SECURED PROMISSORY NOTE

                        FOR ONE LIBERTY PROPERTIES, INC.





                                                            Great Neck, New York

$80,000.00                                                  December 21, 1999





      FOR VALUE RECEIVED, the undersigned, whose address appears below, promises

to pay (without notice, demand or setoff) to the order of ONE LIBERTY

PROPERTIES, INC., a Maryland corporation having its principal office at 60

Cutter Mill Road, Suite 303, Great Neck, NY 11021 ("Lender"), at the principal

office of Lender, or at such other place as may be designated in writing by the

holder of this Note, the principal sum of EIGHTY THOUSAND DOLLARS and NO CENTS

($80,000.00) on December 20, 2004 with interest thereon with respect to the

preceding period, at a rate equal to the prime rate as announced from time to

time in the Wall Street Journal, adjustable monthly. Provided there shall be no

default, payments shall be made quarterly in arrears (commencing January 1,

2000) and shall be comprised of interest only on the outstanding principal

balance calculated at the Interest Rate. Interest shall be computed as if each

full calendar year consisted of 360 days and each full calendar month consisted

of 30 days, for actual number of days elapsed. Under no circumstances shall the

undersigned be charged more than the highest rate of interest which lawfully may

be charged by the holder hereof and paid by the undersigned on the indebtedness

evidenced hereby. It is therefore agreed that if at any time interest on the

indebtedness evidenced hereby would otherwise exceed the highest lawful rate,

only such highest lawful rate will be paid by the undersigned. Should any amount

be paid by the undersigned in excess of such highest lawful amount, such excess

shall be deemed to have been paid in reduction of the principal balance hereof.



      The undersigned, and all persons liable or to become liable on this Note,

agree, jointly and severally, to pay all costs of collection, including

reasonable attorneys' fees and disbursements, in case the unpaid principal

balance of this Note, or any payment of principal and/or interest and/or other

charges thereon, is not paid when due, or in case it becomes necessary to

protect the security for the indebtedness evidenced hereby, whether suit be

brought or not.



      Presentment for payment, notice of dishonor, protest, notice of protest,

and trial by jury are hereby waived.



      This Note shall be governed by and interpreted in accordance with the laws

of the State of New York (without reference to its conflict of law provisions).



      This Note is a secured note and is secured by a Pledge and Security

Agreement (the "Pledge") affecting collateral more particularly described

therein (to-wit shares of common stock of One Liberty Properties, Inc. being

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC