<PAGE>

                                                                   Exhibit 10(p)

                                      NOTE



$50,000,000.00                                                New York, New York
                                                                   July 31, 2000


          FOR VALUE RECEIVED, the undersigned, GGP LIMITED PARTNERSHIP, a
Delaware limited partnership, and GGPLP L.L.C., a Delaware limited liability
company (individually and collectively, the "Borrower"), jointly and severally,
hereby unconditionally promise to pay to the order of BANKERS TRUST COMPANY (the
"Lender") at the office of Bankers Trust Company, located at 130 Liberty Street,
New York, New York 10006 in lawful money of the United States of America and in
immediately available funds, the principal amount of FIFTY MILLION DOLLARS
($50,000,000.00), or, if less, the unpaid principal amount of the Loans made by
the Lender pursuant to Section 2.1 or Article III of the Term Loan Agreement, as
hereinafter defined.  The Borrower further agrees to pay interest in like money
at such office on the unpaid principal amount hereof from time to time
outstanding at the rates and on the dates specified in Section 5.1 of such Term
Loan Agreement.

          The holder of this Note is authorized to endorse on the schedules
annexed hereto and made a part hereof or on a continuation thereof which shall
be attached hereto and made a part hereof the date, type and amount of the
Loan(s) evidenced hereby and the date and amount of each payment or prepayment
of principal with respect thereto, each conversion of all or a portion thereof
to another type, each continuation of all or a portion thereof as the same type
and, in the case of Eurodollar Rate Loans, the length of each Interest Period
with respect thereto.  Each such endorsement shall constitute prima facie
evidence of the accuracy of the information endorsed.  The failure to make any
such endorsement shall not affect the obligations of the Borrower in respect of
such Loan.

          This Note (a) is one of the Notes referred to in the Term Loan
Agreement dated as of July 31, 2000 (as amended, supplemented or otherwise
modified from time to time, the "Term Loan Agreement"), among the Borrower, the
Lender, the other institutions from time to time parties thereto as lenders and
Bankers Trust Company, as administrative agent, (b) is subject to the provisions
of the Term Loan Agreement and (c) is subject to voluntary and mandatory
prepayment in whole or in part as provided in the Term Loan Agreement.  This
Note is guaranteed as provided in the Loan Documents.  Reference is made to the
Loan Documents for the nature and extent of the guarantees, the terms and
conditions upon which each guarantee was granted and the rights of the holder of
this Note in respect thereof.

          Upon the occurrence and during the continuance of any one or more of
the Events of Default, all amounts then remaining unpaid on this Note shall
become, or may be declared to be, immediately due and payable, all as provided
in the Term Loan Agreement.
<PAGE>

                                                                               2

          To the extent not prohibited by law, all parties now and hereafter
liable with respect to this Note, whether maker, principal, surety, guarantor,
endorser or otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

          Unless otherwise defined herein, terms defined in the Term Loan
Agreement and used herein shall have the meanings given to them in the Term Loan
Agreement.

          NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE
TERM LOAN AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN
ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 15.1 OF THE
TERM LOAN AGREEMENT.  THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

            [The remainder of this page is intentionally left blank]
<PAGE>

          IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
and delivered by its duly authorized officer as of the day and year first above
written.


                              GGPLP L.L.C., a Delaware limited liability
                              company

                              By: GGP LIMITED PARTNERSHIP, a Delaware
                              limited partnership, its sole managing member

                              By: GENERAL GROWTH PROPERTIES, INC., a
                              Delaware corporation, its sole general partner


                              By:___________________________________
                                Name: Bernard Freibaum
                                Title: Executive Vice President



                              GGP LIMITED PARTNERSHIP, a Delaware
                              limited partnership

                              By: GENERAL GROWTH PROPERTIES, INC., a
                              Delaware corporation, its sole general partner


                              By:___________________________________
                                Name: Bernard Freibaum
                                Title: Executive Vice President
<PAGE>

<TABLE>
<CAPTION>
                                                                                                                          Schedule A
                                                                                                                             to Note
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                                       LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

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                                        Amount           Amount of        Amount of Base Rate    Unpaid Principal
                     Amount of       Converted to     Principal of Base    Loans Converted to       Balance of
      Date        Base Rate Loans   Base Rate Loans   Rate Loans Repaid   Eurodollar Rate Loans   Base Rate Loans   Notation Made By
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<S>               <C>               <C>               <C>                 <C>                     <C>               <C>
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</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                                                                                                          Schedule B
                                                                                                                             to Note
                                                                                                                             -------

                             LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR RATE LOANS

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                                Amount       Interest Period     Amount of           Amount of       Unpaid Principal
               Amount of       Converted      and Eurodollar    Principal of      Eurodollar Rate       Balance of
               Eurodollar    to Eurodollar      Rate with      Eurodollar Rate    Loans Converted       Eurodollar      Notation
     Date      Rate Loans     Rate Loans     Respect Thereto    Loans Repaid     to Base Rate Loans     Rate Loans      Made By
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<S>            <C>           <C>             <C>               <C>               <C>                 <C>                <C>
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</TABLE>