EXHIBIT 10(r) January 16, 2003 Daniel Friedman Radiant Partners, LLC 1212 Avenue of the Americas 18th Floor New York, NY 10036 Dear Dan: We would like to extend the Asset Management Agreement between Radiant Partners, LLC and First Union Real Estate...

                                                                   EXHIBIT 10(r)

January 16, 2003

Xxxxxx Xxxxxxxx
Radiant Partners, LLC
0000 Xxxxxx xx xxx Xxxxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000

Dear Xxx:

We would like to extend the Asset Management Agreement between Radiant Partners,
LLC and First Union Real Estate Equity and Mortgage Investments, modified on
March 7, 2001, on a month-to-month basis commencing March 8, 2003.

Either party may terminate the agreement with 30 days prior notice. All other
terms and conditions will remain in effect.

If this is agreeable, please acknowledge by signing below.

Very truly yours,

/s/Xxxx Xxxxxx
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Xxxx Xxxxxx

                                               /s/Xxxxxx Xxxxxxxx
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                                               Xxxxxx Xxxxxxxx