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<SEC-DOCUMENT>0000899681-07-000838.txt : 20071212
<SEC-HEADER>0000899681-07-000838.hdr.sgml : 20071212
<ACCEPTANCE-DATETIME>20071212123220
ACCESSION NUMBER:		0000899681-07-000838
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071206
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071212
DATE AS OF CHANGE:		20071212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR SHOPPING CENTERS INC
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		071301117

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cedar-8k_121107.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>

<HR SIZE=1 NOSHADE>

<P ALIGN=CENTER><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549<BR>
<BR>
FORM 8-K<BR>
<BR>
Current Report Pursuant to Section 13 or 15(d)<BR>
Of the Securities Exchange Act of 1934</B><BR>
<BR>
Date of Report (Date of earliest event reported): <B>December 6, 2007</B><BR>
<BR>
<B>CEDAR SHOPPING CENTERS, INC.</B><BR>
(Exact Name of Registrant as Specified in its Charter)<BR>
<BR>
<B>Maryland</B><BR>
(State or Other Jurisdiction of Incorporation)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=CENTER>
<B>001-31817</B><BR>
(Commission File Number)</TD>
<TD WIDTH=50% ALIGN=CENTER>
<B>42-1241468</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=CENTER><FONT SIZE=3><B>44 South Bayles Avenue<BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive Offices) (Zip Code)<BR>
<BR>
<B>(516) 767-6492</B><BR>
(Registrant's Telephone Number, Including Area Code)<BR>
<BR>
Not Applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/__/</TD>
<TD WIDTH=95%>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/__/</TD>
<TD WIDTH=95%>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/__/</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>/__/</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
<BR>

<HR SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT SIZE=3><B><U>Item 2.01</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Completion of
Acquisition or Disposition of Assets</U>.</B> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>On December 6, 2007, Cedar Shopping Centers, Inc. (the
"Company") closed the previously-announced joint venture agreement dated as of
March 26, 2007 (which was effective April 2, 2007) that it had entered into with
Homburg Invest Inc. ("Homburg"). Pursuant to the joint venture, the Company
contributed nine supermarket-anchored shopping centers owned by it to joint
venture entities owned 20% by the Company and 80% by Homburg. The nine
properties were valued at $169.5 million, subject to approximately $106.0
million of first mortgage financing at a weighted average interest rate of 5.7%.
The 80% interests were acquired for $53.2 million in cash paid to the Company,
including closing costs and adjustments. Richard Homburg, a director of the
Company, is Chairman and CEO of Homburg. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>The nine properties consist of four shopping centers owned by
the Company at the time the joint venture agreement was signed and five shopping
centers acquired by the Company on April 4, 2007. These properties consist of
the following: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Pennsboro Commons, Enola, Pennsylvania - 110,000 sq. ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Fieldstone Marketplace, New Bedford, Massachusetts - 194,000 sq.
ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Stonehedge Square, Carlisle, Pennsylvania - 90,000 sq. ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Meadows Marketplace, Hershey, Pennsylvania - 86,000 sq. ft.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Aston Center, Aston, Pennsylvania - 55,000 sq. ft. (closed April
4, 2007)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Ayr Town Center, McConnellsburg, Pennsylvania - 56,000 sq. ft.
(closed April 4, 2007)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Parkway Plaza, Mechanicsburg, Pennsylvania - 107,000 sq. ft.
(closed April 4, 2007)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Scott Town Center, Bloomsburg, Pennsylvania - 68,000 sq. ft.
(closed April 4, 2007)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=90%>Spring Meadow Shopping Center, Wyomissing, Pennsylvania - 68,000
sq. ft. (closed April 4, 2007)</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The joint venture agreement provides that the Company will be
entitled to a "promote" applicable to each property pursuant to which its profit
participation would be potentially increased from 20% to 40% based on a
look-back leveraged cash internal rate of return ("IRR") of 9.25% and
potentially increased to 50% when such leveraged cash IRR reaches 10.5%. The
properties can be sold pursuant to a "buy-sell" arrangement that may be
triggered as early as 18 months after closing by either party. The Company will
also receive fees for ongoing property management, leasing, construction
management, acquisition, disposition, financings and refinancings with respect
to the properties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Substantially all of the $53.2 million in net proceeds to the
Company from this transaction were used to reduce the outstanding balance under
the Company's secured revolving credit facility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The transaction was negotiated on an arm's length basis, with
the purchase price based on independent MAI appraisals received by the Company for the four
properties owned by the Company prior to the signing of the joint venture
agreement and the cost to the Company of the five properties acquired by the
Company on April 4, 2007. The Board of Directors of the Company (with Richard
Homburg abstaining) approved the transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>The foregoing description is a summary and is qualified by
reference to the joint venture agreement filed as Exhibit 10.1 to the Company's
Current Report on Form 8-K dated April 2, 2007. </FONT></P>

<P><FONT SIZE=3><B><U>Item 9.01</U></B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Financial
Statements and Exhibits</U>.</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(b)</TD>
<TD WIDTH=95%><U>Pro Forma Financial Information</U><BR>
Any required pro forma financial information will be filed within 71 days after
the date of the filing of this Form 8-K.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(c)</TD>
<TD WIDTH=95%><U>Exhibits</U>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT><U>Exhibit No.</U></TD>
<TD WIDTH=90%><U>Description</U>
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>10.1 </TD>
<TD WIDTH=90%>First Amendment to Agreement Regarding Purchase of Partnership
Interests dated as of June 29, 2007
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>10.2</TD>
<TD WIDTH=90%>Second Amendment to Agreement Regarding Purchase of Partnership
Interests dated as of October 31, 2007
</TD>
</TR>
</TABLE>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURE</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>Dated: December 12, 2007</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By:&nbsp;&nbsp;&nbsp;<U>/s/ Leo S.Ullman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board,
President<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and CEO</TD>
</TR>
</TABLE>
<BR>
<BR>

<PAGE>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Index</U> </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT><U>Exhibit No.</U></TD>
<TD WIDTH=90%><U>Description</U>
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>10.1 </TD>
<TD WIDTH=90%>First Amendment to Agreement Regarding Purchase of Partnership
Interests dated as of June 29, 2007
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>10.2</TD>
<TD WIDTH=90%>Second Amendment to Agreement Regarding Purchase of Partnership
Interests dated as of October 31, 2007
</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>cedar-ex101_121107.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.1</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 10.1</FONT></P>


<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>FIRST AMENDMENT TO AGREEMENT REGARDING PURCHASE
OF PARTNERSHIP INTERESTS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>THIS FIRST AMENDMENT TO AGREEMENT REGARDING PURCHASE OF
PARTNERSHIP INTERESTS (this "<B>Amendment</B>") is made as of this 29th day of
June, 2007, by and between CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a Delaware
limited partnership ("<B>Cedar</B>") and HOMBURG HOLDINGS (U.S.) INC., a
Colorado corporation ("<B>Homburg</B>"). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><U>RECITALS:</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cedar and Homburg have entered into a certain Agreement Regarding Purchase of
Partnership Interests dated as of March 26, 2007 (the "<B>Original
Agreement</B>").</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The parties wish to amend the Original Agreement as hereinafter provided,
references to Section numbers being to Sections in the Original
Agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, for and in consideration of the mutual covenants herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Cedar and Homburg agree as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All capitalized terms and other terms not
otherwise defined herein shall have the respective meanings ascribed to them in
the Original Agreement.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties hereto agree that Section 4 of the
Original Agreement shall be deleted in its entirety and replaced with the
following:</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>The closing (each a "<B>Closing</B>") of the Transactions shall
occur in stages. The first Closing shall include at least four (4) Transactions
and shall occur at 10:00 a.m. (Eastern time) on a date agreed to by Cedar and
Homburg on or before October 31, 2007 (the "<B>First Scheduled Closing
Date</B>"). Each of the remaining Transactions with respect to which all
conditions precedent thereto have been satisfied or waived by the party entitled
to do so shall occur on a date agreed to by Cedar and Homburg on or before
November 30, 2007 (each, a "<B>Remaining Scheduled Closing Date</B>"; together
with the First Scheduled Closing Date, the "<B>Scheduled Closing Date(s)</B>").
Without limitation to the foregoing, the parties agree to use commercially
reasonable efforts to close as many of the Transactions on the same date as
practicable. Notwithstanding the foregoing but subject to the right of Cedar to
adjourn the Closing of one or more Transactions pursuant to Section 10(b) or
Section 23 hereof, in the event that all of the conditions precedent with
respect to any Transaction shall not have been satisfied or waived by the party
entitled to do so by November 30, 2007 (the "<B>Outside Closing Date</B>"), then
this Agreement shall automatically terminate on such Outside Closing Date as to
such Transaction and the applicable Allotted Deposit shall be refunded to
Homburg and the Consideration shall be reduced by the amount of the applicable
Allotted Consideration, whereupon the parties hereto shall be relieved of all
further liability and responsibility under this Agreement with respect to such
Transaction (except for any obligation expressly provided to survive a
termination of this Agreement). The Closings shall occur at the offices of the
Title Company through an escrow and pursuant to escrow instructions consistent
with the terms of this Agreement and otherwise mutually satisfactory to Cedar
and Homburg (the date on which any Closing shall occur being herein referred to
as a "<B>Closing Date</B>"). Each Closing shall constitute approval by each of
Cedar and Homburg of all matters to which such party has a right of approval and
a waiver of all conditions precedent related to the applicable Transaction.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loan Approval Deadline is hereby adjourned
to September 28, 2007.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All of the provisions of this Amendment shall
survive the Closing or earlier termination of the Original Agreement, as amended
by this Amendment.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each reference to the "Agreement" in the
Original Agreement shall be deemed to mean the Original Agreement, as amended by
this Amendment.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same document.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Flush Bold" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Original Agreement, as hereby amended,
remains in full force and effect.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>[Signature Pages Follow]</FONT></P>


<PAGE>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of
the day and year first above written. </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
<B>CEDAR:</B><BR>
<BR>
<BR>
CEDAR SHOPPING CENTERS<BR>
PARTNERSHIP, L.P., a<BR>
Delaware limited partnership<BR>
<BR>
By:&nbsp;&nbsp;Cedar Shopping Centers, Inc., a Maryland<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;corporation, its general partner<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President<BR>
<BR>
<BR>
<BR>
<BR>
<B>HOMBURG:</B><BR><BR>
Homburg Holdings (U.S.) Inc., a<BR>
&nbsp;&nbsp;Colorado corporation<BR>
<BR>
By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<BR>
</TD>
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<BR>


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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>cedar-ex102_121107.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<HEAD>
<TITLE>Ex-10.2</TITLE>
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<BODY>

<P ALIGN=RIGHT><FONT SIZE=3>Exhibit 10.2</FONT></P>

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<H1 ALIGN=CENTER><FONT SIZE=3>SECOND AMENDMENT TO AGREEMENT REGARDING PURCHASE
OF PARTNERSHIP INTERESTS </FONT></H1>

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<P><FONT SIZE=3>THIS SECOND AMENDMENT TO AGREEMENT REGARDING PURCHASE OF
PARTNERSHIP INTERESTS (this "<B>Second Amendment</B>") is made as of this 31st
day of October, 2007, by and between CEDAR SHOPPING CENTERS PARTNERSHIP, L.P., a
Delaware limited partnership ("<B>Cedar</B>") and HOMBURG HOLDINGS (U.S.) INC.,
a Colorado corporation ("<B>Homburg</B>"). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><U>RECITALS:</U></FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedar and Homburg have entered into a certain
Agreement Regarding Purchase of Partnership Interests dated as of March 26, 2007
(the "<B>Original Agreement</B>"), as amended pursuant to that certain First
Amendment to Agreement Regarding Purchase of Partnership Interests dated as of
June 29, 2007 (the "<B>First Amendment</B>"; together with the Original
Agreement, the "<B>Agreement</B>").</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The parties wish to further amend the Agreement as hereinafter provided,
references to Section numbers being to Sections in the Original
Agreement.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for and in consideration of the
mutual covenants herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Cedar and Homburg
agree as follows:
</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All capitalized terms and other terms not
otherwise defined herein shall have the respective meanings ascribed to them in
the Original Agreement.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties hereto agree that Section 1 of the
Agreement shall be modified as follows:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=85%>(a) The definition of "<U>First Scheduled Closing Date</U>" is
hereby deleted.</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=85%>(b) The definition of "<U>Remaining Schedule Closing Date</U>" is
hereby deleted.</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=85%>(c) The definition of "<U>Outside Closing Date</U>" is hereby
deleted.</TD>
</TR>
</TABLE>
<BR>


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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties
hereto agree that Section 4 of the Agreement shall be deleted in its entirety
and replaced with the following:</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The closing (the "<B>Closing</B>") of all of
the Transactions shall occur at 10:00 a.m. on or before December 31, 2007 (the
"<B>Scheduled</B> <B>Closing Date</B>"). Notwithstanding the foregoing but
subject to the right of Cedar to adjourn the Closing of one or more Transactions
pursuant to Section 10(b) or Section 23 hereof, in the event that all of the
conditions precedent with respect to any Transaction shall not have been
satisfied or waived by the party entitled to do so by the Scheduled Closing
Date, then this Agreement shall automatically terminate on the Scheduled Closing
Date as to such Transaction and the applicable Allotted Deposit shall be
refunded to Homburg and the Consideration shall be reduced by the amount of the
applicable Allotted Consideration, whereupon the parties hereto shall be
relieved of all further liability and responsibility under this Agreement with
respect to such Transaction (except for any obligation expressly provided to
survive a termination of this Agreement). The Closings shall occur at the
offices of the Title Company through an escrow and pursuant to escrow
instructions consistent with the terms of this Agreement and otherwise mutually
satisfactory to Cedar and Homburg (the date on which the Closings shall occur
being herein referred to as the "<B>Closing Date</B>"). The Closing shall
constitute approval by each of Cedar and Homburg of all matters to which such
party has a right of approval and a waiver of all conditions precedent related
to the applicable Transaction.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
anything contained herein to the contrary, in the event that Cedar shall be
unable to proceed with the Closing of at least four (4) of the Transactions on
the Scheduled Closing Date, then this Agreement shall automatically terminate on
the Scheduled Closing Date and the Deposit shall be refunded to Homburg,
whereupon the parties hereto shall be relieved of all further liability and
responsibility under this Agreement (except for any obligation expressly
provided to survive a termination of this Agreement).</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loan Approval Deadline is hereby adjourned
to December 31, 2007.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All of the
provisions of this Second Amendment shall survive the Closing or earlier
termination of the Agreement, as amended by this Second Amendment.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each reference to the "Agreement" or the
"Original Agreement" in the Agreement shall be deemed to mean the Agreement, as
amended by this Second Amendment.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Second Amendment may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same document.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agreement, as hereby amended, remains in full force and effect.</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>[Signature Pages Follow]</FONT></P>


<PAGE>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, each of the parties hereto has executed this Second Amendment
as of the day and year first above written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
<B>CEDAR:</B><BR>
<BR>
<BR>
CEDAR SHOPPING CENTERS<BR>
PARTNERSHIP, L.P., a<BR>
Delaware limited partnership<BR>
<BR>
By:&nbsp;&nbsp;Cedar Shopping Centers, Inc., a Maryland<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;corporation, its general partner<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President<BR>
<BR>
<BR>
<BR>
<BR>
<B>HOMBURG:</B><BR>
<BR>
<BR>
HOMBURG HOLDINGS (U.S.) INC., a Colorado<BR>
corporation<BR>
<BR>
<BR>
By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<BR>
</TD>
</TR>
</TABLE>
<BR>


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