<PAGE>
                                                                   EXHIBIT 10.47

                                 FIXED RATE NOTE

$12,300,000                                                        July __, 2002

      FOR VALUE RECEIVED, RAMCO/CROSSROADS AT ROYAL PALM, LLC, a Michigan
limited liability company ("Maker"), having its principal place of business at
27600 Northwestern Highway, #200, Southfield, Michigan 48034, promises to pay to
the order of SALOMON BROTHERS REALTY CORP., a New York corporation, its
successors or assigns ("Payee") at the office of Payee or its agent, designee or
assignee at c/o L. J. Melody & Company, P.O. Box 297480, Houston, Texas 77297,
or at such place as the holder hereof may from time to time designate in
writing, the principal sum of TWELVE MILLION THREE HUNDRED THOUSAND AND NO/100
DOLLARS ($12,300,000) in lawful money of the United States of America with
interest thereon to be computed on the unpaid principal balance from time to
time outstanding from the date of this Note (herein so called) at the Interest
Rate (hereinafter defined), and to be paid in installments as follows:

      1. Payment Terms

            (a) A payment of interest only on the date hereof for the period
from the date hereof through July 31, 2002, both inclusive;

            (b) A constant payment of $77,744.37 (the "Constant Payment"), on
September 1, 2002 and on the first day of each calendar month thereafter up to
and including July 1, 2012; each of such payments to be applied to the payment
of interest computed at the Interest Rate (as defined below); and the balance
applied toward the reduction of the principal sum; and

            (c) The balance of said principal sum and all interest thereon shall
be due and payable on August 1, 2012 or the first business day thereafter if the
same should be a banking holiday or weekend (the "Maturity Date"). Interest on
the principal sum of this Note shall be calculated by multiplying the actual
number of days elapsed in each accrual period by a daily rate based on a three
hundred sixty (360) day year. In computing the number of days during which such
interest accrues, the day on which funds are initially advanced shall be
included regardless of the time of day such advance is made, and the day on
which funds are repaid shall be included unless repayment is credited prior to
close of business. The Constant Payment required hereunder is based on an
amortization schedule of three hundred sixty (360) months.

      In the absence of a specific determination by Payee to the contrary, all
payments paid by Maker to Payee in connection with the obligations of Maker
under this Note and under the other Loan Documents shall be applied in the
following order of priority: (a) to amounts, other than principal and interest,
due to Payee pursuant to this Note or the other Loan Documents; (b) to the
portion of accrued but unpaid interest accruing on this Note; and (c) to the
unpaid principal

          DOCUMENTARY STAMP TAX REQUIRED BY LAW HAS BEEN PAID UPON THE
                RECORDING OF THE MORTGAGE THAT SECURES THIS NOTE
<PAGE>
balance of this Note. Maker irrevocably waives the right to direct the
application of any and all payments at any time hereafter received by Payee from
or on behalf of Maker, and Maker irrevocably agrees that Payee shall have the
continuing exclusive right to apply any and all such payments against the then
due and owing obligations of Maker in such order of priority as Payee may deem
advisable.

      2. Interest Rate. The term "Interest Rate" as used in this Note shall mean
a rate of SIX AND 50/100 percent (6.50%) per annum.

      3. Default and Acceleration. The whole of the principal sum of this Note,
together with all interest accrued and unpaid thereon, and all other sums due
under the Mortgage (hereinafter defined), the Loan Documents (hereinafter
defined) and this Note (all such sums hereinafter collectively referred to as
the "Debt") shall without notice become immediately due and payable at the
option of Payee if any payment due on the Maturity Date is not paid on such date
or if any other payment required in this Note is not paid on or before the fifth
(5th) day after the date when due, or if any Event of Default (as defined in the
Mortgage) occurs and is continuing, or on the happening of any other default and
continuance thereof, after the expiration of any applicable notice and grace
periods, herein or under the terms of the Mortgage or other Loan Documents
(hereinafter collectively an "Event of Default"), and further provided that the
Debt shall automatically become immediately due and payable, without notice or
any exercise of any option on the part of Payee, if an Event of Default of the
type set forth in Section 22(g) of the Mortgage occurs with respect to Maker.
All of the terms, covenants and conditions contained in the Mortgage and the
other Loan Documents are hereby made part of this Note to the same extent and
with the same force as if they were fully set forth herein. In the event that it
should become necessary to employ counsel to collect the Debt or to protect or
foreclose the security hereof, Maker also agrees to pay reasonable attorneys'
fees for the services of such counsel whether or not suit be brought.

      4. Default Interest. Maker does hereby agree that upon the occurrence and
continuance of an Event of Default or upon the failure of Maker to pay the Debt
in full on the Maturity Date, Payee shall be entitled to receive and Maker shall
pay interest on the entire unpaid principal sum at the rate of the greater of 5%
above the Interest Rate or 5% above the Base Rate (hereinafter defined), in
effect at the time of the occurrence of the Event of Default (the "Default
Rate"). The term "Base Rate" shall mean the annual rate announced by Citibank,
N.A., in New York City, New York as its base rate in effect at the time of the
occurrence of the Event of Default. The Default Rate shall be computed from the
occurrence of the Event of Default until the actual receipt and collection of
the Debt. This charge shall be added to the Debt, and shall be deemed secured by
the Mortgage. This section, however, shall not be construed as an agreement or
privilege to extend the date of the payment of the Debt, nor as a waiver of any
other right or remedy accruing to Payee by reason of the occurrence of any Event
of Default. In the event the Default Rate is above the maximum rate permitted by
applicable law, the Default Rate shall be the maximum rate permitted by
applicable law.

      5. Prepayment; Defeasance.


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            (a) The principal balance of this Note may not be prepaid in whole
or in part prior to the date which is sixty (60) calendar days prior to the
Maturity Date.

            (b) After the date which is the earlier to occur of (i) the second
(2nd) anniversary of the "start-up day" (within the meaning of Section
860G(a)(9) of the Internal Revenue Code of 1986, as amended from time to time,
or any successor statute (the "Code")), of the "real estate investment conduit"
("REMIC") that then holds this Note or (ii) the fourth (4th) anniversary of the
date of this Note, and prior to the date which is sixty (60) calendar days prior
to the Maturity Date, Maker may voluntarily defease the Debt in whole, but not
in part (such event, a "Defeasance"), by providing Payee with the Defeasance
Collateral (as defined below) producing payments which replicate the Scheduled
Defeasance Payments (as defined below), provided that any Defeasance by Maker
shall be subject to the satisfaction of the following conditions precedent and
other provisions below:

                  (i) Maker shall provide not less than thirty (30) days prior
            written notice to Payee specifying a regularly scheduled payment
            date (the "Defeasance Date") on which the Defeasance is to occur.
            Such notice shall indicate the principal amount of this Note to be
            defeased;

                  (ii) Maker shall pay to Payee all accrued and unpaid interest
            on the principal balance of this Note to, but not including, the
            Defeasance Date. If for any reason the Defeasance Date is not a
            regularly scheduled payment date, Maker shall also pay interest that
            would have accrued on this Note through the next regularly scheduled
            payment date;

                  (iii) Maker shall pay to Payee all other sums, not including
            scheduled interest or principal payments, due under this Note, the
            Mortgage, and the other Loan Documents;

                  (iv) Maker shall pay to Payee an amount equal to the full
            principal amount of this Note together with an additional amount
            such that the aggregate amount (the "Defeasance Deposit") is at
            least sufficient to purchase direct, non-callable obligations of the
            United States of America (the "Defeasance Collateral") that provide
            payments on or prior to, but as close as possible to, all successive
            scheduled payment dates after the Defeasance Date upon which
            interest and/or principal payments are due under this Note through
            and including the Maturity Date and in amounts equal to the
            scheduled payments due on such dates, including, on the Maturity
            Date, the outstanding principal balance of this Note, together with
            all interest accrued thereon and all other sums then due and owing
            upon this Note and under the Loan Documents (the "Scheduled
            Defeasance Payments");

                  (v) Maker shall deliver to Payee on or prior to the Defeasance
            Date the following: (a) an executed security agreement, in form and
            substance satisfactory to Payee, creating a first priority lien on
            the Defeasance Deposit and the


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            Defeasance Collateral (the "Defeasance Security Agreement"); (b) an
            opinion of counsel for Maker in form and substance satisfactory to
            Payee in its sole discretion stating, among other things, that Maker
            has legally and validly transferred and assigned the Defeasance
            Collateral and all obligations, rights and duties under and to this
            Note to the Successor Borrower (as defined below); that Payee has a
            perfected first priority security interest in the Defeasance Deposit
            and the Defeasance Collateral delivered by Maker, and that any REMIC
            trust formed pursuant to Section 860D of the Code that holds this
            Note will not fail to maintain its status as a REMIC within the
            meaning of Section 860D of the Code as a result of such Defeasance;
            (c) a certificate of Maker certifying that all requirements relating
            to defeasance set forth in this Note and any other Loan Documents
            have been satisfied; (d) evidence in writing from each of the Rating
            Agencies (as defined below) to the effect that the Defeasance will
            not result in a qualification, downgrade or withdrawal of any rating
            in effect immediately prior to the Defeasance Date for any
            securities or "Pass-Through Certificates" issued pursuant to the
            terms of a trust and servicing agreement in the event that this Note
            or any interest therein is included in a REMIC or other
            securitization vehicle; (e) a certificate from an independent
            certified public accounting firm selected by Payee certifying that
            the Defeasance Collateral is sufficient to satisfy the payments
            required under this Note as described above; and (f) such other
            certificates or instruments and Payee may reasonably request;

                  (vi) Maker shall deliver such other certificates, documents
            and instruments as Payee may reasonably request; and

                  (vii) Maker shall pay all costs and expenses to Payee incurred
            in connection with the Defeasance, including any costs and expenses
            associated with a release of the lien of the Mortgage as provided
            below as well as reasonable accountants' and attorneys' fees and
            expenses.

            (c) For purposes hereof, "Rating Agencies" shall mean, collectively,
(i) Standard and Poor's Rating Services, (ii) Moody's Investors Service, Inc.,
(iii) Fitch, Inc. (or its affiliates), and (iv) any other rating agency
designated by Payee, and the respective successors and assigns of each.

            (d) In connection with each Defeasance, Maker hereby appoints Payee
as its agent and attorney-in-fact for the purpose of using the Defeasance
Deposit to purchase the Defeasance Collateral. Maker, pursuant to the Defeasance
Security Agreement or other appropriate document, shall authorize and direct
that the payments received from the Defeasance Collateral may be made directly
to the account maintained by, or for the benefit of, Payee (unless otherwise
directed by Payee) and applied to satisfy the obligations of Maker or Successor
Borrower under this Note. If Maker has defeased the entire Note and the
conditions precedent listed above and all other terms and conditions set forth
herein have been satisfied, the Property shall be released from the lien of the
Mortgage and the Defeasance Collateral, pledged pursuant to the Defeasance
Security Agreement, shall be the sole source of collateral securing this Note.


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In connection with the release of the lien, Maker shall submit to Payee, not
less than thirty (30) days prior to the Defeasance Date, a release of lien for
the Mortgage and related Loan Documents (including any guaranty) for execution
by Payee. Such release shall be in form appropriate in the jurisdiction in which
the Property is located and satisfactory to Payee in its sole discretion. In
addition, Maker shall pay all recording costs, fees and expenses associated with
recording the release of lien. Maker shall provide all other documentation Payee
reasonably requires to be delivered by Maker in connection with such release,
together with a certificate certifying that such documentation (i) is in
compliance with all applicable laws, and (ii) will effect such release in
accordance with the terms of this Note.

            (e) Payee, at Maker's expense, may form or, at Payee's request,
Maker shall form a special-purpose bankruptcy remote entity (the "Successor
Borrower") to be the obligor under this Note. Maker shall, at Payee's request,
assign all of its obligations and rights under this Note to the Successor
Borrower. In connection therewith, the Successor Borrower shall execute an
assumption agreement in form and substance satisfactory to Payee in its sole
discretion pursuant to which it shall assume Maker's obligations under this Note
and the Defeasance Security Agreement, and Maker and any guarantors shall be
released from their obligations with respect to such assumed documents. The sole
assets of the Successor Borrower shall be the Defeasance Collateral. In
connection with such assignment and assumption, Maker shall:

                  (i) deliver to Payee an opinion of counsel in form and
            substance and delivered by counsel satisfactory to Payee in its sole
            discretion stating, among other things, that such assumption
            agreement is enforceable against Maker and the Successor Borrower in
            accordance with its terms, that the Note, the Defeasance Security
            Agreement and any other documents executed in connection with such
            Defeasance are enforceable against the Successor Borrower in
            accordance with their respective terms and that the delivery of the
            Defeasance Deposit and transfer of the Defeasance Collateral to
            Successor Borrower does not constitute a fraudulent conveyance or a
            preference payment under applicable bankruptcy law;

                  (ii) pay all costs and expenses incurred by Payee or its
            agents in connection with such assignment and assumption (including,
            without limitation, any fees and disbursements of legal counsel);
            and

                  (iii) pay $1,000 to Successor Borrower as consideration for
            assuming the obligations under the Note and the Defeasance Security
            Agreement and a defeasance processing fee to the servicer of the
            Note; provided, notwithstanding anything to the contrary herein or
            in the Loan Documents, no other assumption fee shall be payable by
            Maker in connection with such assumption.

            (f) If, prior to the date which is sixty (60) calendar days prior to
the Maturity Date, and following the occurrence of any Event of Default, Maker
shall tender payment of an amount sufficient to satisfy all or any portion of
the Debt, or if the balance of the Debt shall otherwise become due and owing, as
a result of acceleration upon the occurrence of an Event of


                                       5
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Default or otherwise, Maker shall immediately pay, in addition to the Debt and
any other amounts due under the terms of this Note and the other Loan Documents,
an amount equal to the Yield Maintenance Premium (as defined below); provided
that if a complete or partial prepayment results from the application to the
Debt of the casualty or condemnation proceeds from the property, no Yield
Maintenance Premium will be imposed. Partial prepayments of principal resulting
from the application of casualty or insurance proceeds to the Debt shall not
change the amounts of subsequent monthly installments nor change the dates on
which such installments are due, unless Payee shall otherwise agree in writing.

            (g) For purposes hereof, "Yield Maintenance Premium" shall mean an
amount equal to the aggregate (without duplication) of:

                  (i) the product obtained by multiplying (1) the entire unpaid
principal balance of this Note at the time of prepayment, times (2) the
difference obtained by subtracting from the Applicable Interest Rate the yield
rate (the "Yield Rate") on the 4.875% U.S. Treasury Security due February 15,
2012 (the "Specified U.S. Treasury Security"), as the Yield Rate is reported in
the Wall Street Journal on the fifth Business Day (as hereinafter defined)
preceding (x) the date notice of prepayment is given to Payee where prepayment
is voluntary, or (y) the date Payee accelerates the Debt times (3) the present
value factor calculated using the following formula:

            1-(1 + r)(-n)
            ------------
                   r

                              r=    Yield Rate

                              n=    the number of years, and any fraction
                                    thereof, remaining between the prepayment
                                    date and the Maturity Date.

In the event that no Yield Rate is published for the Specified U.S. Treasury
Security, then the nearest equivalent U.S. Treasury Security shall be selected
at Payee's sole discretion. If the publication of such Yield Rates in the Wall
Street Journal is discontinued, Payee shall determine such Yield Rates from
another source selected by Payee; and

                  (ii) an amount equal to the interest which would have accrued
on the amount of such prepayment during the remaining days of the full calendar
month within which such prepayment is made.

            (h) Maker acknowledges and agrees that Yield Maintenance Premium is
not a penalty or additional interest, but is Payee's cost of liquidating its
investments in the event of any prepayment of this Note. Maker hereby covenants
and agrees to indemnify Payee and hold it harmless from any costs, fees,
expenses (including attorney's fees) resulting from any action, litigation or
judicial decision alleging, claiming or holding that the Yield Maintenance
Premium is a penalty or additional interest, and from any damages (whether
compensatory or punitive) ordered by a court, judge or administrative law judge
which may determine that the Yield Maintenance Premium is a penalty or
additional interest.


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            (i) In the event of prepayment of this Note (in whole but not in
part) on or after the date which is sixty (60) calendar days prior to the
Maturity Date, Maker shall pay, together with the amount of such prepayment, an
amount equal to (i) the interest which would have been accrued on the amount of
such prepayment during the remaining days of the full calendar month within
which such prepayment is made, (ii) all accrued and unpaid interest and (iii)
any other sums due under this Note or any other Loan Document.

      6. Security. This Note is evidence of that certain loan made by Payee to
Maker contemporaneously herewith (the "Loan"). This Note is secured by (a) a
Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing
of even date herewith in the amount of this Note given by Maker for the use and
benefit of Payee covering the fee estate of Maker in certain premises as more
particularly described therein (the "Mortgaged Property") (as the same may be
amended, restated, extended, supplemented, or otherwise modified from time to
time, the "Mortgage"), (b) an Assignment of Leases and Rents of even date
herewith executed by Maker in favor of Payee (as the same may be amended,
restated, extended, supplemented or otherwise modified from time to time, the
"Assignment of Leases"), and (c) the other Loan Documents (as hereinafter
defined). The term "Loan Documents" as used in this Note relates collectively to
this Note, the Mortgage, the Assignment of Leases and any and all other
documents securing, evidencing, or guaranteeing all or any portion of the Loan
or otherwise executed and/or delivered in connection with this Note and the
Loan, provided, however, that such term shall in no event be deemed to include
that certain Environmental Liabilities Agreement dated as of the date hereof in
favor of Payee.

      7. Maximum Legal Interest. It is expressly stipulated and agreed to be the
intent of Maker and Payee at all times to comply with applicable state law or
applicable United States federal law (to the extent that it permits Payee to
contract for, charge, take, reserve, or receive a greater amount of interest
than under state law) and that this section shall control every other covenant
and agreement in this Note. If the applicable law (state or federal) is ever
judicially interpreted so as to render usurious any amount called for under this
Note, or contracted for, charged, taken, reserved, or received with respect to
the Debt, or if Payee's exercise of the option to accelerate the Maturity Date,
or if any prepayment by Maker results in Maker having paid any interest in
excess of that permitted by applicable law, then it is Payee's express intent
that all excess amounts theretofore collected by Payee shall be credited on the
principal balance of this Note and all other Debt and the provisions of this
Note immediately be deemed reformed and the amounts thereafter collectible
hereunder and thereunder reduced, without the necessity of the execution of any
new documents, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder or thereunder. All
sums paid or agreed to be paid to Payee for the use, forbearance, or detention
of the Debt shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Note
until payment in full of the Debt so that the rate or amount of interest on
account of the Debt does not exceed the maximum lawful rate from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding.
Notwithstanding anything to the contrary contained herein, it is not the
intention of Payee to accelerate the maturity of any interest that has not
accrued at the time of such acceleration or to collect unearned interest at the
time of such acceleration.


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      8. Late Charges. Notwithstanding any longer period granted under Section 3
hereof in connection with the occurrence of an Event of Default and Payee's
acceleration remedies, if any sum payable under this Note is not paid on or
before the fifth (5th) day after the date on which it is due, Maker shall pay to
Payee upon demand an amount equal to the lesser of five percent (5%) of such
unpaid sum or the maximum amount permitted by applicable law to defray the
expenses incurred by Payee in handling and processing such delinquent payment
and to compensate Payee for the loss of the use of such delinquent payment and
such amount shall be secured by the Mortgage and other Loan Documents.

      9. No Oral Changes. This Note may not be modified, amended, waived,
extended, changed, discharged or terminated orally or by any act or failure to
act on the part of Maker or Payee, but only by an agreement in writing signed by
the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

      10. Joint and Several Liability. If Maker consists of more than one person
or party, the obligations and liabilities of each such person or party shall be
joint and several.

      11. Waivers. Except as specifically provided in the Loan Documents, Maker
and all others who may become liable for the payment of all or any part of the
Debt do hereby severally waive presentment and demand for payment, notice of
dishonor, protest, notice of protest, and non-payment, notice of intent to
accelerate the maturity hereof and notice of such acceleration. No release of
any security for the Debt or extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of
this Note, the Mortgage or the other Loan Documents made by agreement between
Payee and any other person or party shall release, modify, amend, waive, extend,
change, discharge, terminate or affect the liability of Maker, and any other who
may become liable for the payment of all or any part of the Debt, under this
Note, the Mortgage or the other Loan Documents.

      12. Limitations on Recourse. Notwithstanding anything in the Loan
Documents to the contrary, but subject to the qualifications and other
provisions in clauses (a), (b) and (c) of this Section 12 below, Payee and Maker
agree that: (i) Maker shall be liable upon the Debt and for the other
obligations arising under the Loan Documents to the full extent (but only to the
extent) of all of the Mortgaged Property and any other items, property or
amounts which are collateral or security for the Loan; (ii) if a default occurs
in the timely and proper payment of all or any part of the Debt, any judicial
proceedings brought by Payee against Maker shall be limited to the preservation,
enforcement and foreclosure, or any thereof, of the liens, security titles,
estates, assignments, rights and security interests now or at any time hereafter
securing the payment of the Debt and/or the other obligations of Maker under the
Loan Documents, and no attachment, execution or other writ of process shall be
sought, issued or levied upon any assets, properties or funds of Maker other
than the Mortgaged Property; and (iii) in the event of a foreclosure of such
liens, security titles, estates, assignments, rights or security interests
securing the payment of the Debt, no judgment for any deficiency upon the Debt
shall be sought or obtained by Payee against Maker.


                                       8
<PAGE>
            (a) Nothing contained in this Section 12 shall (1) be deemed to be a
release or impairment of the Debt or the lien of the Loan Documents upon the
Mortgaged Property, or (2) preclude Payee from foreclosing under the Loan
Documents in case of any default or from enforcing any of the other rights of
Payee, including naming Maker as a party defendant in any action or suit for
foreclosure and sale under the Mortgage, or obtaining the appointment of a
receiver or prohibit Payee from obtaining a personal judgment against Maker on
the Debt to the extent (but only to the extent) such judgment may be required in
order to enforce the liens, security titles, estates, assignments, rights and
security interests securing payment of the Debt, or (3) limit or impair in any
way whatsoever the Guaranty (the "Guaranty") of even date executed and delivered
in connection with the indebtedness evidenced by this Note or release, relieve,
reduce, waive or impair in any way whatsoever, any obligation of any party to
the Guaranty or (4) release, relieve, reduce, waive or impair in any way
whatsoever any obligations of any person other than Maker which is a party to
any of the other Loan Documents.

            (b) In the event of fraud or material misrepresentation by Maker or
any guarantor in connection with the Loan Documents or the documents delivered
by Maker, or the first full monthly payment on this Note is not paid when due,
or if any petition or proceeding for bankruptcy, reorganization or arrangement
pursuant to federal bankruptcy law, or any similar federal or state law, shall
be filed by Maker (or if any such petition or proceeding was not so filed by
Maker, but Maker or Guarantor or their respective agents, affiliates, officers
or employees consented to, acquiesced in arranged or otherwise participated in
bringing about the institution of such petition or proceeding), or if there
shall occur any material breach or default under the provisions of Section 9 of
the Mortgage (entitled "Single Purpose Entity/Separateness"), the limitations on
recourse set forth in this Section 12, including the provisions of clauses (i),
(ii) and (iii) of this Section 12 above, will be null and void and completely
inapplicable, and this Note shall be full recourse to Maker.

            (c) Nothing contained herein shall in any manner or way release,
affect or impair the right of Payee to recover, and Maker shall be fully and
personally liable and subject to legal action, for any loss, cost, expense,
damage, claim or other obligation (including without limitation reasonable
attorneys' fees and court costs) incurred or suffered by Payee arising out of or
in connection with the following:

                        (A) any continuing default beyond any applicable cure
            periods of the Environmental Liabilities Agreement executed by Maker
            for the benefit of Payee, dated of even date herewith, including the
            indemnification provisions contained therein;

                        (B) Maker's failure to obtain Payee's prior written
            consent to any subordinate financing (except as permitted in Section
            9(d) of the Mortgage) or any other encumbrance on the Mortgaged
            Property, or any transfer of the Mortgaged Property or majority
            ownership in Maker in violation of the Mortgage;

                        (C) the misapplication by Maker, its agents, affiliates,
            officers or employees of any funds derived from the Mortgaged
            Property, including


                                       9
<PAGE>
            security deposits, insurance proceeds and condemnation awards, in
            violation of the Loan Documents;

                        (D) Maker's failure to apply proceeds of rents or any
            other payments in respect of the leases and other income from the
            Mortgaged Property or any other collateral when received to the
            costs of maintenance and operation of the Mortgaged Property and to
            the payment of taxes, lien claims, insurance premiums, monthly
            payments of principal and interest or escrow payments or other
            payments due under the Loan Documents to the extent the Loan
            Documents require such proceeds to be then so applied;

                        (E) any litigation or other legal proceeding related to
            the Debt filed by Maker or any guarantor or indemnitor that delays
            or impairs Payee's ability to preserve, enforce or foreclose its
            lien on the Mortgaged Property, including, but not limited to, the
            filing of a voluntary petition concerning Maker under the U.S.
            Bankruptcy Code, in which action a claim, counterclaim, or defense
            is asserted against Payee, other than any litigation or other legal
            proceeding in which a final, non-appealable judgment for money
            damages or injunctive relief is entered against Payee;

                        (F) the gross negligence or willful misconduct of Maker,
            its agents, affiliates, officers or employees which causes or
            results in a material diminution, or material loss of value, of the
            Mortgaged Property that is not reimbursed by insurance or which
            gross negligence or willful misconduct exposes Payee to claims,
            liability or costs of defense in any litigation or other legal
            proceeding;

                        (G) the seizure or forfeiture of the Mortgaged Property,
            or any portion thereof, or Payee's interest therein, resulting from
            criminal wrongdoing by Maker, its agents, affiliates, officers or
            employees; and

                        (H) waste to the Mortgaged Property caused by the acts
            or omissions of Maker, its agents, affiliates, officers, employees
            or contractors; or the removal or disposal of any portion of the
            Mortgaged Property by Maker its agents, affiliates, officers,
            employees or contractors after an Event of Default to the extent
            such Mortgaged Property is not replaced by Maker with like property
            of equivalent value, function and design.

      13. Notices. All notices or other communications required or permitted to
be given pursuant hereto shall be given in the manner and be effective as
specified in the Mortgage, directed to the parties at their respective addresses
as provided therein.

      14. Transfers of Note and Loan. Payee shall have the unrestricted right at
any time or from time to time to sell this Note and the Loan or participation
interests therein. Maker shall execute, acknowledge and deliver any and all
instruments requested by Payee to satisfy such


                                       10
<PAGE>
purchasers or participants that the unpaid indebtedness evidenced by this Note
is outstanding upon the terms and provisions set out in this Note and the other
Loan Documents. To the extent, if any specified in such assignment or
participation, such assignee(s) or participant(s) shall have the rights and
benefits with respect to this Note and the other Loan Documents as such
assignee(s) or participant(s) would have if they were the Payee hereunder.

      15. Waiver of Trial By Jury; Waiver of Certain Claims. MAKER HEREBY AGREES
NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES
ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR
HEREAFTER EXIST WITH REGARD TO THIS NOTE OR THE OTHER LOAN DOCUMENTS, OR ANY
CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH INCLUDING,
BUT NOT LIMITED TO THOSE RELATING TO (A) ALLEGATIONS THAT A PARTNERSHIP EXISTS
BETWEEN PAYEE AND MAKER; (B) USURY OR PENALTIES OR DAMAGES THEREFOR; (C)
ALLEGATIONS OF UNCONSCIONABLE ACTS, DECEPTIVE TRADE PRACTICE, LACK OF GOOD FAITH
OR FAIR DEALING, LACK OF COMMERCIAL REASONABLENESS, OR SPECIAL RELATIONSHIPS
(SUCH AS FIDUCIARY, TRUST OR CONFIDENTIAL RELATIONSHIP); (D) ALLEGATIONS OF
DOMINION, CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL ESTATE FRAUD,
MISREPRESENTATION, DURESS, COERCION, UNDUE INFLUENCE, INTERFERENCE OR
NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS INTERFERENCE WITH PRESENT OR PROSPECTIVE
BUSINESS RELATIONSHIPS OR OF ANTITRUST; OR (F) SLANDER, LIBEL OR DAMAGE TO
REPUTATION. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY MAKER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.
PAYEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER.

      16. Authority. Maker (and the other undersigned representative of Maker,
if any) represents that Maker has full power, authority and legal right to
execute, deliver and perform its obligations pursuant to this Note, the Mortgage
and the other Loan Documents and that this Note, the Mortgage and the other Loan
Documents constitute valid and binding obligations of Maker.

      17. Governing Law; Consent to Jurisdiction. This Note shall be governed
and construed in accordance with the laws of the state where the Mortgaged
Property is located and the applicable laws of the United States of America.
Maker hereby irrevocably submits to the jurisdiction of any court of competent
jurisdiction located in the state in which the Mortgaged Property is located in
connection with any proceeding relating to this Note.

      [SIGNATURE PAGE FOLLOWS]


                                       11
<PAGE>
      IN WITNESS WHEREOF, Maker has duly executed this Note the day and year
first above written.

      MAKER:

            RAMCO/CROSSROADS AT ROYAL PALM, LLC,
            a Michigan limited liability company

            By:  RAMCO/CROSSROADS AT ROYAL PALM MANAGER, LLC,
                 a Michigan limited liability company,
                 its manager

                          By:  RAMCO-GERSHENSON PROPERTIES, L.P.,
                               a Delaware limited partnership,
                               its sole member

                               By:  RAMCO-GERSHENSON PROPERTIES TRUST,
                                    a Maryland Real Estate Investment Trust,
                                    its general partner


                                    By:    ____________________________
                                    Name:  ____________________________
                                    Title: ____________________________