<SEQUENCE>28

<FILENAME>ex10-08f.txt

<DESCRIPTION>EX10-08F.TXT

<TEXT>

<PAGE>







                                                                November 3, 2003



                               GUARANTY OF PAYMENT



                  This Guaranty ("Guaranty") is made by Bart Blatstein, an

individual, having an address of 1201 Rock Creek Road, Gladwyn, Pennsylvania

19035 ("Guarantor") in favor of Cedar-Riverview LLC ("Cedar GP"), CSC-Riverview

LLC ("Cedar LP") and Cedar Lender LLC ("Cedar Lender") (Cedar GP, Cedar LP and

Cedar Lender, collectively, the "Cedar Group").



                                    RECITALS



                  A. Firehouse Realty Corp. ("Firehouse"), Reed Development

Associates, Inc. ("Reed"), South River View Plaza, Inc. ("South"), River View

Development Corp. ("Development"), Riverview Commons, Inc. ("Commons"; and

together with Firehouse, Reed, South and Development, collectively, the

"Existing Owners") and Cedar LP are parties to that certain Contribution

Agreement dated as of October 2, 2003 (the "Agreement"). Capitalized terms used

herein and not specifically defined herein shall have the respective meanings

ascribed to those terms in the Agreement.



                  B. Pursuant to the terms of the Agreement, it is a condition

to the Closing that this Guaranty be executed and delivered by Guarantor, and,

in order to induce the Cedar LP to enter into the Agreement, which Cedar LP

would not do but for the execution and delivery of this Guaranty, Guarantor has

agreed to indemnify the Cedar Group in accordance with the terms of this

Agreement.



                  C. Guarantor has a direct financial interest in the

consummation of the transactions contemplated by the Agreement.



                                   AGREEMENTS



                  NOW, THEREFORE, intending to be legally bound, Guarantor, in

consideration of the matters described in the foregoing Recitals, which Recitals

are incorporated herein and made a part hereof, and for other good and valuable

consideration, the receipt and sufficiency of which are acknowledged, hereby

covenants and agrees for the benefit of the Cedar Group as follows:



                  1. Terms of Guaranty



                  (a) Guarantor absolutely, unconditionally and irrevocably

guarantees to the Cedar Group the prompt and unconditional payment of any and

all liabilities, obligations, debts, damages, losses, costs, expenses, fines,

penalties, charges, fees, judgments of whatever kind or nature (including but

not limited to reasonable attorneys' fees and other costs of defense) arising or

resulting directly or indirectly from (i) the Partnership's inability to redeem

the Preferred Interest in accordance with the provisions of the [Amended]

Partnership Agreement, or (ii) the failure by the Existing Owners to make

required payments of interest and/or principal under the Owners Loan, in either

case due to:

<PAGE>



                  (i) a petition or application to any tribunal by either or

both of the Existing Owners for the appointment of a trustee or receiver of the

business, estate or assets or of any substantial portion of the business, estate

or assets of either or both of the Existing Owners;



                  (ii) the commencement of any proceedings by either or both of

the Existing Owners under any bankruptcy, reorganization, arrangement,

insolvency, readjustment of debt, dissolution or liquidation law of any

jurisdiction, whether now or hereafter in effect;

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