AMENDMENT TO PROMISSORY NOTE -AND- PLEDGE AND SECURITY AGREEMENT

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FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY

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Title: AMENDMENT TO PROMISSORY NOTE -AND- PLEDGE AND SECURITY AGREEMENT
Date: 6/9/2008
Industry: Real Estate Operations Sector: Services

EXHIBIT 10.3.11

AMENDMENT TO PROMISSORY NOTE

-AND-

PLEDGE AND SECURITY AGREEMENT

THIS AMENDMENT to Promissory Note and Pledge and Security Agreement made as of the 30 day of April, 2008, by and between Robert S. Hekemian, Jr., (hereinafter the “Borrower” or “Pledgor”) and FIRST REAL ESTATE INVESTMENT TRUST of NEW JERSEY , its successors and/or assigns, (hereinafter the “FREIT” or “Pledgee”).

W I T N E S S E T H:

WHEREAS , Borrower borrowed the sum of $506,000.00 from FREIT pursuant to a Promissory Note dated July 19, 2005 in the principal amount of $506,000.00 (the “Note”) and Borrower secured the Note by entering into a Pledge and Security Agreement of even date with the Note (the “Pledge Agreement”); and

WHEREAS , Borrower has requested FREIT increase the principal amount under the Note and to modify the Pledge Agreement accordingly; and

NOW, THEREFOR

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