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                                                                   Exhibit 10(s)
                                      NOTE


$25,000,000.00                                                New York, New York
                                                              September 1, 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 BAYERISCHE HYPO-UND
VEREINSBANK AG, NEW YORK BRANCH (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 TWENTY-FIVE MILLION DOLLARS ($25,000,000.00), 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>

                                                                      Schedule A
                                                                         to Note
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             LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

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

    LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR RATE LOANS

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