UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                    ----------------------------------

                                    FORM 10-Q

      |X|  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
      ---
                         SECURITIES EXCHANGE ACT OF 1934

             FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 1997

                                       OR

      |_|  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
             SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

                    For the transition period from______to ______.

                         Commission File Number: 0-15036

               PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP
               --------------------------------------------------
             (Exact name of registrant as specified in its charter)

               Delaware                                     04-2841746
               --------                                     ----------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

265 Franklin Street, Boston, Massachusetts  02110
-------------------------------------------------
(Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code (617) 439-8118
                                                   --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes |X|. No |_|


<PAGE>

            PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                                 BALANCE SHEETS
                November 30, 1997 and August 31, 1997 (Unaudited)
                                 (In thousands)

                                     ASSETS
                                               November 30    August 31
                                               -----------    ---------

Real estate investments:
   Investment properties held for sale, net      $12,100      $12,100
   Land                                              770          770
   Mortgage loans                                  4,230        4,230
                                                 -------      -------
                                                  17,100       17,100

Cash and cash equivalents                          1,774        1,711
Interest receivable                                   32           32
Accounts receivable                                   17            9
Deferred expenses, net                                66           70
Other assets                                          17           19
                                                 -------      -------
                                                 $19,006      $18,941
                                                 =======      =======

                        LIABILITIES AND PARTNERS' CAPITAL

Accounts payable - affiliates                    $    28      $    32
Accounts payable and accrued expenses                193          190
Unearned rental income                                 1            3
Tenant security deposits                              72           72
Partners' capital                                 18,712       18,644
                                                 -------      -------
                                                 $19,006      $18,941
                                                 =======      =======













                             See accompanying notes.


<PAGE>


               PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                              STATEMENTS OF INCOME
        For the three months ended November 30, 1997 and 1996 (Unaudited)
                     (In thousands, except per Unit amounts)

                                              1997           1996
                                              ----           ----

Revenues:
   Interest from mortgage loans             $    95          $   179
   Land rent                                     36               27
   Other interest income                         24               25
                                            -------          -------
                                                155              231

Expenses:
   Management fees                               30               35
   General and administrative                    85               94
   Amortization of deferred expenses              4                5
                                            -------          -------
                                                119              134
                                            -------          -------

Operating income                                 36               97

Income from operations of investment
   properties held for sale, net                355              222
                                            -------          -------

Net income                                  $   391          $   319
                                            =======          =======

Net income per Limited
  Partnership Unit                            $0.43            $0.35
                                              =====            =====

Cash distributions per Limited
  Partnership Unit                            $0.36            $0.36
                                              =====            =====

      The above net income and cash  distributions per Limited  Partnership Unit
are based upon the 896,993 Units ($50 per Unit) of Limited Partnership  Interest
outstanding during each period.








                             See accompanying notes.


<PAGE>


               PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

               STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT
        For the three months ended November 30, 1997 and 1996 (Unaudited)
                                 (In thousands)

                                              General     Limited
                                              Partners    Partners
                                              --------    --------

Balance at August 31, 1996                      $  11      $22,486
Net income                                          3          316
Cash distributions                                 (3)        (320)
                                                -----      -------
Balance at November 30, 1996                    $  11      $22,482
                                                =====      =======

Balance at August 31, 1997                      $  12      $18,632
Net income                                          4          387
Cash distributions                                 (3)        (320)
                                                -----      -------
Balance at November 30, 1997                    $  13      $18,699
                                                =====      =======

























                             See accompanying notes.


<PAGE>


               PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                            STATEMENTS OF CASH FLOWS
        For the three months ended November 30, 1997 and 1996 (Unaudited)
                Increase (Decrease) in Cash and Cash Equivalents
                                 (In thousands)

                                                    1997          1996
                                                    ----          ----
Cash flows from operating activities:
  Net income                                      $   391        $   319
  Adjustments to reconcile net income
     to net cash provided by operating activities:
   Amortization of deferred expenses                    4              5
   Changes in assets and liabilities:
    Accounts receivable                                (8)           (47)
    Other assets                                        2            (36)
    Accounts payable - affiliates                      (4)             -
    Accounts payable and accrued expenses               3            (15)
    Unearned rental income                             (2)           (26)
    Tenant security deposits                            -             27
                                                  -------        -------
      Total adjustments                                (5)           (92)
                                                  -------        -------
      Net cash provided by operating activities       386            227

Cash flows from financing activities:
  Distributions to partners                          (323)          (323)
                                                  -------        -------

Net increase (decrease) in cash and cash equivalents   63            (96)

Cash and cash equivalents, beginning of period      1,711          2,060
                                                  -------       --------

Cash and cash equivalents, end of period          $ 1,774       $  1,964
                                                  =======       ========












                             See accompanying notes.


<PAGE>


            PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP
                          Notes to Financial Statements
                                   (Unaudited)



1.  General
    -------

      The accompanying financial statements,  footnotes and discussion should be
read in conjunction with the financial statements and footnotes contained in the
Partnership's  Annual  Report for the year ended August 31, 1997. In the opinion
of  management,  the  accompanying  financial  statements,  which  have not been
audited, reflect all adjustments necessary to present fairly the results for the
interim period. All of the accounting  adjustments reflected in the accompanying
interim financial statements are of a normal recurring nature.

      The  accompanying  financial  statements have been prepared on the accrual
basis of accounting in accordance with generally accepted accounting  principles
which require  management  to make  estimates  and  assumptions  that affect the
reported amounts of assets and liabilities and disclosures of contingent  assets
and  liabilities  as of November  30, 1997 and August 31, 1997 and  revenues and
expenses for the three months ended  November 30, 1997 and 1996.  Actual results
could differ from the estimates and assumptions used.

2.  Mortgage Loan and Land Investments
    ----------------------------------

      The  outstanding  first  mortgage loan and the cost of the related land to
the  Partnership  at  November  30,  1997 and August 31, 1997 are as follows (in
thousands):

                                          Amount of 
         Property                         Mortgage Loan     Cost of Land
         --------                         -------------     ------------
      Park South Apartments
        Charlotte, North Carolina           $4,230             $  770

      The loan is secured  by a first  mortgage  on the  property,  the  owner's
leasehold interest in the land and an assignment of all tenant leases.  Interest
is payable  monthly and the  principal  is due at maturity on December 28, 2001.
The annual  interest rate on the Park South  mortgage loan is 9%. The land lease
has a term of 40  years.  Among  the  provisions  of the  lease  agreement,  the
Partnership  is entitled  to  additional  rent based upon gross  revenues of the
underlying  property in excess of a base  amount,  as defined.  During the three
months ended November 30, 1997, the Partnership  received  additional rent under
the  terms of the Park  South  Apartments  land  lease  totalling  $19,000.  The
Partnership  received no additional rent for the three months ended November 30,
1996.  The lessee has the option to purchase the land for a specified  period of
time,  beginning in December  1997,  at a price based on fair market  value,  as
defined,  but  not  less  than  the  original  cost  to  the  Partnership.   The
Partnership's investment is structured to share in the appreciation in the value
of the  underlying  real estate.  Accordingly,  upon either  sale,  refinancing,
maturity of the mortgage loan or exercise of the option to repurchase  the land,
the Partnership will receive a 50% share of the  appreciation  above a specified
base amount.

      The fair value of the Park South loan, which became prepayable  subsequent
to the end of the first quarter,  in December  1997,  has been  estimated  using
discounted cash flow analysis and  approximated  the loan's carrying value as of
November 30, 1997 and August 31, 1997.

3.  Investment Properties Held for Sale
    -----------------------------------

      Martin Sunnyvale Research and Development Center
      ------------------------------------------------

      The Partnership foreclosed under the terms of the mortgage loan secured by
the Martin  Sunnyvale  Research and  Development  Center on July 12,  1991.  The
borrower had defaulted on the payment terms of the loan due to significant lease
turnover  during 1991. The property  contains  39,000  rentable  square feet, is
located in  Sunnyvale,  California  and was 100% leased as of November 30, 1997.
The  combined  carrying  value of the  original  land and loan  investments,  of
$5,100,000,  was  adjusted  to  management's  estimate  of the fair value of the
property as of the date of the foreclosure,  of $3,400,000,  and reclassified to
investment  properties held for sale.  Subsequent to the date of the foreclosure
and through  August 31,  1994,  the  Partnership  had  recorded  provisions  for
possible  investment loss totalling $900,000 to write down the carrying value of
the Martin  Sunnyvale  investment  property to $2,500,000 to reflect  additional
declines in its estimated  fair value,  net of selling  expenses.  During fiscal
1996,  real  estate  values for R&D office  properties  in  Northern  California
recovered  somewhat  as a result  of the  resurgence  in the  growth of the high
technology industries. As a result of lower market vacancy levels and increasing
rental rates, the estimated fair value of the Martin Sunnyvale property improved
significantly  during  fiscal 1996 to an amount  which  exceeded  the cost basis
established  for the  property in fiscal 1991 of  $3,400,000.  Accordingly,  the
Partnership  adjusted the valuation account with respect to the Martin Sunnyvale
property  and  recognized  a recovery  of possible  investment  loss of $900,000
effective  in the  fourth  quarter of fiscal  1996.  The  carrying  value of the
investment,  of $3,400,000,  is included in the balance of investment properties
held for sale on the  accompanying  balance  sheets as of November  30, 1997 and
August 31, 1997.

      During fiscal 1994,  the  Partnership  was notified by a California  state
water  agency of a potential  environmental  problem at Martin  Sunnyvale.  As a
result of governmental required testing,  management learned that there has been
a contamination of the underground soil and water at the site. The environmental
testing  was  paid  for  by  one  of  the  parties  identified  as  a  potential
contaminator.  Management believes that this contamination occurred prior to the
Partnership's  initial  mortgage  loan  and  ground  lease  investments  in  the
property,  which were made in 1985. The California state water agency has issued
a site cleanup order  identifying  two  companies  which had occupied the Martin
Sunnyvale property prior to the Partnership's investment. Management has engaged
local  counsel to monitor  all legal  actions to insure  that the  Partnership's
rights are fully protected.

      Bell Forge Square Shopping Center
      ---------------------------------

      On October 4, 1991, the Partnership received a deed in lieu of foreclosure
on the  mortgage  loan  secured by the Bell Forge Square  Shopping  Center.  The
property,  which was 98%  occupied as of November  30,  1997,  is  comprised  of
130,470  leasable  square  feet and is  located  in  Nashville,  Tennessee.  The
Managing  General  Partner  estimated  that  the fair  value  of the  investment
property,  net of selling expenses,  at the date title to the mortgaged property
was transferred was approximately equal to the combined cost of the land and the
face amount of the Partnership's mortgage loan. Accordingly,  the combined value
of the land  and the face  amount  of the  mortgage  loan,  of  $9,000,000,  was
reclassified  to investment  properties  held for sale.  During fiscal 1992, the
Partnership had recorded a provision for possible investment loss of $600,000 to
write down the carrying  value of the Bell Forge Square  investment  property to
reflect a decline in its estimated fair value,  net of selling  expenses,  as of
August 31, 1992.  During fiscal 1993, the Partnership  recorded an adjustment to
reduce the  valuation  allowance  by  $300,000  to reflect  an  increase  in the
estimated  fair value of the Bell Forge  Square  property as of August 31, 1993.
The  resulting  net carrying  value of  $8,700,000 is included in the balance of
investment  properties  held  for sale on the  accompanying  balance  sheets  at
November 30, 1997 and August 31, 1997.

      The Partnership  recognizes income from the investment properties held for
sale equal to its share of the excess of the  properties'  gross  revenues  over
property operating expenses  (including capital  improvement  costs),  taxes and
insurance.  Combined  summarized  operating  results  of  the  Martin  Sunnyvale
Research and  Development  Center and Bell Forge Square  Shopping Center for the
three months ended November 30, 1997 and 1996 are as follows (in thousands):

                                           1997              1996
                                           ----              ----

      Revenues:
        Rental income                    $   400           $   385
        Other income                          73                89
                                         -------           -------
                                             473               474
      Expenses:
        Property operating expenses           64               212
        Property taxes and insurance          54                40
                                         -------           -------
                                             118               252
                                         -------           -------

      Income from operations, net        $   355           $   222
                                         =======           =======

      Property  operating  expenses for the three months ended November 30, 1996
include capital improvement costs of $154,000.

4.  Related Party Transactions
    --------------------------

      The Adviser  earned basic  management  fees of $30,000 and $35,000 for the
three-month  periods ended  November 30, 1997 and 1996,  respectively.  Accounts
payable -  affiliates  at  November  30,  1997 and August 31,  1997  consists of
management fees of $28,000 and $32,000, respectively, payable to the Adviser.

      Included in general and administrative expenses for the three months ended
November  30, 1997 and 1996 is $44,000 and $47,000,  respectively,  representing
reimbursements  to an affiliate of the Managing  General  Partner for  providing
certain  financial,  accounting  and  investor  communication  services  to  the
Partnership.

      Also included in general and administrative  expenses for the three months
ended   November  30,  1997  and  1996  is  $1,000  and  $3,000,   respectively,
representing  fees  earned  by an  affiliate,  Mitchell  Hutchins  Institutional
Investors, Inc., for managing the Partnership's cash assets.



<PAGE>



            PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
             OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources
-------------------------------

      The Partnership has three remaining real estate  investments,  only one of
which,  Park South  Apartments,  is still in its  original  structure of a first
leasehold  mortgage loan and land  investment.  The  Partnership  assumed direct
ownership of the Martin Sunnyvale Research and Development Center and Bell Forge
Square Shopping Center properties following  foreclosure  proceedings  resulting
from defaults  under the terms of the  Partnership's  first  leasehold  mortgage
loans. As discussed further below, the Partnership has determined that it may be
the appropriate time to sell both of these wholly-owned assets.  Furthermore, as
discussed further below, the borrower of the mortgage loan secured by Park South
has indicated an intent to prepay the loan and repurchase the underlying land in
early  calendar  year 1998. As a result of these  circumstances,  it is possible
that the  disposition  of the remaining  real estate assets and a liquidation of
the Partnership  will be  accomplished in fiscal 1998.  There are no assurances,
however,  that the disposition of the remaining  investments and the liquidation
of the Partnership  will be completed  within this time frame.  The net proceeds
from any future sales and  financing  transactions  will be  distributed  to the
Limited  Partners along with the remaining  Partnership  cash reserves after the
payment of all liquidation-related expenses.

      Occupancy  at the Park South  Apartments  in  Charlotte,  North  Carolina,
averaged 95% for the quarter  ended  November 30, 1997, an increase from 92% for
the quarter ended August 31, 1997. The property  management  team attributes the
increase in occupancy to the continued  selective use of rental  concessions  on
new leases and conservative rental rate increases on renewals. Operations of the
property  continue to fully  support the debt service and ground lease  payments
owed to the  Partnership  despite a weakening in market  conditions for existing
properties  in the  greater  Charlotte  area over the past year.  A  significant
number of new apartment  units have been added to the overall  Charlotte  market
during this time period,  including  several hundred new units which are in Park
South's  sub-market,  and a substantial  amount of  additional  units are either
currently  under  construction  or in the  planning  stages.  In order to remain
competitive  with these new units,  Park South  currently  offers reduced rental
rates and/or discounted move-in rates to prospective tenants. As an incentive to
renew leases, current tenants are offered minimal increases at the expiration of
their leases.  The use of rental  concessions and renewal incentives is expected
to continue for the near term.  Notwithstanding  the current market  conditions,
management  believes  that the long-term  prospects for the Park South  property
remain positive due to the property's strong position within the marketplace and
the region's outlook for job and population growth over the next several years.

      The first  mortgage  loan  secured by Park South  matures on December  28,
2001;  however,  it opened  to  prepayment  without  penalty  subsequent  to the
quarter-end,  on December 29, 1997.  The owner of the Park South  Apartments has
recently  indicated  that it may prepay the first  leasehold  mortgage  loan and
repurchase the underlying  land in early 1998 in conjunction  with a sale of the
property to an unrelated third party. However, there are no assurances that this
sale transaction and the resulting prepayments of the Partnership's  investments
will occur within this time frame. The Partnership's  Park South land investment
contains a participation  feature which entitles the Partnership to share in the
appreciation  of the  property  upon a sale  or  refinancing.  Based  on  recent
third-party valuations, this property has an estimated value that is higher than
the Partnership's combined original investments.  As a result, it is anticipated
that the Partnership will realize its original net investments plus some portion
of the appreciated value of the property when it is sold or refinanced.

      The  Partnership's  wholly-owned,  39,000  square  foot  Martin  Sunnyvale
Research and Development Center remained 100% leased as of November 30, 1997. No
leases expire at the property until April 30, 1999. The largest tenant at Martin
Sunnyvale  vacated 17,784 square feet when its lease expired at the beginning of
November 1996.  However, a replacement tenant executed a five-year lease through
November 2001 for the entire 17,784 square foot space at an average  rental rate
which is 40% higher than the previous tenant had been paying.  This  transaction
completed the successful  re-leasing of the three tenant spaces at the property.
The other two spaces were  re-leased  during fiscal 1996 at rental rates 40% and
60% higher than the previous leases. As a result of the significant  increase in
rental income,  the market value of the Martin Sunnyvale  property has increased
substantially  over the past two years.  Accordingly,  management  believes that
this would be the appropriate time to sell the property. As previously reported,
the  Partnership  contracted  with a  national  real  estate  firm with a strong
background  in selling R&D  buildings  in the Silicon  Valley area to market the
property for sale.  The property was  marketed  extensively  during  fiscal year
1997, and the  Partnership  received  several offers from qualified  third-party
buyers to acquire the  property.  After  reviewing the offers,  the  Partnership
accepted an offer from one of these potential buyers and negotiated and executed
a purchase and sale agreement  during the first quarter of fiscal 1998. The sale
remained  subject to the  satisfactory  completion  of the buyer's due diligence
which was scheduled to be completed in December  1997. At the  conclusion of the
buyer's due diligence period,  the offer to purchase the property was withdrawn.
Management  now intends to re-market the property  during the second  quarter of
fiscal 1998.

      As previously reported, the Partnership was notified by a California state
water agency in fiscal 1994 of a potential  environmental  problem at the Martin
Sunnyvale  property.  As a result of governmental  required testing,  management
learned that there has been a contamination of the underground soil and water at
the site.  The state  water  agency has issued a final  report  identifying  two
tenants  which had occupied  the property  prior to 1985 and may have caused the
environmental  problem.  Both prior  tenants are Fortune 500  companies and both
have been ordered at their own expense to perform the necessary testing, cleanup
and  documentation  as  required  by the  California  state  water  agency.  The
Partnership  will be required  to monitor  the  efforts of these two firms.  The
environmental  testing  was  paid  for by one of  the  parties  identified  as a
potential  contaminator.  Management  has engaged  local  counsel to monitor all
legal actions to insure that the Partnership's rights are fully protected.

      At the Partnership's other wholly-owned  investment  property,  Bell Forge
Square Shopping Center in Nashville,  Tennessee, the occupancy level improved to
98% as of November 30,  1997,  up from 92% as of August 31, 1997. A 6,000 square
foot sports  grill  opened for business  during the quarter  ended  November 30,
1997.  In addition,  renewal  negotiations  are ongoing with a 3,300 square foot
furniture  store,  whose lease  expires in August 1998,  and with a 3,165 square
foot hot tub  dealership,  whose lease expires in September  1998. As previously
reported,  although  Discovery  Zone,  which  occupies  9% of the  center's  net
rentable area, has filed for protection under Chapter 11 of the U.S.  Bankruptcy
Code, it continues to pay its  post-petition  rent and operate its store at Bell
Forge  Square.  While there are likely to be some store  closings as part of the
company's  bankruptcy  reorganization plan, it is uncertain at this time whether
the Bell Forge Square location would be affected by such actions.

      As discussed  further in the Annual  Report,  the  Partnership  decided to
explore  potential  opportunities  to sell the Bell Forge Square property during
fiscal 1997 and hired a  Nashville-based  real estate firm  specializing  in the
sale of retail  properties  to market  the  property  for sale.  As part of this
firm's marketing efforts,  the Partnership  received offers from two prospective
third-party  buyers.  After reviewing the offers,  the  Partnership  accepted an
offer from one of these  potential  buyers and  negotiated  a purchase  and sale
agreement which was executed subsequent to the quarter-end.  However,  since any
sale transaction remains subject to certain due diligence  contingencies,  there
are no assurances that a near-term sale will be completed.

      At  November  30,  1997,  the  Partnership  had  available  cash  and cash
equivalents of $1,774,000.  Such cash and cash  equivalents will be used for the
working capital needs of the Partnership,  distributions to the partners and, if
necessary,  for  tenant  improvement  expenses  and other  leasing  costs of the
Partnership's wholly-owned investment properties. The source of future liquidity
and  distributions to the partners is expected to be through cash generated from
the Partnership's  real estate and mortgage loan  investments,  the repayment of
the  mortgage  loan  receivable  and the  future  sales or  refinancings  of the
underlying  land and the  investment  properties.  Such sources of liquidity are
expected to be adequate to meet the Partnership's needs on both a short-term and
long-term basis.

Results of Operations
Three Months Ended November 30, 1997
------------------------------------

      The Partnership reported net income of $391,000 for the three months ended
November 30, 1997,  as compared to net income of $319,000 for the same period in
the prior  year.  This  $72,000  increase  in net  income is  attributable  to a
$133,000  increase in net income from the  operations of  investment  properties
held for sale  (Martin  Sunnyvale  and Bell Forge  Square).  Net income from the
operations of investment  properties held for sale increased  primarily due to a
decrease in property operating  expenses.  Property operating expenses decreased
due to a reduction in capital  improvement  expenditures of $154,000 at the Bell
Forge property. Under the Partnership's accounting policy with respect to assets
held for sale, capital and tenant improvement costs and leasing  commissions are
expensed as incurred.

      The  increase  in  income  from  operating  properties  held  for sale was
partially offset by a decrease in the Partnership's operating income of $61,000.
The  Partnership's  operating  income  decreased  primarily due to a decrease in
interest from mortgage loans of $84,000.  Interest from mortgage loans decreased
as a result of the repayment of the Willow Creek first  leasehold  mortgage loan
on July 16, 1997 and the sale of the related land. The decrease in interest from
mortgage loans was partially  offset by an increase in land rent revenue despite
the termination of the ground lease on Willow Creek. Land rent revenue increased
due to the $19,000 in additional  rent  received from the Park South  Apartments
during the quarter ended November 30, 1997. No additional land rent was received
during the first quarter of the prior fiscal year.


<PAGE>


                                     PART II
                                Other Information

Item 1. Legal Proceedings     NONE

Items 2 through 5:            NONE

Item 6. Exhibits and Reports on Form 8-K

(a)   Exhibits:   NONE

(b) Reports on Form 8-K:

      No  reports  on Form 8-K have  been  filed by the  registrant  during  the
quarter for which this report is filed.


<PAGE>



            PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP




                                   SIGNATURES


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 thereunto duly authorized.

                      PAINE WEBBER QUALIFIED PLAN PROPERTY
                                  FUND FOUR, LP


                        By:   FOURTH QUALIFIED PROPERTIES, INC.
                              Managing General Partner



                            By: /s/ Walter V. Arnold
                                --------------------
                                Walter V. Arnold
                                Senior Vice President and Chief
                                Financial Officer




Dated:  January 9, 1998