FIRST AMENDMENT TO FIRST AMENDED AND
                      ------------------------------------
                RESTATED REVOLVING CREDIT AGREEMENT AND GUARANTY
                ------------------------------------------------
                                    (AQUIA)

     THIS  FIRST  AMENDMENT  TO  FIRST  AMENDED  AND  RESTATED  REVOLVING CREDIT
AGREEMENT  AND  GUARANTY  (this  "Amendment")  made  as of this thirtieth day of
March,  2010, by and among RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited
partnership  ("Borrower"),  RAMCO-GERSHENSON  PROPERTIES  TRUST, a Maryland real
estate investment trust ("Trust"), RAMCO VIRGINIA PROPERTIES, L.L.C., a Michigan
limited liability company ("Aquia"; the Trust and Aquia are hereinafter referred
to  collectively as the "Guarantors"), KEYBANK NATIONAL ASSOCIATION ("KeyBank"),
and  KEYBANK  NATIONAL  ASSOCIATION,  as  Agent  (the  "Agent")  for  the Banks.

                              W I T N E S S E T H:

     WHEREAS,  Borrower,  Trust,  Aquia,  Agent  and  KeyBank  entered into that
certain  First  Amended  and  Restated  Revolving  Credit  Agreement dated as of
December  11,  2009  (the  "Loan  Agreement");

     WHEREAS,  Guarantors  executed  and  delivered  to Agent and the Banks that
certain  Unconditional  Guaranty of Payment and Performance dated as of December
16, 2008 (the "Original Guaranty"), as amended by that certain Omnibus Amendment
of  Loan Documents dated as of December 11, 2009 among Borrower, Guarantors, and
Agent  (the "Omnibus Amendment"; the Original Guaranty as amended by the Omnibus
Amendment,  the  "Guaranty");

     WHEREAS,  Borrower  has  requested  that Agent and the Banks modify certain
provisions  of  the  Loan  Agreement;  and WHEREAS, the Agent and the Banks have
consented  to  such  modification, subject to the execution and delivery of this
Amendment.

     NOW,  THEREFORE,  for  and  in  consideration  of the sum of TEN and NO/100
DOLLARS  ($10.00),  and  other  good and valuable consideration, the receipt and
sufficiency  of  which  is  hereby  acknowledged,  the  parties hereto do hereby
covenant  and  agree  as  follows:

     1.  Definitions.  All  terms  used herein  which  are not otherwise defined
herein  shall  have  the  meanings  set  forth  in  the  Loan  Agreement.

     2.  Amendment  of Loan Agreement. Borrower, Guarantors, Agent and the Banks
do  hereby  modify  and  amend  the  Loan  Agreement  as  follows:

     (a) By  deleting  in  its  entirety  the definition of "Quarterly Reduction
Date"  appearing in Sec.1.1 of the Loan Agreement, appearing on page 15 thereof;

     (b) By deleting in its entirety Sec.3.2(d) of the Loan Agreement, appearing
on  page  25  thereof, and inserting the following: "(d) Intentionally Omitted."


<PAGE>

     (c) By  inserting  the   following  as  new  Sec.4.15(b) (v)  of  the  Loan
Agreement:

     "(v)  Total  Commitment.  As  of  the then effective Maturity Date (without
     regard  to  such  extension  request), the Total Commitment shall have been
     permanently  reduced  to  $15,000,000.00  or  less."

     (d)     By  deleting  in  its  entirety  Sec.4.15(c) of the Loan Agreement,
appearing  on  page  31  thereof,  and  inserting in lieu thereof the following:

     "(c)  In  the  event  that  the Maturity Date has been extended as provided
     in  Sec.4.15(a)  and (b), then provided that no Default or Event of Default
     shall  have  occurred and be continuing, the Borrower shall have the option
     to  be  exercised by giving an Extension Request to the Agent not more than
     one  hundred  twenty  (120) days and not less than sixty (60) days prior to
     the  scheduled Maturity Date, subject to the terms and conditions set forth
     in  this  Agreement,  to extend the Maturity Date by twelve (12) additional
     months  to  December 31, 2012. The request by the Borrower for extension of
     the  Maturity  Date  shall  constitute a representation and warranty by the
     Borrower  that  all  of the conditions set forth in this Section shall have
     been satisfied on the date of such request. The obligation of the Agent and
     the Banks to extend the Maturity Date as provided in this Sec.4.15(c) shall
     be  subject to the satisfaction again of each and every condition set forth
     in  Sec.4.15(a)  and (b), except that for the purposes of this Sec.4.15(c),
     the  reference  in  Sec.4.15(b)(v)  to  "$15,000,000.00"  shall  instead be
     "$10,000,000.00,"  such  that  Borrower  may not obtain an extension of the
     Maturity  Date  unless (subject to the satisfaction of the other conditions
     herein) the Total Commitment has been permanently reduced to $10,000,000.00
     or  less."

     (e)     By  deleting  in  its  entirety  Sec.5.2(j)  of the Loan Agreement,
appearing  on  page  34  thereof,  and  inserting in lieu thereof the following:

     "(j)  Prepayment  of  Loans.  Borrower  shall  have  paid  to  Agent  the
     greater  of (i) any amounts which would be due under Sec.3.2(c) as a result
     of  such  Permitted  Transfer,  or (ii) the gross cash proceeds received by
     Aquia  as  result  of  the  mortgage  loan  from a third party lender after
     deduction for reasonable and customary loan closing costs, or joint venture
     with  respect  to  the  Office  Property, Residential Property or the Hotel
     Property,  as the case may be. The Total Commitment shall automatically and
     without  further action be permanently reduced by the amount of the payment
     made  pursuant to this Sec.5.2(j), and the Commitment of each Bank shall be
     reduced  by  its  Commitment  Percentage  of  the  reduction  in  the Total
     Commitment."


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<PAGE>

     3.  Amendment  to  Guaranty.  Guarantors,  Agent  and  the  Banks do hereby
modify  the  Guaranty  by  deleting  the words "Unsecured Master Loan Agreement"
wherever  the  same  appear  in  the Guaranty, and inserting in lieu thereof the
words  "Secured  Credit  Agreement."

     4.  Reduction  of  Total Commitment. Prior to the execution and delivery of
this  Amendment,  Borrower  has  paid to Agent for the account of the Banks as a
prepayment  of  the  principal  of the Loans the sum of $1,250,000. By execution
hereof,  Borrower  agrees that such prepayment shall also result in an automatic
and  permanent  reduction of the Total Commitment and of the Commitments of each
of  the  Banks  in  accordance  with  their Commitment Percentages. Borrower and
Guarantors  acknowledge  that,  after  giving  effect  to  such  payment,  the
outstanding  principal balance of the Loans is $18,750,000, the Total Commitment
is  $18,750,000  and  the  Commitment  of  KeyBank  is  $18,750,000.00.

     5.  References  to  Loan Agreement. All references in the Loan Documents to
the  Loan  Agreement  and  the  Guaranty shall be deemed a reference to the Loan
Agreement  and  the  Guaranty  as  modified  and  amended  herein.

     6. Consent of Guarantors. By execution of this Amendment, Guarantors hereby
expressly  consent  to  the  modifications  and  amendments relating to the Loan
Agreement, the Guaranty and the Loan Documents as set forth herein, and Borrower
and  Guarantors  hereby acknowledge, represent and agree that the Loan Documents
(including  without limitation the Guaranty) remain in full force and effect and
constitute  the valid and legally binding obligation of Borrower and Guarantors,
respectively,  enforceable  against  such  Persons  in  accordance  with  their
respective  terms, and that the Guaranty extends to and applies to the foregoing
documents  as  modified  and  amended.

     7.  Representations. Borrower and Guarantors represent and warrant to Agent
and  the  Banks  as  follows:

     (a)     The  execution,  delivery and performance of this Amendment and any
other  agreements  executed  and  delivered  contemporaneously  herewith and the
transactions  contemplated  hereby  and  thereby (i) are within the authority of
Borrower  and  Guarantors,  (ii)  have  been  duly  authorized  by all necessary
proceedings on the part of such Persons, (iii) do not and will not conflict with
or  result in any breach or contravention of any provision of law, statute, rule
or  regulation  to  which any of such Persons is subject or any judgment, order,
writ,  injunction, license or permit applicable to such Persons, (iv) do not and
will not conflict with or constitute a default (whether with the passage of time
or  the  giving  of  notice,  or  both)  under  any provision of the partnership
agreement  or  certificate,  certificate  of  formation,  operating  agreement,
articles  of  incorporation  or  other  charter  documents  or bylaws of, or any
mortgage,  indenture,  agreement, contract or other instrument binding upon, any
of  such  Persons  or  any  of its properties or to which any of such Persons is
subject,  and (v) do not and will not result in or require the imposition of any
lien  or  other  encumbrance  on any of the properties, assets or rights of such
Persons,  other  than  the liens and encumbrances created by the Loan Documents.


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<PAGE>

     (b)  The  execution and delivery of this Amendment and any other agreements
executed  and delivered contemporaneously herewith are valid and legally binding
obligations  of  Borrower  and  Guarantors  enforceable  in  accordance with the
respective  terms  and provisions hereof, except as enforceability is limited by
bankruptcy,  insolvency, reorganization, moratorium or other laws relating to or
affecting  generally  the  enforcement  of  creditors'  rights and the effect of
general  principles  of  equity.

     (c) The execution, delivery and performance of this Amendment and any other
agreements  executed  and  delivered  contemporaneously  herewith  and  the
transactions  contemplated  hereby  and  thereby  do not require the approval or
consent  of or approval of any Person or the authorization, consent, approval of
or  any  license or permit issued by, or any filing or registration with, or the
giving  of  any  notice  to,  any  court, department, board, commission or other
governmental  agency  or  authority  other  than  those  already  obtained.

     (d)  The  representations  and  warranties  made  by  the  Borrower and the
Guarantors  under  the  Loan  Documents or otherwise made by or on behalf of the
Borrower  or  a Guarantor in connection therewith or after the date thereof were
true  and correct in all material respects when made and are true and correct in
all  material  respects  as  of the date hereof, except to the extent of changes
resulting  from transactions contemplated or permitted by the Loan Documents and
changes  occurring  in  the  ordinary  course  of business that singly or in the
aggregate  are  not  materially  adverse,  except  to  the  extent  that  such
representations  and  warranties relate expressly to an earlier date, and except
as disclosed to the Agent and the Banks in writing and approved by the Agent and
the  Majority  Banks  in  writing.

     8.     No  Release.  Each Guarantor acknowledges and agrees that nothing in
this  Amendment,  or  in any other document executed contemporaneously herewith,
shall  release,  discharge, diminish or impair any liability of either Guarantor
under  any  of  the  Loan  Documents, including without limitation the Guaranty.

     9.  No  Default.  By  execution hereof, the Borrower and Guarantors certify
that  the  Borrower  and  Guarantors  are  and  will  be  in compliance with all
covenants  under  the  Loan  Documents  after the execution and delivery of this
Amendment,  and  that  no  Default  or  Event  of  Default  has  occurred and is
continuing.

     10.  Waiver  of  Claims. Borrower and Guarantors acknowledge, represent and
agree  that  Borrower  and  Guarantors  as  of the date hereof have no defenses,
setoffs,  claims,  counterclaims  or  causes  of  action  of  any kind or nature
whatsoever  with respect to the Loan Documents, the administration or funding of
the Loans or with respect to any acts or omissions of Agent or any of the Banks,
or  any  past  or  present  officers, agents or employees of Agent or any of the
Banks,  and each of Borrower and Guarantors does hereby expressly waive, release
and  relinquish  any  and  all such defenses, setoffs, claims, counterclaims and
causes  of  action,  if  any.

     11.  Ratification. Except as hereinabove set forth or in any other document
previously executed or executed in connection herewith, all terms, covenants and
provisions  of  the  Loan  Agreement, the Notes, the Guaranty and the other Loan
Documents  remain unaltered and in full force and effect, and the parties hereto
do  hereby  expressly  ratify  and  confirm  the Loan Agreement, as modified and
amended herein, the Guaranty, as modified and amended herein, the Notes, and the
other  Loan Documents. Nothing in this Amendment shall be deemed or construed to
constitute,  and  there  has  not  otherwise occurred, a novation, cancellation,
satisfaction,  release,  extinguishment  or  substitution  of  the  indebtedness
evidenced by the Notes or the other obligations of Borrower and Guarantors under
the  Loan  Documents  (including  without  limitation  the  Guaranty).


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<PAGE>

     12.  Counterparts.  This  Amendment  may  be  executed  in  any  number  of
counterparts  which  shall  together  constitute but one and the same agreement.

     13.  Miscellaneous.  This  Amendment  shall  be  construed  and enforced in
accordance with the laws of the State of Michigan (excluding the laws applicable
to  conflicts  or choice of law). This Amendment shall be binding upon and shall
inure  to  the  benefit  of  the  parties  hereto and their respective permitted
successors,  successors-in-title  and assigns as provided in the Loan Documents.

     14.  Effective  Date.  This Amendment shall be deemed effective and in full
force  and  effect as of the date hereof upon the execution and delivery of this
Amendment  by  Borrower,  Guarantors,  the  Banks  and  the  Agent.

                            [CONTINUED ON NEXT PAGE]


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<PAGE>

     IN WITNESS WHEREOF, the parties hereto have hereto set their hands as of
the day and year first above written.

                                     BORROWER:
                                     --------

                                     RAMCO-GERSHENSON PROPERTIES, L.P.,
                                     a Delaware limited partnership, by its
                                     sole general partner

                                     By:   Ramco-Gershenson Properties Trust, a
                                           Maryland real estate investment trust

                                           By: /s/ Dennis Gershenson
                                           Name:   Dennis Gershenson
                                           Title:  President and Chief Executive
                                                   Officer

                                     TRUST:
                                     ------

                                     RAMCO-GERSHENSON PROPERTIES TRUST,
                                     a Maryland real estate investment trust

                                     By: /s/ Dennis Gershenson
                                     Name:   Dennis Gershenson
                                     Title:  President and Chief Executive
                                             Officer

                                     AQUIA:
                                     -----

                                     RAMCO VIRGINIA PROPERTIES, L.L.C., a
                                     Michigan limited liability company

                                     By: /s/ Dennis Gershenson
                                     Name:   Dennis Gershenson
                                     Title:  President and Chief Executive
                                             Officer


                       [SIGNATURES CONTINUE ON NEXT PAGE]


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<PAGE>



                                     AGENT AND THE BANKS:
                                     -------------------
                                     KEYBANK NATIONAL ASSOCIATION,
                                     individually and as Agent

                                     By: /s/ Jay L. Johnson
                                     Name:   Jay L. Johnson
                                     Title:  Vice President


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