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                                                                 EXHIBIT (10)(x)

                     AMENDMENT TO ASSET MANAGEMENT AGREEMENT

         This Amendment to Asset Management Agreement dated as of May 31, 2000
(this "Amendment") is entered into by and between Radiant Partners, LLC, a New
York limited liability company (the "Manager") and First Union Real Estate
Equity and Mortgage Investments (the "Company").

                                    RECITALS

         1.       The Manager and the Company executed an Asset Management
                  Agreement, dated as of March 27, 2000 (the "Agreement");

         2.       The parties hereto have determined to enter into this
                  Amendment for purposes of amending the Agreement.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and agreements set forth herein, and for other consideration the adequacy of
which is hereby acknowledged, the parties hereby agree as follows:

         A.       Clause (v) of Article III(a) is deleted in its entirety and
                  replaced by the following clause (v) of Article III(a):

                  (v)      at the election of either party, any time prior to
                           July 31, 2000, upon thirty (30) days prior written
                           notice to the other party.

         B.       The Agreement, as amended by this Amendment, constitutes the
                  entire agreement between the parties with respect to the
                  subject matter hereof.

         C.       Unless otherwise provided herein, capitalized terms herein
                  shall have the meanings ascribed to them in the Agreement.

         D.       Except as otherwise provided in this Amendment to the
                  contrary, the terms and conditions of the Agreement as amended
                  by this Amendment shall remain in full force and effect.

         E.       In any case in which the terms of this Amendment are
                  inconsistent with the terms of the Agreement, the terms of
                  this Amendment shall govern.


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         IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.

                                 FIRST UNION REAL ESTATE EQUITY
                                 and MORTGAGE INVESTMENTS



                                 By: /s/ William A. Ackman
                                     ------------------------------------
                                     William A. Ackman, Chairman


                                 RADIANT PARTNERS, LLC



                                 By: /s/ Daniel P. Friedman
                                     ------------------------------------
                                     Daniel P. Friedman, Managing Member



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