivery to the Secretary or his
office of all of the following prior to the time when the Option becomes
unexercisable under Section 3.3:

                (a)     Notice in writing signed by the Employee or the
        other person then entitled to exercise the Option, stating that the
        Option is thereby exercised, such notice complying with all applicable
        rules established by the Committee; and

                (b)     (1) Full payment in cash;

                        (2) by certified check; or

                        (3) by a combination of four hundred thousand
                dollars ($400,000) in cash or by certified check and two
                promissory notes: (1) a promissory recourse note to the Company
                for five hundred ninety thousand dollars ($590,000) and (2) a
                promissory limited recourse note to the Company for five million
                six hundred ten thousand dollars ($5,610,000) on such terms as
                set forth in the Employment Agreement.

SECTION 4.4 - CERTAIN TIMING REQUIREMENTS

        Shares of the Company's Common Stock, whether or not issuable to the
Employee upon exercise of the Option, may be used to satisfy the Option price or
the tax withholding consequences of such exercise in accordance with procedures
set forth by the Committee.

SECTION 4.5 - CONDITIONS TO ISSUANCE OF STOCK CERTIFICATES

        The shares of stock deliverable upon the exercise of the Option may be
either previously authorized but unissued shares or issued shares which have
then been reacquired by the Company. Such shares shall be fully paid and
nonassessable. The Company shall not be required to issue or deliver any
certificate or certificates for shares of stock purchased upon the exercise of
the Option prior to the fulfillment of all of the following conditions:

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                (a)     The admission of such shares to listing on all stock
        exchanges on which such class of stock is then listed; and

                (b)     The completion of any registration or other
        qualification of such shares under any state or federal law or under
        rulings or regulations of the Securities and Exchange Commission or of
        any other governmental regulatory body, which the Committee shall, in
        its absolute discretion, deem necessary or advisable; and

                (c)     The obtaining of any approval or other clearance from
        any state or federal governmental agency which the Committee shall, in
        its absolute discretion, determine to be necessary or advisable; and

                (d)     The payment to the Company (or other employer
        corporation) of all amounts which, under federal, state or local tax
        law, it is required to withhold upon exercise of the Option; and

                (e)     The lapse of such reasonable period of time following
        the exercise of the Option as the Committee may from time to time
        establish for reasons of administrative convenience.

SECTION 4.6 - NO RIGHTS AS SHAREHOLDER

        The holder of the Option shall not be, nor have any of the rights or
privileges of, a shareholder of the Company in respect of any shares purchasable
upon the exercise of any part of the Option unless and until certificates
representing such shares shall have been issued by the Company to such holder.

                                    ARTICLE V
                        ADDITIONAL RESTRICTIONS ON SHARES
                        ISSUED PURSUANT TO THIS AGREEMENT

SECTION 5.1 - VESTING OF RESTRICTED SHARES

        (a)    Of the Restricted Shares, a number of Restricted Shares equal to
the total number of Restricted Shares less sixty thousand (60,000) ("Time Vested
Restricted Shares") shall vest at the rate of one-fifth of the number of such
Time Vested Restricted Shares on each anniversary of the Effective Date. All
remaining unvested Time Vested Restricted Shares shall vest upon termination of
the Employee's employment by the Company without Cause or by the Employee with
Good Reason, or in the event of a Change in Control. If the Employee should die
or his

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employment is terminated because of Disability during the Employment Period, 50%
of the unvested Time Vested Restricted Shares shall vest upon his death or
Disability.

        (b)    Of the Restricted Shares, sixty thousand (60,000) Restricted
Shares ("Performance Restricted Shares") shall vest on the eighth anniversary of
the Effective Date provided Employee is a full-time employee of the Company at
such time or may vest earlier on the basis of performance as herein described.

               (i)      Performance Restricted Shares for thirty thousand
        (30,000) shares shall vest on the fourth anniversary of the Effective
        Date if Cumulative Four Year ROI is at least 16%. If Cumulative Four
        Year ROI is not greater than 14%, no Performance Restricted Shares shall
        vest on the fourth anniversary of the Effective Date. To the extent
        Cumulative Four Year ROI is greater than 14% but not at least 16%,
        Performance Restricted Shares for one hundred fifty (150) shares shall
        become vested on the fourth anniversary of the Effective Date for each
        .01% by which Cumulative Four Year ROI exceeds 14%.

               (ii)     All Performance Restricted Shares which have not
        previously vested shall vest on the fifth anniversary of the Effective
        Date if Cumulative Five Year ROI is at least 16%. If Cumulative Five
        Year ROI is not greater than 14%, no additional Performance Restricted
        Shares shall vest on the fifth anniversary of the Effective Date. To the
        extent Cumulative Five Year ROI is greater than 14% but not at least
        16%, for each .01% by which Cumulative Five Year ROI exceeds 14%,
        additional Performance Restricted Shares shall become vested for a
        number of shares equal to the quotient of (A) the difference between
        sixty thousand (60,000) and the number of Performance Restricted Shares
        which became vested on the fourth anniversary of the Effective Date and
        (B) two hundred (200).

               (iii)    Notwithstanding the foregoing, Performance Restricted
        Shares shall become vested if the Employee's employment with the Company
        is terminated by the Company without Cause or by the Employee with Good
        Reason. If the Employee dies or the Employee's employment is terminated
        because of Disability during the Employment Period prior to the fourth
        anniversary of the Effective Date, Performance Restricted Shares for
        thirty thousand (30,000) shares shall vest if the cumulative return on
        investment from the Effective Date through the date of death or
        Disability is at least 16% or Performance Restricted Shares for one
        hundred fifty (150) shares for each .01% by which the cumulative return
        on investment from the Effective Date through the date of death or
        Disability exceeds 14% (up to 16%) shall vest (such determinations to be
        made in a manner consistent with the Cumulative Four Year ROI
        calculations).

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        (c)    In the event a definitive agreement is entered into providing for
the occurrence of an event which, if consummated, would result in a Change in
Control of the Company (a "Merger Event"), then the equity interests granted or
acquired pursuant to this Agreement shall become fully vested but only on a
provisional basis, for the sole purpose of enabling the Employee to tender such
equity interests as necessary to permit the Employee to participate in the
Merger Event on the same basis as all other stockholders. If the Merger Event is
consummated, such accelerated vesting shall no longer be provisional. If the
Merger Event is not consummated, the Employee shall continue to have the same
vested status in his equity interests as he had without regard to the
provisional vesting terms included herein.

SECTION 5.2 - VOTING RIGHTS

        Subject to the restrictions contained in this Agreement and in Sections
3(b) and 5(h) of the Employment Agreement, Employee shall have full voting
rights with respect to the Restricted Shares and shall be entitled to receive
all dividends paid with respect to Restricted Shares, whether or not vested.

                                   ARTICLE VI
                                OTHER PROVISIONS

SECTION 6.1 - ADMINISTRATION

        The Committee shall have the power to interpret the Plan and this
Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke
any such rules. All actions taken and all interpretations and determinations
made by the Committee in good faith shall be final and binding upon the
Employee, the Company and all other interested persons. No member of the
Committee shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Plan or the Option. The
Board shall have no right to exercise any of the rights or duties of the
Committee under the Plan and this Agreement.

SECTION 6.2 - OPTION NOT TRANSFERABLE

        Neither the Option nor any interest or right therein or part thereof
shall be liable for the debts, contracts or engagements of the Employee or his
successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall
be null and void and of no effect; provided, however, that this Section 6.2
shall not prevent transfers by will or by the applicable laws of descent and
distribution.

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SECTION 6.3 - SHARES TO BE RESERVED

        The Company shall at all times during the term of the Option reserve and
keep available such number of shares of stock as will be sufficient to satisfy
the requirements of this Agreement.

SECTION 6.4 - NOTICES

        Any notice to be given under the terms of this Agreement to the Company
shall be addressed to the Company in care of its Secretary, and any notice to be
given to the Employee shall be addressed to him at the address given beneath his
signature hereto. By a notice given pursuant to this Section 6.4, either party
may hereafter designate a different address for notices to be given to him. Any
notice which is required to be given to the Employee shall, if the Employee is
then deceased, be given to the Employee's personal representative if such
representative has previously informed the Company of his status and address by
written notice under this Section 6.4. Any notice shall be deemed duly given
when enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service.

SECTION 6.5 - NO RIGHT TO EMPLOYMENT

        Nothing in this Agreement or in the Plan shall confer upon the Employee
any right to continue in the employ of the Company or any Subsidiary or shall
interfere with or restrict in any way the rights of the Company and its
Subsidiaries, which are hereby expressly reserved, to discharge the Employee at
any time for any reason whatsoever, with or without cause.

SECTION 6.6 - TITLES

        Titles are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of this Agreement.

SECTION 6.7 - CONFORMITY TO SECURITIES LAWS

        The Employee acknowledges that the Plan is intended to conform to the
extent necessary with all provisions of the Securities Act and the Exchange Act
and any and all regulations and rules promulgated by the Securities and Exchange
Commission thereunder. Notwithstanding anything herein to the contrary, the Plan
shall be administered, and the Option is granted and may be exercised, only in
such a manner as to conform to such laws, rules and regulations. To the extent
permitted by applicable law, the Plan and this Agreement shall be deemed amended
to the extent necessary to conform to such laws, rules and regulations.

SECTION 6.8 - AMENDMENT

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        The Committee may amend the Option at any time or from time to time. No
amendment shall, without the consent of the holder of the Option, impair the
rights or obligations under the Option.

        IN WITNESS WHEREOF, this Agreement has been executed and delivered by
the parties hereto.

                                             NEW PLAN EXCEL REALTY TRUST, INC.

                                             By /s/ James DeCicco
                                               -------------------------------
                                                   Executive Vice President

                                             By /s/ Steven F. Siegel
                                               -------------------------------
                                                         Secretary
/s/ Glenn Rufrano
-------------------------------
Employee

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

-------------------------------
Address

Employee's Taxpayer
Identification Number:

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

                                       12<PAGE>   1
                                                                    Exhibit 10.6

                            RECOURSE PROMISSORY NOTE

                                                              New York, New York

$590,000                                                       February 23, 2000

        THIS NOTE ("Note") is made as of the 23rd day of February, 2000, by
Glenn J. Rufrano ("Borrower"), to the order of New Plan Excel Realty Trust,
Inc., a Maryland corporation ("Lender").

                                        I

                                   DEFINITIONS

        Borrower agrees that, for the purposes of this Note, the following terms
shall have the following respective meanings ascribed thereto.

        1.1    "Default Rate" shall mean two percent (2%) per annum in excess of
the Interest Rate, but not in excess of the maximum interest rate permitted by
law.

        1.2    "Dollars" shall mean dollars in lawful currency of The United
States of America.

        1.3    "Employment Agreement" shall mean the Employment Agreement
between Lender and Borrower dated February 23, 2000, as it may from time to time
be amended.

        1.4    "Interest Payment Date" shall mean January 15, April 15, July 15,
and October 15.

        1.5    "Interest Rate" shall mean eight percent (8%) per annum.

        1.6    "Maturity Date" shall mean the earlier of (i) February 23, 2005,
(ii) the date the entire Outstanding Principal Balance is due and payable by
reason of the acceleration of the maturity of this Note, (iii) the date that
Lender exercises the right to purchase the stock securing the Other Note
pursuant to the Employment Agreement, or (iv) such earlier date as provided for
in the Employment Agreement.

        1.7    "Original Principal Amount" shall mean Five Hundred Ninety
Thousand Dollars ($590,000).

        1.8    "Other Note" shall mean the other note of even date herewith
executed by Borrower in favor of Lender in the original principal amount of Five
Million Six Hundred Ten Thousand Dollars ($5,610,000).

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        1.9    "Outstanding Principal Balance" shall mean the portion of the
Original Principal Amount that has not been repaid.

                                       II

                        PAYMENT OF INTEREST AND PRINCIPAL

        For Value Received, Borrower hereby promises to pay to the order of
Lender the Original Principal Amount, together with interest as provided herein
as follows:

        2.1    Payment of Interest and Principal.

               (a) Interest shall accrue on the Outstanding Principal Balance
at the Interest Rate prior to Default, with all outstanding and unpaid interest
compounded quarterly.

               (b) All accrued and unpaid interest shall be due and payable on
each Interest Payment Date while the Note is outstanding.

               (c) The entire Outstanding Principal Balance of this Note, and
any accrued and unpaid interest thereon, shall be due and payable on the
Maturity Date.

        2.2    Prepayment Privileges. This Note may be prepaid in whole or in
part at any time and from time to time during the term hereof.

        2.3    Default Interest. Subsequent to a Default, interest shall accrue
on the Outstanding Principal Balance and any unpaid interest at the Default
Rate, with all outstanding and unpaid interest compounded quarterly.

        2.4    Principal and Interest at Maturity. The entire Outstanding
Principal Balance and accrued and unpaid interest thereon, and any and all other
sums which are due and payable pursuant to the terms and provisions of this
Note, shall be due and payable on the Maturity Date.

        2.5    Calculation of Interest. All interest on this Note shall be
calculated on the basis of twelve 30-day months, provided, however, that for
portions of the principal balance which are outstanding for less than a full
calendar month, interest on such portion of the principal balance shall be
calculated on the basis of a three hundred sixty (360) day year and the actual
number of days elapsed in any portion of a month for which interest may be due
on such portion of the principal balance.

        2.6    Application of Payments Prior to Default. Prior to the invocation
of the terms and provisions of Paragraph 3.2 hereof, all monies paid by Borrower
to Lender shall be applied in the following order of priority: (a) first, toward
payment of all amounts due and owing pursuant

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to Paragraph 3.5 hereof (if any); (b) next, toward payment of all amounts due
and owing pursuant to Paragraph 3.4 hereof (if any); (c) next, toward payment of
interest which has accrued on the Outstanding Principal Balance and which is due
and payable; and (d) last, toward payment of the Outstanding Principal Balance.

        2.7    Payments after Default. While any Default exists, Lender is
expressly authorized to apply payments made to it as it may elect against (a)
any or all amounts, or portions thereof, then due and payable hereunder, (b) the
Outstanding Principal Balance, or (c) any combination thereof.

        2.8    Place of Payment. Payments and prepayments to be made under this
Note are to be made at such place as the legal holder of this Note may from time
to time in writing appoint, and, in the absence of such appointment, then at the
following address:

                   New Plan Excel Realty Trust, Inc.
                   1120 Avenue of the Americas
                   New York, NY 10036

                                       III

                              DEFAULTS AND REMEDIES

        3.1    Security for Payment. The payment of this Note is not secured.

        3.2    Occurrence of Default; Acceleration of Maturity Date. It is
agreed that upon occurrence of any of the following events of default under this
Note (a "Default"):

               (a) default in the payment of any amount when due hereunder
which continues for five (5) days after written notice to Borrower; or

               (b) default in the performance or observance of any other
covenant or agreement of Borrower contained herein which continues for thirty
(30) days after written notice to Borrower; or

               (c) occurrence of any default under the Other Note which
continue beyond any applicable notice and grace periods,

then, at any time thereafter, at the election of the holder or holders hereof
and without additional notice to Borrower, the Outstanding Principal Balance,
together with accrued interest thereon, shall become at once due and payable at
the place of payment as aforesaid, and Lender may proceed to exercise all rights
and remedies available to Lender with respect to this Note which Lender may have
at law, in equity or otherwise.

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        3.3    Nature of Remedies. The remedies of Lender as provided herein
shall be cumulative and concurrent, and may be pursued singularly, successively
or together, at the sole discretion of Lender, and may be exercised as often as
occasion therefor shall arise. Failure of Lender, for any period of time or on
more than one occasion, to exercise its option to accelerate the Maturity Date
of this Note shall not constitute a waiver of the right to exercise the same at
any time thereafter or in the event of any subsequent Default. No act of
omission or commission of Lender, including specifically any failure to exercise
any right, remedy or recourse, shall be deemed to be a waiver or release of the
same; any such waiver or release is to be effected only through a written
document executed by Lender and then only to the extent specifically recited
therein. A waiver or release in connection with any one event shall not be
construed as a waiver or release of any subsequent event or as a bar to any
subsequent exercise of Lender's rights or remedies hereunder. Notice of the
exercise of any right or remedy granted to Lender by this Note is not required
to be given except as specifically provided herein.

        3.4    Payment of Attorneys' Fees and Costs. If (i) this Note is placed
in the hands of an attorney for collection or enforcement or is collected or
enforced through any legal proceeding; (ii) an attorney is retained to represent
Lender in any bankruptcy, reorganization, receivership, or other proceedings
affecting creditors' rights and involving a claim under this Note; or (iii) an
attorney is retained to represent Lender in any other proceedings whatsoever in
connection with this Note, then Borrower shall pay to Lender all reasonable
attorneys' fees, costs and expenses incurred in connection therewith, in
addition to all other amounts due hereunder.

        3.5    Late Charge. If any payment of interest is not paid when due, the
Borrower shall pay to Lender a late charge of two percent (2%) of the amount so
overdue in order to defray part of the expense incident to handling such
delinquent payment or payments. Such late charge shall be in addition to and
separate from any increase in interest due hereunder as a result of calculation
of interest due hereunder at the Default Rate.

                                       IV

                            OTHER GENERAL AGREEMENTS

        4.1    Notices. All notices or other communications which are required
or permitted hereunder shall be in writing and sufficient if delivered
personally, or sent by nationally-recognized overnight courier, or by registered
or certified mail, return receipt requested and postage prepaid, addressed as
follows:

                                        4

<PAGE>   5

If to Borrower:

        Mr. Glenn J. Rufrano
        c/o New Plan Excel Realty Trust, Inc.
        1120 Avenue of the Americas
        New York, NY 10036

If to the Lender:

        New Plan Excel Realty Trust, Inc.
        1120 Avenue of the Americas
        New York, NY 10036
        Attn: General Counsel

or to such other address as any party may have furnished to the others in
writing in accordance herewith. All such notices and other communications shall
be deemed to have been received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of delivery by nationally-recognized,
overnight courier, on the business day following dispatch and (c) in the case of
mailing, on the third business day following such mailing.

        4.2    Governing Law and Other Agreements. Borrower agrees that: (i)
this instrument and the rights and obligations of the parties hereunder shall be
governed by the laws of the State New York, without reference to the conflict of
law principles of such state; (ii) the obligation evidenced by this Note is an
exempted transaction under the Truth in Lending Act, 15 U.S.C. Section 1601, et
seq.; (iii) said obligation constitutes a business loan; and (iv) upon the
Maturity Date, Lender shall not have any obligation to refinance the
indebtedness evidenced by this Note or to extend further credit to the Borrower.

        4.3    Interpretation. The headings of sections and paragraphs in this
Note are for convenience only and shall not be construed in any way to limit or
define the content, scope or intent of the provisions hereof. As used in this
Note, the singular shall include the plural, and masculine, feminine and neuter
pronouns shall be fully interchangeable, where the context so requires. This
Note shall not be construed more favorably for the benefit of Borrower or
Lender, regardless of which party or their counsel were primarily responsible
for the drafting hereof. The parties hereto intend and believe that each
provision in this Note comports with all applicable law. However, if any
provision in this Note is found by a court of law to be in violation of any
applicable law, and if such court should declare such provision of this Note to
be unlawful, void or unenforceable as written, then it is the intent of all
parties to the fullest possible extent that it is legal, valid and enforceable,
that the remainder of this Note shall be construed as if such unlawful, void or
unenforceable provision were not contained therein, and that the rights,
obligations and interests of Borrower and the holder hereof under the remainder
of this Note shall continue in full force and effect; provided, however, that if
any provision of this Note which is found to be in violation of any applicable
law concerns the imposition of interest hereunder, the rights, obligations and
interests of Borrower and Lender with respect to the imposition of interest

                                        5

<PAGE>   6

hereunder shall be governed and controlled by the provisions of Paragraph 4.5
hereof. Time is of the essence of this Note.

        4.4    Waiver. Borrower and any and all others who are now or may become
liable for all or part of the obligations of Borrower under this Note agree to
be jointly and severally bound hereby and jointly and severally: (i) waive and
renounce any and all redemption and exemption rights and the benefit of all
valuation and appraisement privileges against the indebtedness evidenced by this
Note or by any extension or renewal hereof; (ii) waive presentment and demand
for payment, notices of nonpayment and of dishonor, protest of dishonor and
notice of protest; (iii) waive all notices in connection with the delivery and
acceptance hereof and all other notices in connection with the performance,
default or enforcement of the payment hereof or hereunder; (iv) waive any and
all lack of diligence and delays in the enforcement of the payment hereof; (v)
agree that the liability of each of them shall be unconditional and without
regard to the liability of any other person or entity for the payment hereof,
and shall not in any manner be affected by any indulgence or forbearance granted
or consented to by Lender to any of them with respect hereto; (vi) consent to
any and all extensions of time, renewals, waivers or modifications that may be
granted by Lender with respect to the payment or other provisions hereof, and to
the release of any security at any time given for the payment hereof, or any
part thereof, with or without substitution, and to the release of any person or
entity liable for the payment hereof; and (vii) consent to the addition of any
and all other makers, endorsers, guarantors and other obligors for the payment
hereof, and to the acceptance of any and all other security for the payment
hereof, and agree that the addition of any such obligors or security shall not
affect the liability of any of the obligors for the payment hereof.

        4.5    Excess Interest. It being the intention of Lender and Borrower to
comply with the laws of the State of New York with regard to the rate of
interest charged hereunder, it is agreed that, notwithstanding any provision to
the contrary in this Note, no such provision shall require the payment or permit
the collection of any amount ("Excess Interest") in excess of the maximum amount
of interest permitted by law to be charged for the use or detention, or the
forbearance in the collection of all or any portion of the indebtedness
evidenced by this Note. If any Excess Interest is provided for, or is
adjudicated to be provided for, in this Note, then in such event:

               (a) the provisions of this paragraph shall govern and control;

               (b) neither Borrower nor any of the other Obligors shall be
obligated to pay any Excess Interest;

               (c) any Excess Interest that Lender may have received hereunder
shall, at the option of Lender, be (i) applied as a credit against either the
then outstanding principal balance due under this Note, or the accrued and
unpaid interest thereon not to exceed the maximum amount permitted by law, or
both; (ii) refunded to the payor thereof; or (iii) any combination of the
foregoing;

                                        6

<PAGE>   7

               (d) the applicable interest rate or rates shall be automatically
subject to reduction to the maximum lawful rate allowed to be contracted for in
writing under the applicable usury laws of the aforesaid State, and this Note
shall be deemed to have been, and shall be, reformed and modified to reflect
such reduction in such interest rate or rates; and

               (e) neither Borrower nor any of the other Obligors shall have
any action or remedy against Lender for any damages whatsoever or any defense to
enforcement of the Note arising out of the payment or collection of any Excess
Interest.

        4.6    Successors, Holders and Assigns. Upon any endorsement, assignment
or other transfer of this Note by Lender or by operation of law, the term
"Lender", as used herein, shall mean such endorsee, assignee or other transferee
or successor to Lender then becoming the holder of this Note. This Note shall
inure to the benefit of Lender and its successors and assigns and shall be
binding upon the undersigned and its successors and assigns. The term
"Borrower", as used herein, shall include the successors, assigns, legal and
personal representatives, executors, administrators, devisees, legatees and
heirs of Borrower.

        IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of
the day and year first above written.

                                                 /s/ Glenn J. Rufrano
                                                 -------------------------------
                                                 Glenn J. Rufrano

                                       7

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