Letter of Transmittal (2002)Full Document 

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   TO BE EFFECTIVE, THIS GREEN FORM OF ELECTION AND LETTER OF TRANSMITTAL MUST
BE RECEIVED BY THE EXCHANGE AGENT NO LATER THAN 5:00 P.M., NEW YORK CITY TIME,
ON [            ], TOGETHER WITH  THE CERTIFICATE REPRESENTING ALL FIRST
UNION COMMON SHARES TO WHICH THIS FORM OF ELECTION AND LETTER OF TRANSMITTAL
RELATES OR  A PROPERLY COMPLETED NOTICE OF GUARANTEED DELIVERY WITH RESPECT
TO THE CERTIFICATE. DELIVERY OF FIRST UNION COMMON SHARES MAY ALSO BE MADE
BY BOOK-ENTRY TRANSFER TO THE EXCHANGE AGENT'S ACCOUNT AT THE DEPOSITORY TRUST
COMPANY ("DTC"). SEE GENERAL INSTRUCTION 19. ALL CAPITALIZED TERMS USED HEREIN
AND NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS ASSIGNED TO SUCH TERMS
IN THE MERGER AGREEMENT.

                               FORM OF ELECTION
                                      AND
                             LETTER OF TRANSMITTAL

                    TO ACCOMPANY CERTIFICATES REPRESENTING
         SHARES OF BENEFICIAL INTEREST, PAR VALUE $1.00 PER SHARE, OF

                      FIRST UNION REAL ESTATE EQUITY AND
                             MORTGAGE INVESTMENTS

PLEASE READ AND FOLLOW THE ACCOMPANYING INSTRUCTIONS CAREFULLY AND DELIVER TO:
                   THE BANK OF NEW YORK, THE EXCHANGE AGENT

<TABLE>
<CAPTION>
        BY MAIL:                    BY HAND:              BY OVERNIGHT COURIER:
<S>                       <C>                          <C>
  The Bank of New York        The Bank of New York         The Bank of New York
Reorganization Services   Tender & Exchange Department Tender & Exchange Department
         Dept.                 101 Barclay Street           101 Barclay Street
    P.O. Box 859208        Receive and Deliver Window   Receive and Deliver Window
Braintree, MA 02185-9208       New York, NY 10286           New York, NY 10286
</TABLE>

      FACSIMILE TRANSMISSION: (973) 247-4077 (ELIGIBLE INSTITUTIONS ONLY)

FOR FURTHER INFORMATION: call D.F. King & Co., the information agent, at (888)
                             414-5566 (toll-free)

<TABLE>
<S>                                      <C>          <C>
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             DESCRIPTION OF FIRST UNION COMMON SHARES SURRENDERED
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     NAMES(S) OF RECORD HOLDER(S)
  AS SHOWN ON THE CERTIFICATE(S) AND        CERTIFICATE(S) BEING SURRENDERED
 ADDRESS(ES) OF SUCH RECORD HOLDER(S)*    (ATTACH ADDITIONAL LIST IF NECESSARY)
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                                                           NUMBER OF SHARES
                                                            REPRESENTED BY
                                                           EACH CERTIFICATE
                                         CERTIFICATE  (OR COVERED BY A NOTICE OF
                                          NUMBER**       GUARANTEED DELIVERY)
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                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------
                                         ---------------------------------------
                                         Total Shares
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*  For a delivery using the Notice of Guaranteed Delivery procedures, please
   fill in exactly as name(s) will appear on the certificate(s) when delivered.
** Certificate numbers are not required if certificates will be delivered using
   the Notice of Guaranteed Delivery procedures.
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</TABLE>

<PAGE>

                             MERGER CONSIDERATION

   Pursuant to the Agreement and Plan of Merger and Contribution, dated as of
February 13, 2002 (as amended, the "merger agreement"), by and among First
Union Real Estate Equity and Mortgage Investments ("First Union"), Gotham Golf
Partners, L.P., Gotham Golf Corp. ("Gotham Golf Corp") and certain other
parties, the undersigned hereby surrenders to the exchange agent the

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