<PAGE>

                                                                   Exhibit 10(q)
                                     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 LEHMAN COMMERCIAL PAPER
INC. (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>

                                                                      Schedule A
                                                                         to Note
 -------------------------------------------------------------------------------

             LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

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

                                                                      Schedule B
                                                                         to Note
                                                                         -------

   LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR RATE LOANS

<TABLE>
<CAPTION>

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