Document:

<PAGE>

                                                                    Exhibit 10.2

(Conformed Signature Copy)
                                                               September 2, 1997

                      BRADLEY OPERATING LIMITED PARTNERSHIP

                                 SECOND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
<Page>

                      BRADLEY OPERATING LIMITED PARTNERSHIP

                                 SECOND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP

                                TABLE OF CONTENTS

                                                                            Page

1.    Definitions and Exhibits ............................................... 1
      1.1   Definitions ...................................................... 1
      1.2   Exhibits, etc. .................................................. 12

2.    Organization .......................................................... 12
      2.1   Formation of Partnership ........................................ 12
      2.2   Partnership Name ................................................ 12
      2.3   Location of the Principal Place of Business ..................... 12
      2.4   Registered Agent and Registered Office .......................... 12

3.    Capital ............................................................... 13
      3.1   Issuance of Units ............................................... 13
      3.2   Redemption Right ................................................ 16
      3.3   Additional Capital .............................................. 18
      3.4   No Third Party Beneficiary ...................................... 18
      3.5   Capital Accounts ................................................ 19
      3.6   No Interest on or Return of Capital ............................. 20
      3.7   Negative Capital Accounts ....................................... 20
      3.8   Limit on Contributions andObligations of Partner ................ 20

4.    [Intentionally Omitted] ............................................... 20

5.    Purpose and Powers of Partnership ..................................... 20

6.    Term .................................................................. 21

7.    Allocations ........................................................... 21
      7.1   Profits or Losses ............................................... 21
      7.2   Special Allocations ............................................. 22
      7.3   Other Allocation Rules .......................................... 23
      7.4   Tax Allocations; Code Section 704(c)/Section 1245
              and 1250 Recapture ............................................ 23
      7.5   Nonrecourse Liabilities ......................................... 24

8.    Cash Available For Distribution ....................................... 24

                                       (i)
<Page>

                                                                            Page
                                                                            ----

      8.1   Operating Cash Flow ............................................. 24
      8.2   Capital Cash Flow ............................................... 25
      8.3   Consolidated Distributed Cash ................................... 25
      8.4   Distributions to Partners ....................................... 25
      8.5   Distributions Among Partners of the Same Series or Class ........ 26
      8.6   REIT Distributions .............................................. 26
      8.7   Consent to Distributions ........................................ 26
      8.8   Liquidating Distributions ....................................... 26
      8.9   Special Distribution and Allocations for Certain Properties ..... 26

9.    Management and Property of the Partnership ............................ 27
      9.1   General Partner ................................................. 27
      9.2   [Intentionally Omitted] ......................................... 30
      9.3   Limitations on Powers and Authorities of Partners ............... 30
      9.4   Title Holder .................................................... 30
      9.5   Compensation of the General Partner ............................. 30
      9.6   Standard of Conduct ............................................. 31
      9.7   Waiver and Indemnification ...................................... 31
      9.8   Other Activities of Partners and Agreements with Related
              Parties ....................................................... 32
      9.9   Other Matters Concerning the General Partner .................... 33
      9.10  Partner Exculpation ............................................. 33

10.   Banking ............................................................... 34

11.   Accounting ............................................................ 34
      11.1  Fiscal Year ..................................................... 34
      11.2  Books of Account ................................................ 34
      11.3  Reports ......................................................... 34
      11.4  Audits .......................................................... 34
      11.5  Method of Accounting ............................................ 35
      11.6  Tax Election .................................................... 35
      11.7  Tax Matters Partner ............................................. 35
      11.8  Administrative Adjustments ...................................... 35

12.   Transfers of Partnership Interests .................................... 35
      12.1  Consent ......................................................... 35
      12.2  Limited Partners ................................................ 36
      12.3  Admission Adjustments ........................................... 37
      12.4  Unit Certificates ............................................... 37

13.   Rights and Obligations of the Limited Partners ........................ 37
      13.1  No Participation in Management .................................. 37
      13.2  Death, Legal Incompetency, Etc. of a Limited Partner ............ 37

                                      (ii)
<Page>

                                                                            Page
                                                                            ----

      13.3  No Withdrawal ................................................... 38
      13.4  Duties and Conflicts ............................................ 38

14.   Indemnification and Security Interest ................................. 38
      14.1  [Intentionally Omitted] ......................................... 38
      14.2  Indemnity Collateral ............................................ 38
      14.3  Commons of Chicago Ridge ........................................ 38
      14.4  TTC Guarantors .................................................. 41

15.   Liquidation and Dissolution of Partnership ............................ 42
      15.1  Termination Events .............................................. 42
      15.2  Method of Liquidation ........................................... 42
      15.3  Distribution in Kind ............................................ 43
      15.4  Documentation of Liquidation .................................... 44
      15.5  Liability of the Liquidating Trustee ............................ 44

16.   Power of Attorney ..................................................... 44

17.   Amendment of Agreement ................................................ 45
      17.1  General ......................................................... 45
      17.2  Merger, Etc. of General Partner ................................. 45

18.   Arbitration ........................................................... 46
      18.1  General ......................................................... 46
      18.2  Procedures ...................................................... 46
      18.3  Binding Character ............................................... 46
      18.4  Exclusivity ..................................................... 47
      18.5  No Alteration of Agreement ...................................... 47

19.    Miscellaneous ........................................................ 47
      19.1  Notices ......................................................... 47
      19.2  Successors and Assigns .......................................... 47
      19.3  Duplicate Originals ............................................. 48
      19.4  Construction .................................................... 48
      19.5  Governing Law ................................................... 48
      19.6  Other Instruments ............................................... 48
      19.7  General Partner with Interest as Limited Partner ................ 48
      19.8  Gender .......................................................... 48
      19.9  Prior Agreements Superseded ..................................... 48
      19.10 Purchase for Investment ......................................... 48
      19.11 Waiver .......................................................... 49
      19.12 Severability .................................................... 49
      19.13 Counterparts .................................................... 49

                                      (iii)
<Page>

      19.14 Notice for Certain Transactions ................................. 49

EXHIBIT A:  Name of Partners and Number of Units held by Each Partner under this
            Agreement

EXHIBIT B:  Form of Notice of Redemption

                                      (iv)
<Page>

                      BRADLEY OPERATING LIMITED PARTNERSHIP

                            SECOND RESTATED AGREEMENT
                             OF LIMITED PARTNERSHIP

      THIS SECOND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (the "Agreement"),
dated as of September 2, 1997 and executed by Bradley Real Estate, Inc, the
general partner (the "General Partner") of the Partnership (as hereinafter
defined), and those Limited Partners (as hereinafter defined) whose names appear
on the signature pages hereto, amends and restates the Bradley Operating Limited
Partnership Amended and Restated Agreement of Limited Partnership, dated March
15, 1996, as amended on January 1, 1997 by the First Amendment to the Bradley
Operating Limited Partnership Amended and Restated Agreement of Limited
Partnership and on July 31, 1997 by the Second Amendment to the Bradley
Operating Limited Partnership Amended and Restated Agreement of Limited
Partnership (collectively, the "Prior Agreement").

                                    RECITALS

      WHEREAS, pursuant to Section 17.1 of the Prior Agreement, the General
Partner, without the consent of the Limited Partners, may amend the Prior
Agreement in any respect by executing a written instrument setting forth the
terms of such amendment; provided, however, that the consent of the Limited
Partners holding more than 50% of the Partnership Interests (as therein and
hereinafter defined) held by all Limited Partners is required in connection with
certain amendments which alter (i) the distribution rights of any Limited
Partner under Article 8 of the Prior Agreement or (ii) a Limited Partner's
Redemption Rights (as therein and hereinafter defined) under Section 3.2 of the
Prior Agreement; and

      WHEREAS, the General Partner and the Limited Partners holding more than
50% of the Partnership Interests deem it advisable to amend and restate the
Prior Agreement (i) to clarify certain ambiguities in the Prior Agreement
relative to the authority of the General Partner to alter the distribution
rights of the Limited Partners, (ii) to permit the General Partner, on behalf
of the Partnership, to issue Unit Certificates (as hereinafter defined) to
evidence ownership or Units (as hereinafter defined) or other Partnership
Interests in the Partnership, and (iii) to make additional amendments to the
Partnership Agreement.

      NOW THEREFORE, the General Partner hereby amends and restates in its
entirety, and the Limited Partners holding more than 50% of the Partnership
Interests held by all Limited Partners whose signatures appear below hereby
consent and agree to such amendment and restatement of, the Prior Agreement to
read as follows:

      1. DEFINITIONS AND EXHIBITS.

            1.1 DEFINITIONS. As used in this Agreement, the following terms
shall have the meanings set forth respectively after each:
<Page>

      "Accountants" shall mean the firm or firms of independent certified public
accountants selected by the General Partner on behalf of the Partnership to
audit the books and records of the Partnership and to prepare statements and
reports in connection therewith.

      "Act" shall mean the Revised Uniform Limited Partnership Act of the State
of Delaware, as amended from time to time, and any successor statute.

      "Administrative Expenses" shall mean (i) all administrative and operating
costs and expenses incurred by the Partnership, (ii) those administrative costs
and expenses of the General Partner, including, without limitation, salaries
paid to officers of the General Partner, accounting and legal expenses, the
costs and expenses of preparing reports required to be filed by the General
Partner or distributed to the holders of Units or other Partnership Interests in
the Partnership or to the stockholders of the General Partner and the costs and
expenses incurred in complying with applicable laws, that are undertaken by the
General Partner on behalf of, or for the benefit of, the Partnership, and (iii)
such costs and expenses incurred by the General Partner in raising or
maintaining capital of the General Partner that the General Partner in good
faith determines is necessary or appropriate to be applied, raised, used or
maintained for the benefit of the Partnership.

      "Affiliate" shall mean, with respect to any Partner (or as to any other
Person the affiliates of whom are relevant for purposes of any of the provisions
of this Agreement), (i) any member of the Immediate Family of such Partner or
Person; (ii) any trustee or beneficiary of a Partner; (iii) any legal
representative or successor of any Person referred to in the preceding clauses
(i) and (ii); (iv) any trust for the benefit of any Person referred to in the
preceding clauses (i) through (iii); or (v) any Entity which, directly or
indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with, any Person referred to in the preceding clauses (i)
through (iv).

      "Affected Gain" shall have the meaning provided in Section 7.4.E.

      "Agreement" shall mean this Second Restated Agreement of Limited
Partnership, as it may be amended, modified, supplemented or restated from time
to time, as the context requires.

      "Audited Financial Statements" shall mean financial statements (balance
sheet, statement of income, statement of partners' equity and statement of cash
flows) prepared in accordance with generally accepted accounting principles and
accompanied by an independent auditor's report containing (i) an opinion
containing no material qualification and (ii) no explanatory paragraph
disclosing information relating to material uncertainties (except as to
litigation) or going concern issues.

      "Bankruptcy" of a Partner shall mean (i) the filing by a Partner of a
voluntary petition seeking liquidation, reorganization, arrangement or
readjustment, in any form, of its debts under Title 11 of the United States Code
(or corresponding provisions of future laws) or any

                                        2
<Page>

other federal or state insolvency law, or a Partner's filing an answer
consenting to or acquiescing in any such petition, (ii) the making by a Partner
of any assignment for the benefit of its creditors or the admission by a Partner
in writing of its inability to pay its debts as they mature, or (iii) the
expiration of ninety (90) days after the filing of an involuntary petition under
Title 11 of the United States Code (or corresponding provisions of future laws),
seeking an application for the appointment of a receiver for the assets of a
Partner, or an involuntary petition seeking liquidation, reorganization,
arrangement or readjustment of its debts under any other Federal or state
insolvency law, provided that the same shall not have been vacated, set aside or
stayed within such 90-day period.

      "Bradley" shall mean Bradley Real Estate, Inc., a Maryland corporation,
and any successor entity (by merger, consolidation or sale of assets) to
substantially all of its business.

      "Bradley Group" shall mean Bradley, the Partnership, the Financing
Partnership, the Financing Corporation and any other Entity in which one or more
other members of the Bradley Group has or will have a direct or indirect
interest of 50% or more (by vote or value).

      "Capital Account" shall mean the capital account maintained by the
Partnership for each Partner as described in Section 3.5.

      "Capital Cash Flow" shall have the meaning set forth in Section 8.2.

      "Capital Contribution" shall mean, when used with respect to a Partner,
the amount of money or the fair market value of property contributed by a
Partner to the capital of the Partnership pursuant to the terms of this
Agreement, including, without limitation, the provisions of Section 3.1.

      "Cash Amount" shall mean an amount of cash equal to the amount (or portion
thereof) of any Current Yield which has not been paid to the Redeeming Partner
pursuant to Section 8.4.A for any prior period, plus the product of (i) the
Current Per Share Market Price of a share of Common Stock on the Valuation Date,
(ii) the number of Units set forth in the Redeeming Partner's Notice of
Redemption, and (iii) the Conversion Factor.

      "Certificate" shall mean the Certificate of Limited Partnership filed with
the Secretary of State of the State of Delaware, as such Certificate may be
amended from time to time.

      "Charter" shall mean the Charter (as such term is defined in the Maryland
General Corporation Law) of the General Partner, as it may be amended from time
to time.

      "Closing Price" on any date shall mean the last sale price of Common
Stock, regular way, or, in case no sale takes place on such day, the average of
the closing bid and asked prices, regular way, in each such case as reported in
the principal consolidated transaction reporting system with respect to the New
York Stock Exchange or, if the Common Stock is not listed or admitted to trading
on the New York Stock Exchange, as reported in the principal

                                        3
<Page>

consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the Common Stock is listed
or admitted to trading or, if the Common Stock is not listed or admitted to
trading on any national securities exchange, the last quoted price, or if not so
quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc.
Automated Quotation System or, if such system is no longer in use, the other
principal automated quotations system that may then be in use or, if the Common
Stock is not quoted by any such organization, the average of the closing bid and
asked prices furnished by one or more professional market makers making a market
in the Common Stock selected, from time to time, by the Board of Directors of
the General Partner.

      "Code" shall mean the Internal Revenue Code of 1986, as the same may be
amended from time to time, and any successor statute.

      "Common Stock" shall mean the shares of the common stock, par value $0.01
per share, of Bradley.

      "Commons of Chicago Ridge" shall mean the land and buildings known as the
"Commons of Chicago Ridge" described in Commonwealth Land Title Insurance
Company policy number 174-001172.

      "Commons of Chicago Ridge Annex" shall mean the land and buildings known
as the "Commons of Chicago Ridge Annex" described in Chicago Title Insurance
Company policy number 1410007547079EP.

      "Consolidated Distributed Cash" shall have the meaning set forth in
Section 8.3.

      "Contributing Partner" shall have the meaning set forth in Section 3.1.B.

      "Conversion Factor" shall mean 1.0, provided that in the event the General
Partner (i) declares or pays a dividend on its outstanding shares of Common
Stock in shares of Common Stock or makes a distribution to all holders of its
outstanding Common Stock in shares of Common Stock; (ii) subdivides its
outstanding shares of Common Stock; or (iii) combines its outstanding shares of
Common Stock into a smaller number of shares of Common Stock, the Conversion
Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the
numerator of which will be the number of issued and outstanding shares of Common
Stock immediately after such dividend, distribution, subdivision or combination,
and the denominator of which will be the actual number of shares of Common Stock
issued and outstanding on the record date for such dividend, distribution,
subdivision or combination, unless the General Partner concurrently declares,
makes or pays an equivalent dividend, distribution, subdivision or combination
of Units such that a Partner would receive the same Cash Amount or REIT Shares
Amount if it exercised its redemption rights under Section 3.2 after such event
as it would have received if it had exercised its redemption rights immediately
prior to such event. Any adjustment to the Conversion Factor shall become
effective

                                        4
<Page>

immediately after the effective date of such event retroactive to the record
date, if any, for such event.

      "Current Per Share Market Price" on any date shall mean the average of the
Closing Prices for the most recent ten (10) Trading Days ending on such date.

      "Current Yield" shall mean, for the period in question, the Consolidated
Distributed Cash for such period multiplied by the Limited Partner Consolidated
Percentage as of the close of such period (it being acknowledged that Current
Yield shall be zero for periods as to which holders of Common Stock do not
receive a distribution with respect to their shares).

      "Depreciation" shall mean, for any fiscal year or portion thereof, an
amount equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for such period for federal income tax
purposes, except that if the Gross Asset Value of an asset differs from its
adjusted basis for federal income tax purposes at the beginning of such period,
Depreciation shall be an amount that bears the same relationship to such
beginning Gross Asset Value as the depreciation, amortization or cost recovery
deduction in such period for federal income tax purposes bears to the beginning
adjusted tax basis; provided, however, that if the adjusted basis for federal
income tax purposes of an asset at the beginning of such period is zero,
Depreciation shall be determined with reference to such beginning Gross Asset
Value using any reasonable method selected by the General Partner.

      "Entity" shall mean any general partnership, limited partnership,
corporation, joint venture, trust, business trust, limited liability company,
cooperative or association.

      "Environmental Claim" shall mean any administrative, regulatory or
judicial action, suit, demand, demand letter, claim, lien, notice of
non-compliance or violation, investigation or proceeding relating in any way to
any Environmental Law or any permit issued under any such Environmental Law
including, without limitation, (i) by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law, and (ii) by any third party
seeking damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from Hazardous Materials or any applicable
Environmental Law or arising from alleged injury or threat of injury to health,
safety or the environment due the existence of Hazardous Materials or under any
applicable Environmental Law.

      "Environmental Laws" shall mean all statutes specifically described in the
definition of Hazardous Materials below and all federal, state and local
environmental health and safety statutes, ordinances, codes, rules, regulations,
orders and decrees regulating, relating to or imposing liability or standards
concerning or in connection with Hazardous Materials or any applicable common
law right of action concerning or in connection with the Hazardous Materials.

                                        5
<Page>

      "Financing Corporation" shall mean Bradley Financing Corporation, a
Delaware corporation that is a wholly-owned subsidiary of Bradley.

      "Financing Partnership" shall mean Bradley Financing Partnership, a
Delaware general partnership, of which the Partnership and the Financing
Corporation comprise the sole partners.

      "Fractional Share Cash Amount" shall mean an amount of cash equal to the
product of (i) the Current Per Share Market Price of a share of Common Stock on
the Valuation Date, (ii) the fractional Unit set forth in the Redeeming
Partner's Notice of Redemption, and (iii) the Conversion Factor.

      "General Partner" shall mean Bradley, its duly admitted successors and
assigns and any other person who is a general partner at the time referenced.

      "General Partner Units" shall have the meaning set forth in Section 3.1.A.

      "Gross Asset Value" shall mean, with respect to any asset of the
Partnership or any other member of the Bradley Group, the asset's adjusted basis
for federal income tax purposes, except as follows:

                  (i) The initial Gross Asset Value of any asset contributed to
the Partnership or any other member of the Bradley Group shall be the gross fair
market value of such asset, as determined by the General Partner;

                  (ii) The Gross Asset Value of all Partnership and other
Bradley Group assets shall be adjusted to equal their respective gross fair
market values, as determined by the General Partner, as of the following times:
(a) the date of this Agreement; (b) the acquisition of an additional interest in
the Partnership by any new or existing Partner in exchange for more than a DE
MINIMIS Capital Contribution; (c) the distribution by the Partnership to a
Partner of more than a DE MINIMIS amount of Partnership property as
consideration for an interest in the Partnership; (d) the liquidation of the
Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); (e)
the acquisition of an additional equity interest in any member of the Bradley
Group in exchange for more than a DE MINIMIS contribution to such group member
(such as an issuance of additional shares by the General Partner); (f) the
distribution by any Bradley Group member to one or more of its members of more
than a DE MINIMUS amount of property as consideration for an equity interest in
such group member; and (g) the liquidation of any member of the Bradley Group;
provided, however, that (x) adjustments pursuant to clauses (b) - (g) above
shall be made only if the General Partner reasonably determines that such
adjustments are necessary or appropriate to maintain Capital Accounts and
provide for allocations of Profits and Losses that reflect the relative economic
interests of the Partners in the Partnership and (y) the hypothetical
liquidation required under Section 7.1 of this Agreement for purposes of
allocating Profits and

                                        6
<Page>

Losses shall not be treated as a liquidation of the Partnership or any other
Bradley Group member for purposes of the foregoing provisions of this clause
(ii).

                  (iii) The Gross Asset Value of (a) any Partnership asset
distributed to any Partner or (b) any asset of another member of the Bradley
Group distributed to a shareholder, partner or other equity owner of such
Bradley Group member shall be adjusted to equal the gross fair market value of
such asset, taking Section 7701(g) of the Code into account, on the date of
distribution as determined by the General Partner; and

                  (iv) The Gross Asset Values of Partnership assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to
the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (vi)
of the definition of Profits and Losses; provided, however, that Gross Asset
Values shall not be adjusted pursuant to this paragraph (iv) to the extent the
General Partner determines that an adjustment pursuant to paragraph (ii) above
is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this paragraph (iv).

      If the Gross Asset Value of an asset has been determined or adjusted
pursuant to paragraphs (i), (ii) or (iv) above, such Gross Asset Value shall
thereafter be adjusted by the Depreciation taken into account with respect to
such asset. The General Partner may adjust the Capital Accounts to reflect any
adjustment to the Gross Asset Value of Partnership property if so required or
permitted under Section 1.704-l(b)(2)(iv) of the Regulations.

      "Hazardous Materials" shall mean any substance, material, waste, gas or
particulate matter which is regulated by any local governmental authority, the
State of Illinois or the United States Government, including, but not limited
to, any material or substance which is (i) defined as a "hazardous waste",
"hazardous material", "hazardous substance", "extremely hazardous waste", or
"restricted hazardous waste" or words of similar import under any provision of
any Environmental Law; (ii) petroleum or petroleum products; (iii) asbestos;
(iv) poly chlorinated biphenyl; (v) radioactive material; (vi) radon gas; (vii)
designated as a "hazardous substance" pursuant to Section 311 of the Clean Water
Act, 33 U.S.C. ss.1251 ET SEQ. (33 U.S.C. ss.1317); (viii) defined as a
"hazardous waste" pursuant to Section 1004 of the Resource Conservation and
Recovery Act, 42 U.S.C. ss.6901 ET SEQ. (42 U.S.C. ss.6903); or (ix) defined as
a "hazardous substance" pursuant to Section 101 of the Comprehensive
Environmental Response, Compensation, and Liability Act, 42 U.S.C. ss.9601 ET
SEQ. (42 U.S.C. ss.9601).

      "Immediate Family" shall mean, with respect to any Person, such Person's
spouse, parents, parents-in-law, descendants, nephews, nieces, brothers,
sisters, brothers-in-law, sisters-in-law and children-in-law.

                                        7
<Page>

      "Limited Partner" shall mean any Person (i) whose name is set forth as a
Limited Partner on EXHIBIT A or who has become a Limited Partner pursuant to the
terms and conditions of this Agreement and (ii) who holds a Partnership
Interest. "Limited Partners" means all such Persons. The Limited Partners at the
date of this Agreement are the Persons listed on EXHIBIT A.

      "Limited Partner Consolidated Percentage" shall mean the fraction,
expressed as a percentage, determined as follows:

                                        X
                                       ---
                                       X+Y

            where X = the number of Units held by the Limited Partners
                      (excluding any Units held by the General Partner and any
                      Preferred Units) multiplied by the Conversion Factor; and

                  Y = the number of shares of Common Stock then outstanding.

      "Limited Partner Units" shall have the meaning set forth in Section 3.1.A.

      "Net Proceeds" shall mean the net proceeds from the issuance by the
General Partner of any shares of Common Stock or other class of its capital
stock after all underwriting discounts, brokerage commissions or fees and other
costs attributable to such issuance.

      "Nonrecourse Deductions" shall have the meaning set forth in Regulations
Section 1.704-2(b) and (c).

      "Notice of Redemption" shall mean the Notice of Redemption substantially
in the form of EXHIBIT B.

      "Operating Cash Flow" shall have the meaning set forth in Section 8.1.

      "Original Agreement" shall mean the Agreement of Limited Partnership of
Tucker Operating Limited Partnership, dated as of October 4, 1993, as amended.

      "Original Limited Partner" shall mean each Person who executed the Prior
Agreement as a Limited Partner on March 15, 1996 and who holds a Partnership
Interest and any Transferee of such Original Limited Partner who holds a
Partnership Interest. "Original Limited Partners" means all such Persons.

      "Partner Nonrecourse Debt" shall have the meaning set forth in Regulations
Section 1.704-2(b)(4).

      "Partner Nonrecourse Debt Minimum Gain" shall have the meaning set forth
in Regulations Section 1.704-2(i)(3).

                                        8
<Page>

      "Partner Nonrecourse Deductions" shall have the meaning set forth in
Regulations Section 1.704-2(i)(2).

      "Partners" shall mean, collectively, the General Partner and the Limited
Partners, or any additional or successor partners of the Partnership. Reference
to a Partner shall be to any one of the Partners.

      "Partnership" shall mean the limited partnership governed by this
Agreement, as amended and/or restated from time to time.

      "Partnership Interest" shall mean the ownership interest of a Partner in
the Partnership at any particular time, including the right of such Partner to
any and all benefits to which such Partner may be entitled as provided in this
Agreement, and to the extent not inconsistent with this Agreement, under the
Act, together with the obligations of such Partner to comply with all of the
terms and provisions of this Agreement and of the Act.

      "Partnership Minimum Gain" shall have the meaning set forth in Sections
1.704-2(h)(2) and 1.704-2(d) of the Regulations.

      "Percentage Interest" of a Partner in the Partnership shall be equal to
the quotient (expressed as a percentage) arrived at by dividing the number of
Units held by such Partner (other than Preferred Units) by the total number of
Units then outstanding (other than Preferred Units).

      "Person" shall mean any individual or Entity.

      "Preferred Units" shall mean any Units or other Partnership Interests
issued by the Partnership pursuant to Section 3.1.C, in one or more classes, or
one or more series of any such class, which have been designated with rights or
preferences with respect to Partnership distributions and/or rights upon
dissolution or liquidation of the Partnership senior to the rights of other
classes or series of Units, except that neither Limited Partner Units nor
General Partner Units of the classes outstanding on the date of this Agreement
shall be Preferred Units.

      "Prior Agreement" shall mean the Bradley Operating Limited Partnership
Amended and Restated Agreement of Limited Partnership, dated March 15, 1996, by
and among Tucker and each of the Limited Partners executing the signature page
thereto, as amended on January 1, 1997 by the First Amendment to the Bradley
Operating Limited Partnership Amended and Restated Agreement of Limited
Partnership and on July 31, 1997 by the Second Amendment to the Bradley
Operating Limited Partnership Amended and Restated Agreement of Limited
Partnership.

      "Profits" and "Losses" shall mean, for each fiscal year or portion
thereof, an amount equal to the Partnership's items of taxable income or loss
for such year or period, determined in accordance with Section 703(a) of the
Code with the following adjustments:

                                        9
<Page>

                  (i) any income which is exempt from Federal income tax and not
otherwise taken into account in computing Profits or Losses shall be added to
taxable income or loss;

                  (ii) any expenditures of the Partnership described in Code
Section 705(a)(2)(B) or treated as Section 705(a)(2)(B) expenditures under
Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account
in computing Profits or Losses will be subtracted from taxable income or loss;

                  (iii) in the event that the Gross Asset Value of any
Partnership asset is adjusted pursuant to the definition of Gross Asset Value
contained in this Article 1, the amount of such adjustment shall be taken into
account as gain or loss from the disposition of such asset for purposes of
computing Profits and Losses;

                  (iv) gain or loss resulting from any disposition of
Partnership assets with respect to which gain or loss is recognized for Federal
income tax purposes shall be computed by reference to the Gross Asset Value of
the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Gross Asset Value;

                  (v) in lieu of the depreciation, amortization and other cost
recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such fiscal year or other
period,

                  (vi) to the extent an adjustment to the adjusted tax basis of
any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is
required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into
account in determining Capital Accounts as a result of a distribution other than
in complete liquidation of a Partner's Partnership Interest, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases the basis of the asset)
from the disposition of the asset and shall be taken into account for purposes
of computing Profits or Losses; and

                  (vii) any items specially allocated pursuant to Section 7.2
shall not be considered in determining Profits or Losses.

      "Prospectus" shall mean the final form of prospectus relating to the
initial public offering of common stock of Tucker as it was first filed pursuant
to Rule 424(b) of the rules and regulations of the SEC, including all amendments
and supplements thereto.

      "Redeeming Partner" shall have the meaning set forth in Section 3.2.

      "Redemption Right" shall have the meaning set forth in Section 3.2.

                                       10
<Page>

      "Regulations" shall mean the Income Tax Regulations, including Temporary
Regulations, promulgated under the Code, as such regulations may be amended from
time to time (including corresponding provisions of succeeding regulations).

      "Registration Statement" shall mean the Registration Statement on Form
S-11 (including the prospectus contained therein) relating to the initial public
offering of common stock of Tucker, as filed with the SEC, and any amendments
made thereto, pursuant to which Tucker offered and sold certain shares of its
common stock.

      "REIT" shall mean a real estate investment trust as defined in Section 856
of the Code.

      "REIT Requirements" shall have the meaning set forth in Section 5.2.

      "REIT Shares Amount" shall mean a number of shares of Common Stock equal
to the product of (i) the number of Limited Partner Units that are not Preferred
Units set forth in a Redeeming Partner's Notice of Redemption pursuant to
Section 3.2 less the amount of any fractional Unit, and (ii) the Conversion
Factor.

      "Requesting Party" shall have the meaning set forth in Section 18.2.

      "SEC" shall mean the United States Securities and Exchange Commission.

      "Specified Redemption Date" shall mean the tenth (10th) Trading Day after
receipt by the General Partner of a Notice of Redemption from a Limited Partner.

      "Trading Day" shall mean a day on which the principal national securities
exchange on which the Common Stock is listed or admitted to trading is open for
the transaction of business or, if the Common Stock is not listed or admitted to
trading on any national securities exchange, shall mean any day other than a
Saturday, a Sunday or a day on which banking institutions in the State of New
York are authorized and obligated by law or executive order to close.

      "Transferee" shall have the meaning set forth in Section 12.2.

      "TTC Guarantors" shall mean Kenneth L. Tucker, Richard H. Tucker and
Harold Eisenberg.

      "Tucker" shall mean Tucker Properties Corporation, a Maryland corporation
that was the original general partner of the Partnership and that merged into
Bradley on March 15, 1996.

      "Tucker Contribution Agreement(s)" shall have the meaning ascribed to the
term "Contribution Agreements" in the Original Agreement.

                                       11
<Page>

      "Unit Certificate" shall mean any certificate issued by the General
Partner on behalf of the Partnership in accordance with Section 3.1.A to
evidence the ownership of the number and class or series of Units or other
Partnership Interests specified therein.

      "Units" shall have the meaning set forth in Section 3.1.

      "Valuation Date" shall mean the date of receipt by the General Partner of
a Notice of Redemption or, if such date is not a Trading Day, the first Trading
Day thereafter.

      1.2 EXHIBITS, ETC. References to an "Exhibit" or to a "Schedule" are,
unless otherwise specified, to one of the Exhibits or Schedules attached to this
Agreement, and references to an "Article" or a "Section" are, unless otherwise
specified, to one of the Articles or Sections of this Agreement. Each Exhibit
and Schedule attached hereto and referred to herein is hereby incorporated
herein by this reference.

      2. ORGANIZATION.

            2.1 FORMATION OF PARTNERSHIP. Upon the initial filing of the
Certificate with the Secretary of State of the State of Delaware on September 2.
1993, the Partnership was formed as a limited partnership pursuant to the
provisions of the Act, and all other pertinent laws of the State of Delaware.
The Partners agree that the rights and liabilities of the Partnership shall be
as provided in the Act except as otherwise herein expressly provided.

            2.2 PARTNERSHIP NAME. The business of the Partnership shall be
conducted under the name of "Bradley Operating Limited Partnership;" provided,
however, that the General Partner may, from time to time, change the name of the
Partnership or may adopt such trade or fictitious names as it may determine.

            2.3 LOCATION OF THE PRINCIPAL PLACE OF BUSINESS. The location of the
principal place of business of the Partnership shall be at 40 Skokie Boulevard,
Suite 600, Northbrook, Illinois 60062-1626, or such other location as shall be
selected from time to time by the General Partner in its sole discretion.

            2.4 REGISTERED AGENT AND REGISTERED OFFICE. The Registered Agent of
the Partnership shall be The Corporation Trust Company or such other Person as
the General Partner may select in its sole discretion. The Registered Office of
the Partnership shall be Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801 or such other location as the General Partner may
select in its sole and absolute discretion.

                                       12
<Page>

      3. CAPITAL

            3.1 ISSUANCE OF UNITS.

                  A. The interest of a Partner in the Partnership is sometimes
referred to as a Partnership Interest and shall be evidenced by one or more
units of Partnership Interest ("Units"). All Units representing Partnership
Interests of a Limited Partner shall be designated as "Limited Partner Units."
Unless otherwise determined by the General Partner, all Units representing
Partnership Interests of the General Partner shall be designated as "General
Partner Units," notwithstanding that some of such Units may have been originally
issued to one or more Limited Partners and subsequently acquired by the General
Partner, whether pursuant to the provisions of Section 3.2.B or otherwise, and
upon the acquisition of Limited Partner Units by the General Partner such
Limited Partner Units shall automatically be redesignated as General Partner
Units. As used in this Agreement, the term "Units" shall refer to General
Partner Units and Limited Partner Units, collectively, unless otherwise required
by the context in which such term is used.

      The aggregate total of all Units outstanding as of the date of this
Agreement, and the names of the Partners holding such Units (including the
number of Units owned by each such Partner) are set forth on EXHIBIT A.

      The General Partner, in its sole and absolute discretion, is authorized to
issue on behalf of the Partnership Unit Certificates which evidence the
ownership of Units or other Partnership Interests by a Limited Partner or the
General Partner. Unit Certificates shall be in such form, not inconsistent with
the requirements of the Act or any other applicable law and this Agreement, as
shall be approved by the General Partner in its sole discretion. Each Unit
Certificate shall be signed by the Chief Executive Officer or the President or a
Vice President and by the Secretary or Assistant Secretary or the Treasurer or
Assistant Treasurer of the General Partner certifying the number of Units or
other Partnership Interests (and if there shall be more than one class or series
of Units or other Partnership Interests, the class or series thereof) owned by
such Partner; provided, however, that any or all of the signatures on the Unit
Certificate may be facsimiles. In case any officer of the General Partner who
shall have signed or whose facsimile signature or signatures shall have been
placed upon any such Unit Certificate or Unit Certificates is no longer an
officer of the General Partner at the date of issue, such Unit Certificate may
nevertheless be issued by the General Partner with the same effect as if such
person were such officer at the date of issue. Unit Certificates shall be
consecutively or serially numbered and shall be entered in the books and records
of the Partnership as they are issued and shall exhibit the holder's name and
the number of Units or other Partnership Interests held (and if there shall be
more than one class or series of Units or other Partnership Interests, the class
or series thereof). Unit Certificates are transferable only to the extent that
the Units or other Partnership Interests underlying such Unit Certificates are
transferable in accordance with the provisions of Article 12, and each Unit
Certificate shall bear the following legend to such effect:

                                       13
<Page>

            THE UNITS OR OTHER PARTNERSHIP INTERESTS REPRESENTED BY THIS
            CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS CONTAINED
            IN ARTICLE 12 OF THE BRADLEY OPERATING LIMITED PARTNERSHIP SECOND
            RESTATED AGREEMENT OF LIMITED PARTNERSHIP, DATED AS OF SEPTEMBER 2,
            1997, AS AMENDED, AND/OR AMENDED AND RESTATED FROM TIME TO TIME, (A
            COPY OF WHICH MAY BE OBTAINED FROM BRADLEY OPERATING LIMITED
            PARTNERSHIP WITHOUT CHARGE UPON REQUEST). THE HOLDER OF THIS
            CERTIFICATE, BY ACCEPTANCE HEREOF, SHALL BE DEEMED TO HAVE AGREED TO
            AND SHALL BE BOUND BY SUCH AGREEMENT.

                  B. From time to time, the General Partner, subject to the
provisions of this Section 3.1.B and Section 3.1.E, may cause the Partnership to
issue additional Units to existing or newly-admitted Partners (including itself)
to reflect the contribution by a Partner (the "Contributing Partner") of
additional Capital Contributions to the Partnership. The number of Units issued
to a Contributing Partner that is a member of the Bradley Group under this
Section 3.1.B shall, in the case of Capital Contributions equal to the Net
Proceeds from the sale of additional shares of Common Stock or other capital
stock of the General Partner, be the same number as the number of shares sold,
and in the case of Capital Contributions from other than the sale of additional
shares of the General Partner, be equal to the quotient (rounded to the nearest
whole number) arrived at by dividing (i) the amount of money or the initial
Gross Asset Value of the property contributed as additional Capital
Contributions (net of other liabilities to which such property is subject or
assumed by the Partnership in connection with such contribution but increased to
reflect any expenses attributable to such contribution) by (ii) the product of
(a) the Current Per Share Market Price of the Common Stock and (b) the
Conversion Factor. The number of Units issued to a Contributing Partner that is
not a member of the Bradley Group under this Section 3.1.B shall be determined
by the General Partner, in its sole discretion. The agreement or agreements and
other documents (collectively, the "Contribution Agreements") providing for
Capital Contributions after March 15, 1996 by any Contributing Partner that is
not a member of the Bradley Group may include specially negotiated terms
("Special Terms") relating to the rights or obligations of such Contributing
Partner as a Partner in the Partnership that differ in various respects from the
rights or obligations of other Partners in the Partnership, provided that the
application of such Special Terms does not adversely affect the rights or
obligations of any other Limited Partner; and, as between the Contributing
Partner on the one hand and the Partnership and the other Partners on the other
hand, such Special Terms of the Contribution Agreement shall be deemed to be a
part of, and shall supersede any conflicting terms of, this Agreement.

                  C. Subject to the provisions of Section 3.1.B and Section
3.1.E, the General Partner is hereby authorized to cause the Partnership from
time to time to issue to the

                                       14
<Page>

Partners (including the General Partner) or other Persons additional Units in
one or more classes, or one or more series of any such class with such
designations, preferences and relative, participating, optional or other special
rights, powers and duties, including rights, powers and duties senior to those
of Units held by the Limited Partners, all as shall be determined by the General
Partner in its sole and absolute discretion, including, without limitation (i)
the right of such class or series of Units to share in Partnership distributions
and (ii) the rights which each such class or series of Units shall have upon
dissolution or liquidation of the Partnership; PROVIDED THAT no Preferred Units
that have distribution or liquidation rights that are senior to the distribution
or liquidation rights of the Units held by the Limited Partners shall be issued
to the General Partner unless either (a)(1) the Preferred Units are issued in
connection with an issuance of shares of capital stock of the General Partner,
which shares have designations, preferences and other rights such that the
economic interests attributable to such shares are substantially similar to the
designations, preferences and other rights of the Preferred Units issued to the
General Partner in accordance with this Section 3.2.C, and (2) the General
Partner shall make a Capital Contribution to the Partnership in an amount equal
to the Net Proceeds raised in connection with such issuance, or (b) the
additional Units are issued to all Partners in proportion to their respective
Percentage Interests. Notwithstanding the foregoing, without the prior written
consent of the Original Limited Partners holding more than 50% of the
Partnership Interests held by the Original Limited Partners, no additional Units
may have rights, powers or duties that, prior to March 16, 1998, are senior to
the rights, powers or duties of the Units held by the Original Limited Partners.

                  D. No Limited Partner shall, by virtue of being the holder of
one or more Units, be deemed to be a shareholder of, or have any other interest
in, the General Partner.

                  E. Prior to March 16, 1998, the General Partner shall not
permit the Partnership to issue additional Units to existing or newly admitted
Partners if the issuance of such Units would cause a material adverse tax
consequence to the Original Limited Partners (determined in the manner described
below); provided, however, that notwithstanding the foregoing or anything in
this Agreement to the contrary, the General Partner shall have the right to
require the Partnership to issue additional new Units to existing or
newly-admitted Partners in connection with (i) the merger, consolidation or
combination of the General Partner or one of its corporate subsidiaries with or
into another Person in which securities of the General Partner are being issued,
acquired, converted or exchanged or (ii) the merger, consolidation or
combination of the Partnership with or into another Person in connection with
such merger, consolidation or combination of the General Partner or one of its
corporate subsidiaries with or into another Person in which securities of the
General Partner are being issued, acquired, converted or exchanged. For purposes
of this Section 3.1.E, an issuance of Units will be treated as having material
adverse tax consequences to the Original Limited Partners only if the Original
Limited Partners submit to the Partnership within twenty-one (21) days of
receipt of notice from the General Partner of such proposed issuance of Units an
opinion of Klayman and Korman, L.L.C. or such other certified public accounting
firm reasonably satisfactory to the General Partner, which opinion is in form
and substance

                                       15
<Page>

reasonably satisfactory to the Accountants, to the effect that such issuance (x)
will result in a decrease in the Original Limited Partners' share of Partnership
liabilities under Code Section 752 and the Regulations thereunder and (y) such
decrease in the Original Limited Partners' share of liabilities will cause the
Original Limited Partners to recognize taxable income under Section 731 of the
Code of $50,000 in the aggregate or greater. Nothing in this Section 3.1.E
shall preclude the issuance of Units to the extent necessary to provide that the
Limited Partners as a class are entitled to at least 1% of the distributions to
the Partners pursuant to Section 8.4 for the taxable year and subsequent taxable
years.

                  F. The General Partner shall not issue any additional shares
of Common Stock or any shares of any other class of capital stock of the General
Partner (other than shares of Common Stock issued pursuant to Section 3.2) or
rights, options, warrants or convertible or exchangeable securities containing
the right to subscribe for or purchase shares of Common Stock or any shares of
any other class of capital stock of the General Partner (collectively, "New
Securities") other than to all holders of Common Stock unless (i) the General
Partner shall cause the Partnership to issue to the General Partner Units or
other Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and
other rights (collectively, "New Units") such that the economic interests of
such New Units are substantially similar to those of the New Securities, and the
General Partner contributes to the Partnership the Net Proceeds from the
issuance of such New Securities and from the exercise of rights contained in
such New Securities. Without limiting the foregoing, the General Partner is
expressly authorized to issue New Securities for less than fair market value,
and the General Partner is expressly authorized to cause the Partnership to
issue to the General Partner corresponding Units or Partnership Interests, so
long as (x) the General Partner concludes in good faith that such issuance is in
the interests of the General Partner and the Partnership (for example, and not
by way of limitation, the issuance of shares of Common Stock and corresponding
Units pursuant to an employee stock purchase plan providing for employee
purchases of shares of Common Stock at a discount from fair market value or
employee stock options that have an exercise price that is less than the fair
market value of the Common Stock, either at the time of issuance or at the time
of exercise), and (y) the General Partner contributes the Net Proceeds from such
issuance and exercise to the Partnership.

      Notwithstanding the provisions of the preceding paragraph, the General
Partner may issue New Securities whose Net Proceeds need not be contributed to
the Partnership and without the issuance by the Partnership of New Units if,
when and to the extent that the General Partner determines that the Net Proceeds
from such issuance will be used for assets of the General Partner that are
separate from assets of the Partnership and in which the Partnership has no
interest.

            3.2 REDEMPTION RIGHT.

                  A. Subject to Sections 3.2.B and 3.2.C, on or after the date
of this Agreement, each Limited Partner, other than the General Partner, shall
have the right (the

                                       16
<Page>

"Redemption Right") to require the Partnership to redeem on a Specified
Redemption Date all or a portion of the Units (other than Preferred Units) held
by such Limited Partner for an aggregate amount equal to the Cash Amount, which
shall be paid by the Partnership. The Redemption Right shall be exercised
pursuant to a Notice of Redemption delivered to the Partnership (with a copy to
the General Partner) by the Limited Partner who is exercising the redemption
right (the "Redeeming Partner"); provided, however, that the Partnership shall
not be obligated to satisfy such Redemption Right if the General Partner elects
to purchase the Units subject to the Notice of Redemption pursuant to Section
3.2.B. Effective as of the Specified Redemption Date, the Redeeming Partner
shall not receive any dividends or distributions with respect to any Units so
redeemed. The Transferee of any Limited Partner may exercise the rights of such
Limited Partner pursuant to this Section 3.2, and such Limited Partner shall be
deemed to have assigned such rights to such Transferee and shall be bound by the
exercise of such rights by such Transferee. In connection with any exercise of
such rights by such Transferee on behalf of such Limited Partner, the Cash.
Amount shall be paid by the Partnership directly to such Transferee and not to
such Limited Partner.

                  B. Notwithstanding the provisions of Section 3.2.A, a Limited
Partner that exercises the Redemption Right shall be deemed to have offered to
sell the number of Units set forth in the Notice of Redemption to the General
Partner, and the General Partner may, in its sole and absolute discretion, elect
to purchase directly and acquire such Units by paying to the Redeeming Partner
either (i) the Cash Amount or (ii) the REIT Shares Amount and the Fractional
Share Cash Amount, as elected by the General Partner (in its sole and absolute
discretion), on the Specified Redemption Date, whereupon on such date the
General Partner shall acquire the Units offered for redemption by the Redeeming
Partner and shall be treated for all purposes of this Agreement as the owner of
such Units. If the General Partner shall elect to exercise its right to purchase
Units under this Section 3.2.B with respect to a Notice of Redemption, it shall
so notify the Redeeming Partner within five Trading Days after the receipt by
the General Partner of such Notice of Redemption. If the General Partner (in its
sole and absolute discretion) elects not to exercise its right to purchase Units
from the Redeeming Partner pursuant to this Section 3.2.B, the General Partner
shall not have any obligation to the Redeeming Partner or the Partnership with
respect to the Redeeming Partner's exercise of the Redemption Right, and the
Partnership shall be required to pay the Redeeming Partner the Cash Amount in
accordance with the provisions of Section 3.2.A. In the event the General
Partner shall exercise its right to purchase Units with respect to the exercise
of a Redemption Right as described in the first sentence of this Section 3.2.B,
the Partnership shall have no obligation to pay any amount to the Redeeming
Partner with respect to such Redeeming Partner's exercise of such Redemption
Right, and each of the Redeeming Partner, the Partnership and the General
Partner, as the case may be, shall treat the transaction between the General
Partner and the Redeeming Partner for federal income tax purposes as a sale of
the Redeeming Partner's Units to the General Partner. Each Redeeming Partner
agrees to execute such documents as the General Partner may reasonably require
in connection with the issuance of shares of Common Stock upon exercise of the
Redemption Right.

                                       17
<Page>

                  C. Notwithstanding the provisions of Section 3.2.A and Section
3.2.B, (i) a Limited Partner shall not be entitled to exercise the Redemption
Right pursuant to Section 3.2.A if the delivery of shares of Common Stock to
such Partner on the Specified Redemption Date pursuant to Section 3.2.B would be
prohibited under or violate any provision of the Charter of the General Partner
or would violate any federal or state securities laws and (ii) a Limited Partner
shall not have the right to exercise the Redemption Right pursuant to Section
3.2.A if in the opinion of counsel for the General Partner the General Partner
would, as a result thereof, no longer qualify (or if there is a material risk
that the General Partner no longer would qualify) as a REIT.

                  D. A Limited Partner shall not be entitled to exercise the
Redemption Right with respect to any Preferred Unit; but this Section 3.2.D
shall not preclude the General Partner from amending this Agreement in
connection with the issuance or proposed issuance of Preferred Units pursuant to
Section 3.1.C so as to provide a right of holders hereof to have such Preferred
Units redeemed by the Partnership on terms set forth in such amendment.

            3.3 ADDITIONAL CAPITAL. Except as otherwise provided in Section 3.1
with respect to the General Partner, no Partner shall be assessed or required to
contribute additional funds or other property to the Partnership. If and as the
General Partner or any other Partner makes additional Capital Contributions to
the Partnership, each such Contributing Partner shall receive additional Units
or other Partnership Interests as provided for in Section 3.1. The General
Partner shall also have the right (but not the obligation) to raise any
additional funds required for the Partnership by lending funds to the
Partnership, or by causing the Partnership to borrow funds from third parties or
other members of the Bradley Group, on such terms and conditions as the General
Partner shall deem appropriate in its sole discretion. If the General Partner
elects to cause the Partnership to borrow funds, it may cause one or more of the
Partnership's assets to be encumbered to secure the loan. No Limited Partner
shall have the right to contribute additional Capital Contributions to the
Partnership without the prior written consent of the General Partner.

            3.4 NO THIRD PARTY BENEFICIARY. No creditor or other third party
having dealings with the Partnership shall have the right to enforce the right
or obligation of any Partner to make Capital Contributions or loans or to pursue
any other right or remedy hereunder or at law or in equity, it being understood
and agreed that the provisions of this Agreement shall be solely for the benefit
of, and may be enforced solely by, the parties hereto and their respective
successors and assigns. None of the rights or obligations of the Partners herein
set forth to make Capital Contributions or loans to the Partnership shall be
deemed an asset of the Partnership for any purpose by any creditor or other
third party, nor may such rights or obligations be sold, transferred or assigned
by the Partnership or pledged or encumbered by the Partnership to secure any
debt or other obligation of the Partnership or of any of the Partners.

                                       18
<Page>

            3.5 CAPITAL ACCOUNTS. A separate Capital Account shall be maintained
for each Partner. Each Partner's Capital Account shall be adjusted as set forth
below in this Section 3.5.

                  A. To each Partner's Capital Account there shall be credited
such Partner's Capital Contributions, such Partner's distributive share of
Profits and any items in the nature of income or gain which are specifically
allocated pursuant to Section 7.2, and the amount of any Partnership liabilities
assumed by such Partner or which are secured by any Partnership property
distributed to such Partner.

                  B. To each Partner's Capital Account there shall be debited
the amount of cash and the Gross Asset Value of any Partnership property
distributed to such Partner pursuant to any provision of this Agreement, such
Partner's distributive share of Losses and any items in the nature of expenses
or losses which are specifically allocated pursuant to Section 7.2, and the
amount of any liabilities of such Partner assumed by the Partnership or which
are secured by any property contributed by such Partner to the Partnership.

                  C. In the event all or a portion of a Partnership Interest is
transferred in accordance with the terms of this Agreement (including a transfer
of Units pursuant to Section 3.2), the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the transferred
Partnership Interest.

                  D. In determining the amount of any liability for purposes of
Sections 3.5.A and 3.5.B, there shall be taken into account Code Section 752(c)
and any other applicable provisions of the Code and Regulations.

                  E. This Section 3.5 and the other provisions of this Agreement
relating to the maintenance of Capital Accounts (and the determination of
credits and debits thereto) are intended to comply with Section 704(b) of the
Code and Regulations Section 1.704-1(b), and shall be interpreted and applied in
a manner consistent with such Regulations. In the event the General Partner
shall determine that it is prudent to modify the manner in which the Capital
Accounts, or any debits or credits thereto (including, without limitation, (i)
allocations pursuant to Article 7 or (ii) debits or credits relating to
liabilities which are secured by contributed or distributed property or which
are assumed by the Partnership or the Partners) are computed in order to comply
with such Regulations or more accurately reflect the Partners' interests in the
Partnership, the General Partner may make such modification. The General Partner
also may (i) make any adjustments that are necessary or appropriate to maintain
equality between the Capital Accounts of the Partners and the amount of
Partnership capital reflected on the Partnership's balance sheet, as computed
for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(g),
(ii) make any appropriate modifications in the event unanticipated events (for
example, the acquisition by the Partnership of oil or gas properties) might
otherwise cause this Agreement not to comply with Regulations Section
1.704-1(b), and (iii) adopt such conventions and make such elections for
purposes of

                                       19
<Page>

maintaining Capital Accounts and the allocation of items for tax purposes as it
determines are necessary or appropriate.

            3.6 NO INTEREST ON OR RETURN OF CAPITAL.

                  A. Except to the extent authorized by Partnership Interests
issued pursuant to Section 3.1.C, no Partner shall be entitled to any interest
on its Capital Account or on its contributions to the capital of the
Partnership.

                  B. Except as provided by law, or to the extent otherwise
provided by this Agreement or authorized by Units or other Partnership Interests
issued pursuant to Section 3.1.C, no Partner shall have the right to demand or
to receive the return of all or any part of his capital contributions to the
Partnership and there shall be no priority of one Partner over another as to the
return of capital contributions or withdrawals or distributions of profits and
losses. Except to the extent authorized by Partnership Interests issued pursuant
to Section 3.1.C, no Partner shall have the right to demand or receive property
other than cash in return for the contributions of such Partner to the
Partnership.

            3.7 NEGATIVE CAPITAL ACCOUNTS. Except as otherwise provided by law
or as specifically agreed in writing by a Partner, no Partner shall be required
to pay to the Partnership any deficit or negative balance which may exist in its
Capital Account.

            3.8 LIMIT ON CONTRIBUTIONS AND OBLIGATIONS OF PARTNER. Neither the
Limited Partners nor the General Partner shall be required to make any
additional advances or contributions to or on behalf of the Partnership or to
endorse any obligations of the Partnership.

      4. [Intentionally Omitted].

      5. PURPOSE AND POWERS OF PARTNERSHIP.

            5.1 The purposes of the Partnership shall be to acquire, hold,
purchase, own, operate, manage, develop, redevelop, construct, improve,
maintain, invest in, finance, refinance, sell, convey, exchange, transfer,
encumber, lease and otherwise deal with the properties of the Partnership and
other real and personal property; to exercise all of the powers of a general
partner in the Financing Partnership and to acquire, own, sell, convey,
exchange, dispose of and otherwise deal with partnership interests in the
Financing Partnership; to undertake such other activities as may be necessary,
advisable, desirable or convenient to the business of the Partnership, and to
engage in such other ancillary activities as shall be necessary or desirable to
effectuate the foregoing purposes. The Partnership shall have all powers
necessary or desirable to accomplish the purposes enumerated. In connection with
the foregoing, but subject to all of the terms, covenants, conditions and
limitations contained in this Agreement and any other agreement entered into by
the Partnership, the Partnership shall have full power and authority, directly
or through its interests in the Financing Partnership, the

                                       20
<Page>

Financing Corporation or any other partnership, subsidiary, limited liability
company, other entity or joint venture, to enter into, perform and carry out
contracts of any kind, to borrow money and to issue evidences of indebtedness,
whether or not secured by mortgage, trust deed, pledge or other lien, and
directly or indirectly to acquire and construct additional properties as
necessary or useful in connection with its business.

            5.2 The Partners acknowledge and agree that the Partnership shall be
operated in a manner that will enable the General Partner to (i) satisfy the
requirements for qualifying and taxation as a REIT under the Code and the
Regulations (the "REIT Requirements") and (ii) avoid the imposition of any
federal income or excise tax liability. The Partnership shall avoid taking any
action, or permitting any Affiliate to take any action, which would result in
the General Partner ceasing to satisfy the REIT Requirements or would result in
the imposition of any federal income or excise tax liability on the General
Partner.

      6. TERM.

            6.1 The Partnership shall continue until the Partnership is
terminated upon the earliest to occur of the following events:

                  A. December 31, 2050;

                  B. The election to dissolve the Partnership made in writing by
the General Partner;

                  C. The Bankruptcy of the General Partner;

                  D. Dissolution required by operation of law; or

                  E. The sale or other disposition of all or substantially all
the assets of the Partnership unless the General Partner elects to continue the
Partnership business for the purpose of the receipt and the collection of
indebtedness or the collection of any other consideration to be received in
exchange for the assets of the Partnership (which activities shall be deemed to
be part of the winding up of the affairs of the Partnership).

            6.2 Notwithstanding any other provision in this Agreement, the
General Partner hereby covenants and agrees that it will not prior to March 16,
1998 (i) elect to dissolve the Partnership pursuant to Section 6.1.B or (ii)
sell or otherwise dispose of all or substantially all of the assets of the
Partnership.

      7. ALLOCATIONS.

            7.1 Profits or Losses. Profits and Losses for each taxable year
shall be allocated among the Partners and shall be credited or debited to the
respective Capital Accounts so that, to the maximum extent possible, the balance
of each Partner's Capital

                                       21
<Page>

Account at the end of any taxable year (increased by the sum of such Partner's
share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as
determined in accordance with Regulations Section 1.704-2) would be positive in
the amount of cash that such Partner would receive (or negative in the amount of
cash that such Partner would be required to contribute to the Partnership) if
each member of the Bradley Group sold all of its property for an amount of cash
equal to the Gross Asset Value of such property (reduced, but not below zero, by
the amount of Nonrecourse Liabilities to which such property is subject) and all
of the cash of the Partnership and each member of the Bradley Group remaining
after payment of all liabilities (other than Nonrecourse Liabilities) of the
Partnership and each member of the Bradley Group were distributed in liquidation
of each such entity immediately following the end of such taxable year. For
purposes of calculating the distribution that would be made to the Partners
pursuant to the hypothetical liquidation described in the preceding sentence,
(i) Section 15.2.C shall be applied as if such hypothetical liquidation
occurred in connection with the liquidation of the Bradley Group (so that the
hypothetical liquidating distribution to the Partners shall be calculated under
Sections 8.4 and 8.5) and (ii) Section 8.4 shall be applied as if the
Consolidated Distributed Cash for the taxable year ending with such hypothetical
liquidation equaled the amount of cash that would be distributed to the holders
of Common Stock and Units (other than Units held by the General Partner) in such
hypothetical liquidation (without regard to the actual market price or fair
market value of the Common Stock).

            7.2 SPECIAL ALLOCATIONS. The following special allocations shall be
made in the following order:

                  A. MINIMUM GAIN CHARGEBACK. Except as otherwise provided in
Regulations Section 1.704-2(f), notwithstanding any other provision of this
Article 7, if there is a net decrease in Partnership Minimum Gain during any
fiscal year, each Partner shall be specially allocated items of Partnership
income and gain for such fiscal year (and, if necessary, subsequent fiscal
years) in an amount equal to such Partner's share of the net decrease in
Partnership Minimum Gain, determined in accordance with Regulations Section
1.704-2(g). The items to be so allocated shall be determined in accordance with
Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2) (assuming for this purpose
that this Agreement complies with the requirements of Regulations Section
1.704-1(e)). This Section 7.2.A is intended to comply with the minimum gain
chargeback requirement in Regulations Section 1.704-2(f) and shall be
interpreted consistently therewith.

                  B. PARTNER MINIMUM GAIN CHARGEBACK. Except as otherwise
provided in Regulations Section 1.704-2(i)(4), notwithstanding any other
provision of this Article 7, if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any
Partnership fiscal year, each Partner who has a share of the Partner Nonrecourse
Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in
accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated
items of Partnership income and gain for such fiscal year (and, if necessary,
subsequent fiscal years) in an amount equal to such Partner's share of the net
decrease in

                                       22
<Page>

Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(I)(4) (assuming
for this purpose that this Agreement complies with the requirements of
Regulations Section 1.704-1(e)). The items to be so allocated shall be
determined in accordance with Regulations Sections 1.7042(i)(4) and
1.704-2(j)(2). This Section 7.2.B is intended to comply with the minimum gain
chargeback requirement in Regulations Section 1.704-2(i)(4) and shall be
interpreted consistently therewith.

                  C. NONRECOURSE DEDUCTIONS. Nonrecourse Deductions for any
fiscal year shall be allocated among the Partners in accordance with their
respective Percentage Interests.

                  D. PARTNER NONRECOURSE DEDUCTIONS. Any Partner Nonrecourse
Deductions for any fiscal year shall be specially allocated to the Partner who
bears the economic risk of loss with respect to the Partner Nonrecourse Debt to
which such Partner Nonrecourse Deductions are attributable, in accordance with
Regulations Section 1.704-2(i)(1).

            7.3 OTHER ALLOCATION RULES.

                  A. For purposes of determining the Profits, Losses or any
other items allocable to any period, Profits, Losses and any such other items
shall be determined in a daily, monthly or other basis, as determined by the
General Partner using any permissible method under Code Section 706 and the
Regulations thereunder (including proration or a closing of the books).

                  B. The Partners are aware of the income tax consequences of
the allocations made by this Article 7 and hereby agree to be bound by the
provisions of this Article 7 in reporting their shares of Partnership income and
loss for income tax purposes.

            7.4 TAX ALLOCATIONS: CODE SECTION 704(c)/SECTION 1245 AND 1250
      RECAPTURE.

                  A. Except as otherwise provided in this Agreement, for
federal, state and local income tax purposes, all items of Partnership income,
gain, loss, deduction, credit and any other allocations not otherwise provided
for shall be allocated among Partners in the same manner as the corresponding
item of income, gain, loss or deduction was allocated pursuant to the preceding
sections.

                  B. Income, gain, loss, and deduction with respect to any
property contributed to the capital of the Partnership shall, solely for tax
purposes, be allocated among the Partners so as to take account of any variation
between the adjusted basis of such property to the Partnership for federal
income tax purposes and its initial Gross Asset Value in accordance with any
permissible manner under Code Section 704(c) and the Regulations thereunder.

                                       23
<Page>

                  C. In the event the Gross Asset Value of any asset is adjusted
pursuant to the definition of "Gross Asset Value" contained in Article 1,
subsequent allocations of income, gain, loss, and deduction with respect to such
asset shall take account of any variation between the adjusted basis of such
asset for federal income tax purposes and its Gross Asset Value in the same
manner or manners permitted under Code Section 704(c) and the Regulations
thereunder.

                  D. Any elections or other decisions relating to tax
allocations pursuant to this Section 7.4 shall be made by the General Partner in
any permissible manner under the Code or the Regulations that the General
Partner may elect in its sole discretion, and the General Partner may adopt such
conventions and methods for complying with the requirements of Code Section
704(c) and the Regulations thereunder as the General Partner deems appropriate.
Allocations pursuant to this Section 7.4 are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account
in computing, any Partner's Capital Account or share of Profits or Losses.

                  E. Except as otherwise required under Section 7.1, 7.2 or
7.4.C, if any portion of gain from the sale of property is treated as gain which
is ordinary income by virtue of the application of Code Section 1245 or 1250
("Affected Gain"), then, to the extent possible, (i) such Affected Gain shall be
allocated among the Partners in the same proportion that the depreciation and
amortization deductions giving rise to the Affected Gain were allocated and (ii)
other Tax Items of gain of the same character that would have been recognized,
but for the application of Code Section 1245 and/or 1250, shall be allocated
away from those Partners who are allocated Affected Gain pursuant to clause (i)
so that, to the extent possible, the other Partners are allocated the same
amount, and type, of capital gain that would have been allocated to them had
Code Section 1245 and/or 1250 not applied.

            7.5 NONRECOURSE LIABILITIES. The Partners agree that the
Partnership's "excess nonrecourse liabilities" within the meaning of Regulations
Section 1.752-3(a)(3) shall be allocated among the Partners in accordance with
their respective interests in Partnership profits which, solely for purposes of
Regulations Section 1.752-3(a)(3), shall be deemed to be their Percentage
Interests.

      8. CASH AVAILABLE FOR DISTRIBUTION.

            8.1 OPERATING CASH FLOW. As used in this Agreement, "Operating Cash
Flow" shall mean and be defined as all cash receipts of the Partnership from
whatever source (but excluding Capital Cash Flow and excluding the proceeds of
any additional Capital Contributions to the Partnership pursuant to Section 3.1
or 3.3) during the period in question in excess of all items of Partnership
expense (other than non-cash expenses such as depreciation) and other cash needs
of the Partnership, including, without limitation, Administrative Expenses,
amounts paid by the Partnership as principal or interest on debts and advances,
during such period, capital expenditures and any reserves (as determined by the

                                       24
<Page>

General Partner) established or increased during such period. In the discretion
of the General Partner, reserves may include cash held for future acquisitions
or any other purpose.

            8.2 CAPITAL CASH FLOW. As used in this Agreement, "Capital Cash
Flow" shall mean and be defined as collectively (i) gross proceeds realized in
connection with the sale of any assets of the Partnership, (ii) gross financing
or refinancing proceeds, (iii) gross condemnation proceeds (excluding
condemnation proceeds applied to restoration of remaining property), (iv) gross
proceeds from the issuance and sale of capital stock (whether common or
preferred) or debt securities of the General Partner and contributed to the
Partnership, and (v) gross insurance proceeds (excluding rental insurance
proceeds or insurance proceeds applied to restoration of property) less (a)
closing costs, (b) the cost to discharge any Partnership financing encumbering
or otherwise associated with the asset(s) in question, (c) the establishment of
reserves (as determined by the General Partner, and which may include, but is
not limited to, cash held for future acquisitions), and (d) other expenses of
the Partnership (including Administrative Expenses) to the extent not deducted
in calculating Operating Cash Flow and then due and owing.

            8.3 CONSOLIDATED DISTRIBUTED CASH. As used in this Agreement,
"Consolidated Distributed Cash" with respect to any period shall mean the total
amount of cash that will be distributed with respect to shares of Common Stock
and Units (other than Units held by the General Partner and Preferred Units) by
members of the Bradley Group with respect to such period. The amount of
Consolidated Distributed Cash with respect to any period shall be determined by
the General Partner in its sole discretion, and such determination shall be
conclusive and binding as to all Partners.

            8.4 DISTRIBUTIONS TO PARTNERS. Except as provided in Section 15.2,
Operating Cash Flow and Capital Cash Flow with respect to any period shall be
distributed to the Partners at such time or times as the General Partner shall
determine consistent with the following order of priority:

                  A. First, to those Partners (whether Limited or General) as a
class holding Preferred Units, if any, issued by the Partnership pursuant to
Section 3.1.C, an amount sufficient to satisfy the distribution rights of such
Preferred Units (to the extent such distribution rights have been designated as
senior to the distribution rights of other Units or Partnership Interests);

                  B. Second, at such times as holders of Common Stock receive a
distribution with regard to their shares, to the Limited Partners as a class
(excluding for such purposes Limited Partners who hold only Preferred Units with
distribution rights designated as senior to the distribution rights of other
Units or Partnership Interests), an amount equal to the lesser of (i) (A) the
Current Yield for such period plus (B) the excess, if any, of the aggregate of
the Current Yield for all prior periods over the aggregate amount distributed
pursuant to this Section 8.4.B for all prior periods, and (ii) 99% of the excess
for such period of the Operating

                                       25
<Page>

Cash Flow and Capital Cash Flow over distributions pursuant to the preceding
Section 8.4.A. for such period; and

              C. Third, any remaining Operating Cash Flow and Capital Cash Flow
for such period shall be distributed to the General Partner.

          8.5 DISTRIBUTIONS AMONG PARTNERS OF THE SAME SERIES OR CLASS.

              A. The amount distributed as a class or series to the Partners
holding Preferred Units pursuant to Section 8.4.A or Section 15.2.C.1 shall be
distributed among such Partners (i) first, if more than one class or series of
Preferred Units have been issued, in accordance with the relative seniority and
preference rights of such classes or series of Preferred Units designated by the
General Partner pursuant to Section 3.1.C, and (ii) second, among the holders
of each class or series of Preferred Units in accordance with the respective
number of such Preferred Units held by them as of a record date established by
the General Partner.

              B. The amount distributed as a class to Limited Partners holding
Units that are not Preferred Units pursuant to Section 8.4.B or Section
15.1.C.2 shall be distributed among such Limited Partners in accordance with the
respective number of Units (other than Preferred Units) held by them as of a
record date established by the General Partner, which record date shall be the
same as the record date for determination of stockholders of the General Partner
who are entitled to receive payment of dividends on their shares of Common
Stock.

          8.6 REIT DISTRIBUTIONS. The General Partner shall use its best efforts
to cause Operating Cash Flow and Capital Cash Flow to be distributed so as to
allow the General Partner to satisfy the REIT Requirements and avoid imposition
of any federal income or excise tax.

          8.7 CONSENT TO DISTRIBUTIONS. Each of the Partners hereby consents to
the distributions provided for in this Agreement.

          8.8 LIQUIDATING DISTRIBUTIONS. Distributions upon liquidation of the
Partnership shall be made in accordance with Section 15.2.

          8.9 SPECIAL DISTRIBUTION AND ALLOCATIONS FOR CERTAIN PROPERTIES.

              A. Notwithstanding anything to the contrary in this Agreement, for
the Partnership's 1995 fiscal year and all subsequent fiscal years, (a) 100% of
the Operating Cash Flow, Capital Cash Flow and proceeds of liquidation of the
Partnership with respect to the property contributed to the Partnership by the
Village of Chicago Ridge (the "Village Property") shall be distributed to the
General Partner as determined by the General Partner pursuant to Sections 8.1,
8.2 and 15.2, (b) 100% of all items of Partnership income, gain,

                                       26
<Page>

loss, deduction and credit with respect to the Village Property shall be
allocated to the General Partner, (c) 100% of the liabilities and expenditures
attributable to the Village Property shall be charged to the General Partner,
and (d) the General Partner shall indemnify and hold harmless the share of the
Limited Partners' Operating Cash Flow, Capital Cash Flow and proceeds of
liquidation from and against any liabilities or expenditures attributable to the
Village Property.

              B. Notwithstanding anything to the contrary in this Agreement, for
the Partnership's 1995 fiscal year and all subsequent fiscal years, (a) 100% of
the Operating Cash Flow, Capital Cash Flow and proceeds of liquidation of the
Partnership with respect to the note issued to the Partnership by the Village of
Round Lake Beach (the "Village Note") shall be distributed to the General
Partner as determined by the General Partner pursuant to Sections 8.1, 8.2 and
15.2, (b) 100% of all items of Partnership income, gain, loss, deduction and
credit with respect to the Village Note shall be allocated to the General
Partner, (c) 100% of the liabilities and expenditures attributable to the
Village Note shall be charged to the General Partner, and (d) the General
Partner shall indemnify and hold harmless the share of the Limited Partners'
Operating Cash Flow, Capital Cash Flow and proceeds of liquidation from and
against any liabilities or expenditures attributable to the Village Note.

      9. MANAGEMENT AND PROPERTY OF THE PARTNERSHIP.

         9.1 GENERAL PARTNER. The General Partner shall be the sole manager of
the Partnership business, and shall have the right and power to make all
decisions and take any and every action with respect to the property, business
and affairs of the Partnership and shall have all the rights, power and
authority generally conferred by law, or necessary, advisable or consistent with
accomplishing the purposes of the Partnership. All such decisions or actions
made or taken by the General Partner hereunder shall be binding upon all of the
Partners and the Partnership. Except as otherwise expressly provided herein, the
powers of the General Partner to manage the Partnership business shall include,
without limitation, the power and authority to:

              A. Manage, control, invest, reinvest, acquire by purchase, lease
or otherwise sell, contract to purchase or sell, grant, obtain, or exercise
options to purchase, options to sell or conversion rights, assign, transfer,
convey, deliver, endorse, exchange, pledge, mortgage, abandon, improve, repair,
maintain, insure, lease for any term and otherwise deal with any and all
property of whatsoever kind and nature, and wheresoever situated, in furtherance
of the purposes of the Partnership;

              B. Acquire, directly or indirectly, interests in real estate of
any kind and of any type, and any and all kinds of interests therein, and to
determine the manner in which title thereto is to be held; to manage, insure
against loss, protect and subdivide any of the real estate, interests therein or
parts thereof; to improve, develop or redevelop any such real estate; to
participate in the ownership and development of any property; to dedicate for
public use, to vacate any subdivisions or parts thereof, to resubdivide, to
contract to sell, to

                                       27
<Page>

grant options to purchase or lease, to sell on any terms; to convey, to
mortgage, pledge or otherwise encumber said property, or any part thereof; to
lease said property or any part thereof from time to time, upon any terms and
for any period of time, and to renew or extend leases to amend, change or modify
the terms and provisions of any leases and to grant options to lease and options
to renew leases and options to purchase; to partition or to exchange said real
property, or any part thereof, for other real or personal property; to grant
easements or charges of any kind; to release, convey or assign any right, title
or interest in or about or easement appurtenant to said property or any part
thereof; to construct and reconstruct, remodel, alter, repair add to or take
from buildings on said premises; to insure any Person having an interest in or
responsibility for the care, management or repair of such property; to direct
the trustee of any land trust to mortgage, lease, convey or contract to convey
the real estate held in such land trust or to execute and deliver deeds,
mortgages, notes, and any and all documents pertaining to the property subject
to such land trust or in any matter regarding such trust; to execute assignments
of all or any part of the beneficial interest in such land trust;

              C. Employ, engage or contract with or dismiss from employment or
engagement Persons to the extent deemed necessary by the General Partner for the
operation and management of the Partnership business, including but not limited
to, contractors, subcontractors, engineers, architects, surveyors, mechanics,
consultants, accountants, attorneys, insurance brokers, real estate brokers and
others;

              D. Enter into contracts on behalf of the Partnership;

              E. Borrow money, procure loans and advances from any Person for
Partnership purposes, and to apply for and secure from any Person, credit or
accommodations; to contract liabilities and obligations, direct or contingent
and of every kind and nature with or without security; and to repay, discharge,
settle, adjust, compromise, or liquidate any such loan, advance, credit,
obligation or liability;

              F. Pledge, hypothecate, mortgage, assign, deposit, deliver, enter
into sale and leaseback arrangements or otherwise give as security or as
additional or substitute security, or for sale or other disposition any and all
Partnership property, tangible or intangible, including, but not limited to,
real estate and beneficial interests in land trusts, and to make substitutions
thereof, and to receive any proceeds thereof upon the release or surrender
thereof; to sign, execute and deliver any and all assignments, deeds and other
contracts and instruments in writing; to authorize, give, make, procure, accept
and receive moneys, payments, property, notices, demands, vouchers, receipts,
releases, compromises and adjustments; to waive notices, demands, protests and
authorize and execute waivers of every kind and nature; to enter into, make,
execute, deliver and receive written agreements, undertakings and instruments of
every kind and nature; to give oral instructions and make oral agreements; and
generally to do any and all other acts and things incidental to any of the
foregoing or with reference to any dealings or transactions which any attorney
may deem necessary, proper or advisable;

                                       28
<Page>

              G. Acquire and enter into any contract of insurance which the
General Partner deems necessary or appropriate for the protection of the
Partnership, for the conservation of the Partnership's assets or for any purpose
convenient or beneficial to the Partnership;

              H. Conduct any and all banking transactions on behalf of the
Partnership; to adjust and settle checking, savings, and other accounts with
such institutions as the General Partner shall deem appropriate; to draw, sign,
execute, accept, endorse, guarantee, deliver, receive and pay any checks,
drafts, bills of exchange, acceptances, notes, obligations, undertakings and
other instruments for or relating to the payment of money in, into, or from any
account in the Partnership's name; to execute, procure, consent to and authorize
extensions and renewals of the same; to make deposits and withdraw the same and
to negotiate or discount commercial paper, acceptances, negotiable instruments,
bi1ls of exchange and dollar drafts; and to approve and adopt the form of any
banking resolutions of any financial institution as though set forth in full
herein;

              I. Demand, sue for, receive, and otherwise take steps to collect
or recover all debts, rents, proceeds, interests, dividends, goods, chattels,
income from property, damages and all other property, to which the Partnership
may be entitled or which are or may become due the Partnership from any Person;
to commence, prosecute or enforce, or to defend, answer or oppose, contest and
abandon all legal proceedings in which the Partnership is or may hereafter be
interested; and to settle, compromise or submit to arbitration any accounts,
debts, claims, dispute and matters which may arise between the Partnership and
any other Person and to grant an extension of time for the payment or
satisfaction thereof on any terms, with or without security;

              J. Make arrangements for financing, including the taking of all
action deemed necessary or appropriate by the General Partner to cause any
approved loans to be closed;

              K. Take all reasonable measures necessary to insure compliance by
the Partnership with applicable arrangements, and other contractual obligations
and arrangements entered into by the Partnership from time to time in accordance
with the provisions of this Agreement, including periodic reports as required to
lenders and using all due diligence to insure that the Partnership is in
compliance with its contractual obligations;

              L. Maintain the Partnership's books and records;

              M. Prepare and deliver, or cause to be prepared and delivered by
the Partnership's Accountants, all financial and other reports with respect to
the operations of the Partnership, and preparation and filing of all Federal and
state tax returns and reports; and

                                       29
<Page>

              N. Organize one or more partnerships or corporations which are
controlled, directly or indirectly, by the Partnership and make any capital
contributions required pursuant to the partnership agreements of any such
partnerships.

          9.2 [Intentionally Omitted].

          9.3 LIMITATIONS ON POWERS AND AUTHORITIES OF PARTNERS. Notwithstanding
the powers of the General Partner set forth in Section 9.1, the General Partner
shall have no right or power to do any of the following:

              A. Do any act in contravention of this Agreement, or any amendment
hereto;

              B. Do any act which would make it impossible to carry on the
ordinary business of the Partnership, except to the extent that such act is
specifically permitted by the terms hereof;

              C. Possess Partnership property or assign rights in specific
Partnership property for other than Partnership purposes; or

              D. Do any act in contravention of applicable law.

          9.4 TITLE HOLDER.

              A. To the extent allowable under applicable law, title to all or
any part of the properties of the Partnership may be held in the name of the
Partnership, the General Partner or any other individual, corporation,
partnership, trust or otherwise, 100% of the beneficial interest in which shall
at all times be vested in the Partnership. Any such title holder shall perform
any and all of its respective functions to the extent and upon such terms and
conditions as may be determined from time to time by the General Partner.

              B. Except as the General Partner may otherwise specify from time
to time, all property held by the General Partner or any wholly-owned subsidiary
of the General Partner (except the General Partner Units and other Partnership
Interests in the Partnership held by the General Partner and except for the
capital stock of any such wholly-owned subsidiary of the General Partner) shall
be deemed to be held for the benefit of the Partnership under Section 9.4.A. The
provisions of this Section 9.4.B shall not affect the provisions of Section 8.9.

         9.5 COMPENSATION OF THE GENERAL PARTNER. The General Partner shall not
be entitled to any compensation for services rendered to the Partnership solely
in its capacity as General Partner except with respect to reimbursement for (i)
those costs and expenses constituting Administrative Expenses and (ii) such
other amounts for which reimbursement is provided in this Agreement. The
Partners acknowledge that all expenses of the General

                                       30
<Page>

Partner are for the benefit of the Partnership, except with respect to assets
that the General Partner has acquired that it has specified will not be
contributed to or held for the benefit of the Partnership.

          9.6 STANDARD OF CONDUCT.

              A. Each Partner and each Person designated or delegated by a
Partner shall discharge its or his respective duties as a Partner or a designee
or delegate of a Partner in a manner it or he reasonably believes to be in the
best interests of the Bradley Group as a whole, including, without limitation,
the interests of the shareholders of the General Partner. For purposes hereof, a
person acting in a manner which either (i) is in the best interests of the
shareholders of the General Partner or (ii) furthers compliance with the REIT
Requirements, shall be deemed to be acting in the best interests of the Bradley
Group and shall be deemed to satisfy his standard of conduct hereunder.

              B. Without limiting the scope of the protections afforded by the
foregoing Section 9.6.A, no officer, director, employee or shareholder of the
General Partner, and no Partner or Person designated or delegated by a Partner,
shall be liable for any actions or omissions taken by him or her, excepting for
any actions or omissions which constitute actual fraud, gross negligence, or
deliberately dishonest conduct. The foregoing limitations on liability include,
but are not limited to, liability arising from claims by Limited Partners,
individually and/or derivatively, for alleged breaches of fiduciary duty against
any officer, director, employee or shareholder of the General Partner or any
Partner or Person designated or delegated by a Partner hereunder.

              C. Each Partner and each Person or Persons designated or delegated
by a Partner shall, in the performance of its or his duties, be fully protected
in relying in good faith upon the records of the Partnership and upon such
information, opinions, reports or statements presented to such Partner or such
Person or Persons designated or delegated by a Partner, as applicable, by any
Person (including, without limitation, legal counsel and public accountants) as
to matters that such Partner, or such Person or Persons designated or delegated
by a Partner reasonably believes are within such Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Partnership, such Partner, or such Person or Persons designated or delegated by
a Partner.

          9.7 WAIVER AND INDEMNIFICATION.

              A. Neither the General Partner, any Person acting on its behalf,
nor any Person designated or delegated by the General Partner pursuant hereto,
shall be liable, responsible or accountable in damages or otherwise to the
Partnership or to any Partner for any acts or omissions performed or omitted to
be performed by them within the scope of the authority conferred upon the
General Partner by this Agreement and the Act, provided that the General
Partner's or such other Person's action or omission to act was taken in good
faith and in the belief that such action or omission was in the best interests
of the Bradley Group as a

                                       31
<Page>

whole, including, without limitation, the interests of the shareholders of the
General Partner, and, provided further, that the General Partner's or such other
Person's actions or omissions shall not constitute actual fraud or gross
negligence or deliberately dishonest conduct. The Partnership shall, and hereby
does, indemnify and hold harmless the General Partner and its Affiliates and any
individual acting on their behalf from any loss, damage, claim or liability,
including, but not limited to, reasonable attorneys' fees and expenses, incurred
by them by reason of any act performed by them in accordance with the standards
set forth above or in enforcing the provisions of this indemnity; provided,
however, except as provided in Article 14, no Partner shall have any personal
liability with respect to the foregoing indemnification, any such
indemnification to be satisfied solely out of the assets of the Partnership.

              B. Any Person entitled to indemnification under this Agreement
shall be entitled to receive, upon application therefor, advances to cover the
costs of defending any proceeding against such Person; provided, however, that
such advances shall be repaid to the Partnership without interest, if such
Person is found by a court of competent jurisdiction upon entry of a final
judgment not to be entitled to such indemnification. All rights of the indemnity
hereunder shall survive the dissolution of the Partnership; provided, however,
that a claim for indemnification under this Agreement must be made by or on
behalf of the Person seeking indemnification prior to the time the Partnership
is liquidated hereunder. The indemnification rights contained in this Agreement
shall be cumulative of, and in addition to, any and all rights, remedies and
recourse to which the person seeking indemnification shall be entitled, whether
at law or at equity. Indemnification pursuant to this Agreement shall be made
solely and entirely from the assets of the Partnership and no Partner shall be
liable therefor.

          9.8 OTHER ACTIVITIES OF PARTNERS AND AGREEMENTS WITH RELATED PARTIES.
The General Partner shall devote its full-time effort in furtherance of the
business of the Bradley Group, it being expressly understood that the General
Partner may conduct its activities directly, through members of the Bradley
Group as well as and through the Partnership, as the General Partner determines
is appropriate in its sole and absolute discretion. Without limiting the
foregoing, the General Partner, either directly or through other members of the
Bradley Group other than the Partnership, may acquire, own, manage, develop,
improve, lease, invest in or otherwise deal with commercial real estate
including, without limitation, any shopping center, office building or retail
project. Except as may otherwise be agreed to in writing, each Limited Partner
and its affiliates shall be free to engage in, to conduct or to participate in
any business or activity whatsoever, including, without limitation, the
acquisition, development, management and exploitation of real and personal
property (other than property of the Partnership), without any accountability,
liability or obligation whatsoever to the Partnership or to any other Partner,
even if such business or activity competes with or is enhanced by the business
of the Partnership. The General Partner, in the exercise of its power and
authority under this Agreement, may contract and otherwise deal with, or
otherwise obligate the Partnership to deal with, entities in which the General
Partner or any one or more of the

                                       32
<Page>

officers, directors or stockholder of the General Partner may have an ownership
or other financial interest, whether direct or indirect.

          9.9 OTHER MATTERS CONCERNING THE GENERAL PARTNER.

              A. The General Partner shall be protected in relying, acting or
refraining from acting on any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture, or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

              B. The General Partner may exercise any of the powers granted or
perform any of the duties imposed by this Agreement either directly or through
agents. The General Partner may consult with counsel, accountants, appraisers,
management consultants, investments bankers and other consultants selected by
it, each of whom may serve as consultants for the Partnership. An opinion by any
consultant on a matter which the General Partner believes to be within its
professional or expert competence shall be full and complete protection as to
any action taken or omitted by the General Partner based on the opinion and
taken or omitted in good faith. The General Partner shall not be responsible for
the misconduct, negligence, acts or omissions of any consultant or contractor of
the Partnership or of the General Partner, and shall assume no obligations other
than to use due care in the selection of all consultants and contractors.

              C. No mortgagee, grantee, creditor or any other person dealing
with the Partnership shall be required to investigate the authority of the
General Partner or secure the approval of or confirmation by any Limited Partner
of any act of the General Partner in connection with the conduct of the
Partnership business.

              D. The General Partner may retain such persons or entities as it
shall determine (including the General Partner or any entity in which the
General Partner shall have an interest or with which it is affiliated) to
provide services to or on behalf of the Partnership. The General Partner shall
be entitled to reimbursement from the Partnership for its out-of-pocket expenses
(including, without limitation, amounts paid or payable to the General Partner
or any entity in which the General Partner shall have an interest or with which
it is affiliated) incurred in connection with Partnership business. Such
expenses shall be deemed to include those expenses required in connection with
the administration of the Partnership such as the maintenance of Partnership
books and records, management of the Partnership property and assets,
preparation of information respecting the Partnership needed by the Partners in
the preparation of their individual tax returns and all other Administrative
Expenses.

          9.10 PARTNER EXCULPATION. Except as provided in Article 14 and except
for fraud, willful misconduct and gross negligence, no property or assets of any
Partner, other than its interest in the Partnership shall be subject to levy,
execution or other enforcement procedures for satisfaction of judgment (or other
judicial process) in connection with the debts or liabilities of the Partnership
or in connection with this Agreement. To the fullest extent

                                       33
<Page>

permitted by law, no officer, director or shareholder of the Partnership shall
be liable to the Partnership or any Partner for money damages or recision except
for (i) active and deliberate dishonesty established by a final judgment or (ii)
actual receipt of an improper benefit or profit in money, property or services.
This Agreement is executed by an officer of the General Partner solely as an
officer of the same and not in his own individual capacity. Except as provided
in Article 14, no advisor, director, participant or agent of any Partner (or of
any partner of a Partner) shall be personally liable in any matter or to any
extent under or in connection with this Agreement, and the Partnership, each
Partner and their respective successors or assigns shall look solely to the
interest of the other Partners in the Partnership for the payment of any claim
or for any performance hereunder.

      10.   BANKING. The funds of the Partnership shall be kept in accounts
designated by the General Partner and all withdrawals therefrom shall be made on
such signature or signatures as shall be designated by the General Partner.

      11. ACCOUNTING.

          11.1 FISCAL YEAR. The fiscal and taxable year of the Partnership shall
end on the last day of December of each year, unless another fiscal year end is
selected by the General Partner.

          11.2 BOOKS OF ACCOUNT. The Partnership books of account shall be
maintained at the principal office designated in Section 2.3 above or at such
other locations and by such person or persons as may be designated by the
General Partner. The Partnership shall pay the expense of maintaining its books
of account. Each Partner shall have, during reasonable business hours and upon
reasonable prior notice, access to the books of the Partnership and, in
addition, at its expense, shall have the right to copy such books. The General
Partner, at the expense of the Partnership, shall cause to be prepared and
distributed to the Partners annual financial data sufficient to reflect the
status and operations of the Partnership and its assets and to enable each
Partner to file its federal income tax return.

          11.3 REPORTS. The General Partner shall cause copies of the
consolidated Audited Financial Statements for the Partnership and the Financing
Partnership, together with the reports thereon, and all supplementary schedules
and information prepared by the Accountants, to be submitted to each Limited
Partner who requests the same in writing by the later of (i) ten (10) business
days following receipt of the Limited Partner's request or (ii) April 1 of the
year following the calendar year with respect to which such documents are
prepared. The Partnership shall also cause to be prepared such reports and/or
information as are necessary for the General Partner to determine its
qualification as a REIT and its compliance with REIT Requirements.

          11.4 AUDITS. Not less frequently than annually, the books and records
of the Partnership shall be audited by the Accountants. The General Partner
shall, unless determined

                                       34
<Page>

otherwise by the General Partner, engage the Accountants to audit the books and
records of the Financing Partnership and any other consolidated subsidiary of
the Partnership.

          11.5 METHOD OF ACCOUNTING. Except for purposes of Article 7 and the
maintenance of Capital Accounts, the Partnership books of account shall be
maintained and kept, and its income, gains, losses and deductions shall be
accounted for, in accordance with sound principles of accounting consistently
applied, or such other method of accounting as may be adopted hereafter by the
General Partner. All elections and options available to the Partnership for
federal or state income tax purposes shall be taken or rejected by the
Partnership in the sole discretion of the General Partner.

          11.6 TAX ELECTION. All elections required or permitted to be made by
the Partnership under any applicable tax law shall be made by the General
Partner in its sole discretion.

          11.7 TAX MATTERS PARTNER. The General Partner is hereby designated the
Tax Matters Partner (hereinafter referred to as the "TMP") of the Partnership
and shall have all the rights and obligations of the TMP under the Code.

          11.8 ADMINISTRATIVE ADJUSTMENTS. If the TMP receives notice of a Final
Partnership Administrative Adjustment (the "FPAA") or if a request for an
administrative adjustment made by the TMP is not allowed by the United States
Internal Revenue Service (the "IRS") and the IRS does not notify the TMP of the
beginning of an administrative proceeding with respect to the Partnership's
taxable year to which such request relates (or if the IRS so notifies the TMP
but fails to mail a timely notice of an FPAA), the TMP may, but shall not be
obligated to, petition a court for readjustment of partnership items. In the
case of notice of an FPAA, if the TMP determines that the United States District
Court or Claims Court is the most appropriate forum for such petition, the TMP
shall notify each person who was a Partner at any time during the Partnership's
taxable year to which the IRS notice relates of the approximate amount by which
the IRS notice relates of the approximate amount by which its tax liability
would be increased (based on such assumptions as the TMP may in good faith make)
if the treatment of partnership items on his return was made consistent with the
treatment of partnership items on the Partnership's return, as adjusted by the
FPAA. Each such person shall deposit with the TMP, for deposit with the IRS, the
approximate amount of his increased tax "liability" together with a written
agreement to make additional deposits if required to satisfy the jurisdictional
requirements of the Court, within thirty days after the TMP's notice to such
person.

      12. TRANSFERS OF PARTNERSHIP INTERESTS.

          12.1 CONSENT. The General Partner may, in its sole and absolute
discretion, transfer, assign, sell, encumber or otherwise dispose of all or any
part of its interest in the Partnership, without the consent of the Limited
Partners; provided, however, that, prior to March 16, 1998, the General Partner
shall not, without the consent of a majority of the

                                       35
<Page>

Limited Partners, transfer, assign, sell, encumber or otherwise dispose of all
or any part of its interest in the Partnership to any of its Affiliates other
than an Affiliate whose securities will, in connection with such transfer,
become issuable upon redemption of the Units. Nothing in this Section 12.1 shall
preclude the transfer of Units to the extent necessary to provide that the
Partners (other than the General Partner) are entitled to at least 1% in the
aggregate of the distributions to the Partners pursuant to Section 8.4 for the
taxable year and subsequent taxable years.

          12.2 LIMITED PARTNERS.

               A. No Limited Partner or substituted Limited Partner shall,
without the prior written consent of the General Partner which consent may be
withheld in its sole and absolute discretion, transfer, assign, sell, encumber
or otherwise dispose of (a "Transfer") all or any part of his interest in the
Partnership, except (i) as otherwise permitted by Section 13.2 of this Agreement
and for intervivos intra-family transfers for estate planning purposes, and (ii)
for pledges of Units by Limited Partners to secure the repayment of a loan,
provided that the Limited Partner shall have (A) first obtained the written
agreement of the pledgee to exercise its redemption rights with respect to any
pledged Units pursuant to Section 3.2.C immediately upon taking any action with
respect to such Units and (B) submitted a copy of such agreement and pledge to
the General Partner. Any Transferee (as defined below) of Units transferred as
permitted hereby shall be subject to the provisions of Article 14 to the extent
applicable. A Limited Partner shall notify the General Partner of any Transfers
of beneficial interest or other interest which occurs without a transfer of
record ownership, as well as any pledge or other collateral transfer. No part of
the interest of a Limited Partner shall be subject to the claims of any
creditor, any spouse for alimony or support, or to legal process, or be
voluntarily or involuntarily alienated or encumbered, except as may be
specifically provided for in Section 12.2.A or Section 13.2 of this Agreement. A
Limited Partner shall not be permitted to retire or withdraw from the
Partnership except as expressly permitted by this Agreement.

               B. An assignee, legatee, distributee or other transferee (whether
by conveyance, operation of law or otherwise) (a "Transferee") of all or any
portion of a Limited Partner's interest in the Partnership shall be entitled to
receive distributions hereunder attributable to such interest acquired by reason
of such Transfer, from and after the effective date of the Transfer of such
interest; provided, however, anything in this Agreement to the contrary
notwithstanding, except as provided in Section 12.2.A or 13.2, (i) no Transfer
by a Limited Partner shall be effective until such Transfer has been consented
to by the General Partner, (ii) no Transferee shall be considered a substituted
Limited Partner, (iii) the Partnership and the General Partner shall be entitled
to treat the transferor of such interest as the absolute owner thereof in all
respects, and shall incur no liability for distributions which are made to such
transferor until such time as the written instrument of Transfer has been
received by the General Partner and the "effective date" of the Transfer has
passed, and (iv) the General Partner shall have the right to require any such
transferor to have such transferor's Partnership Interest redeemed in accordance
with the provisions of Section 3.2. The "effective

                                       36
<Page>

date" of any Transfer shall be the last day of the month set forth on the
written instrument of Transfer or such other date consented to in writing by the
General Partner as the "effective date."

               C. Notwithstanding anything to the contrary contained in this
Article 12, (a) no Transfer shall be effective to the extent that such Transfer,
by treating the Unit or Partnership Interest so transferred as if it had been
tendered for redemption and then acquired by the General Partner for Common
Stock in accordance with Section 3.2, would be prohibited by or violate any
provision of the Charter of the General Partner (including those limiting the
ownership of Common Stock in certain instances) and (b) no Transfer of a
Partnership Interest by any Partner shall be made (i) to any person or entity
that lacks the legal right, power or capacity to own a Partnership Interest,
(ii) in violation of applicable law, (iii) if such Transfer would cause the
General Partner to fail to qualify as a REIT, (iv) if such Transfer would cause
a termination of the Partnership for federal income tax purposes (unless the
General Partner consents to such transfer), (v) if such Transfer would, in the
opinion of counsel to the Partnership, cause the Partnership or the Financing
Partnership (or any other entity taxed as a partnership for federal income tax
purposes) (A) to cease to be classified and taxed as a partnership for federal
income tax purposes or (B) to be a "publicly traded partnership" within the
meaning of Section 7704 of the Code, (vi) if such Transfer would cause the
Partnership to become, with respect to any employee benefit plan subject to
Title 1 of ERISA, a "party-in-interest" (as defined in Section 3(14) of ERISA)
or a "disqualified person" (as defined in Section 4975(c) of the Code), or (vii)
if such Transfer would, in the opinion of counsel to the Partnership, cause any
portion of the assets of the Partnership to constitute assets of any employee
benefit plan pursuant to Department of Labor Regulations Section 2510.3-101.

          12.3 ADMISSION ADJUSTMENTS. The General Partner, when necessary, shall
cause this Agreement to be amended from time to time to reflect the addition or
withdrawal of Partners, including the corresponding adjustments to Percentage
Interests and Units required pursuant to Section 3.1.

          12.4 UNIT CERTIFICATES. Unit Certificates are transferable only to the
extent that the Units or other Partnership Interests evidenced by such Unit
Certificates are transferable under this Article 12.

      13. RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS.

          13.1 NO PARTICIPATION IN MANAGEMENT. Except as expressly permitted
hereunder, the Limited Partners shall not take part in the management of the
Partnership's business, transact any business in the Partnership's name or have
the power to sign documents for or otherwise bind the Partnership.

            13.2 DEATH, LEGAL INCOMPETENCY, ETC. OF A LIMITED PARTNER. The
death, legal incompetency, insolvency, dissolution or bankruptcy of a Limited
Partner shall not dissolve or

                                       37
<Page>

terminate the Partnership. Upon ten Trading Days' notice to the General Partner
of the death or incapacity of an individual Limited Partner, such individual
Limited Partner's interest in the Partnership shall be transferred either by
will, the laws of intestacy or otherwise to the legal representative or
successor of such individual Limited Partner who shall be bound in all respects
by the terms of this Agreement, subject to the General Partner's right to redeem
such interest in accordance with the provisions of Section 3.2.

          13.3 NO WITHDRAWAL. No Limited Partner may withdraw from the
Partnership without the prior written consent of the General Partner.

          13.4 DUTIES AND CONFLICTS. The General Partner recognizes that the
Limited Partners and their Affiliates have or may have other business interests,
activities and investments, some of which may be in conflict or competition with
the business of the Partnership, and that such persons are entitled to carry on
such other business interests, activities and investments. The Limited Partners
and their Affiliates may engage in or possess an interest in any other business
or venture of any kind, independently or with others, on their own behalf or on
behalf of other entities with which they are affiliated or associated, and such
persons may engage in any activities, whether or not competitive with the
Partnership, without any obligation to offer any interest in such activities to
the Partnership or to any Partner. Neither the Partnership nor any Partner shall
have any right, by virtue of this Agreement, in or to such activities, or the
income or profits derived therefrom, and the pursuit of such activities, even if
competitive with the business of the Partnership, shall not be deemed wrongful
or improper.

      14. INDEMNIFICATION AND SECURITY INTEREST.

          14.1 [Intentionally Omitted].

          14.2 INDEMNITY COLLATERAL. Indemnity Collateral shall mean with
respect to the TTC Guarantors: (a) the shares of Common Stock and Units held or
otherwise beneficially owned by the TTC Guarantors and their family members
which are set forth on EXHIBIT F to the Prior Agreement; (b) any shares of
Common Stock received by the TTC Guarantors as a result of the exchange of Units
for shares of Common Stock; (c) any Units transferred by the TTC Guarantors to a
family member for estate planning purposes in accordance with Section 12.2.A(i);
and (d) stock dividends, stock splits or other securities received with respect
to the shares of Common Stock or Units described in (a), (b) or (c), but
expressly excluding any cash dividends payable with respect to Units or shares
of Common Stock prior to any claim by an Indemnified Party hereunder.

          14.3 COMMONS OF CHICAGO RIDGE.

               A. With respect to the Commons of Chicago Ridge, the TTC
Guarantors agree to indemnify and hold harmless the General Partner and the
Partnership and each of their subsidiaries and all members of the Bradley Group
and their respective officers,

                                       38
<Page>

directors, employees and representatives (each, an "Indemnified Party" and
collectively, the "Indemnified Parties") from and against all demands, claims,
actions or causes of action, assessments, losses, fines, penalties, damages,
liabilities, costs and expenses (including without limitation, reasonable
attorneys' fees and expenses of counsel chosen by the Indemnified Parties and
costs of litigation and reasonable fees and expenses of accountants chosen by
the Indemnified Parties) and charges sustained or incurred by any of the
Indemnified Parties as a result of or arising out of any matter, condition or
act at the Commons of Chicago Ridge involving any Environmental Claim, which
matter, condition or act existed on or arose prior to the date of the Original
Agreement (whether or not disclosed in the environmental reports set forth as
exhibits to the Tucker Contribution Agreements or as described in the Prospectus
or other reports filed by Tucker with the SEC or otherwise known by any of the
TTC Guarantors), except for the Remediation Work (as defined in that certain
Agreement Concerning Commons of Chicago Ridge, dated as of October 30, 1995, by
and among Bradley, the Partnership and the TTC Guarantors); provided that, no
claim for indemnity may be maintained pursuant to this Section 14.3, unless such
Indemnified Party shall have delivered a written notice specifying the details
of such claim to the TTC Guarantors on or before October 4, 2003.

         The indemnification obligation set forth in the preceding paragraph
shall cover all demands, claims, actions or causes of action, assessments,
losses, fines, penalties, damages, liabilities, costs and expenses (including
without limitation, reasonable attorneys' fees and expenses of counsel chosen by
the Indemnified Parties and costs of litigation and reasonable fees and expenses
of accountants chosen by the Indemnified Parties) and charges sustained or
incurred by any of the Indemnified Parties as a result of or arising out of any
matter, condition or act at the Commons of Chicago Ridge Annex involving any
Environmental Claim only to the extent that such matter, condition or act is the
result of or arises out of a matter, condition or act at the Commons of Chicago
Ridge that existed on or arose prior to the date of the Original Agreement.

               B. The Indemnified Parties shall have full recourse to the TTC
Guarantors and all of their assets for the indemnity obligation set forth in
this Section 14.3; provided that the Indemnified Parties shall first use their
best efforts to realize upon their security interests in the Indemnity
Collateral owned by the TTC Guarantors prior to asserting any recourse against
any other assets owned by the TTC Guarantors.

               C. The Indemnified Parties agree to the following with respect to
any indemnification obligations of the TTC Guarantors hereunder:

         (i)    to furnish the TTC Guarantors with copies of all claims,
                reports, orders, or other documentation which in any material
                way relate to the subject matter of an indemnity obligation
                asserted or which may be asserted against a TTC Guarantor as
                soon as possible after the same are received;

                                       39
<Page>

         (ii)   to advise the TTC Guarantors of meetings with the Illinois EPA
                with respect to any remediation plan or other material matter
                bearing directly on such indemnity obligation of the TTC
                Guarantors and invite the TTC Guarantors to attend such meeting;

         (iii)  not to agree to a remediation plan with the Illinois EPA without
                first disclosing the plan to the TTC Guarantors and reasonably
                considering in good faith any comments of the TTC Guarantors
                thereon or any alternate remediation plan proposed by the TTC
                Guarantors;

         (iv)   that any remediation plan proposed by the Indemnified Parties
                shall propose a scope of work appropriate to a retail use of the
                subject premises and not to a more rigorous standard of
                remediation, except as may be required by applicable laws;

         (v)    that the TTC Guarantors and their consultants shall have
                reasonable access to the premises which are the subject of the
                indemnification obligation for testing, provided that the TTC
                Guarantors shall be responsible for any claims, losses, costs or
                expenses of Indemnified Parties arising therefrom;

         (vi)   not to settle any Environmental Claims which are subject to an
                indemnification obligation hereunder without first disclosing
                the terms of the settlement to the TTC Guarantors and reasonably
                considering in good faith any comments of the TTC Guarantors
                thereon;

         (vii)  to use on-site any materials excavated in connection with
                construction on the Commons of Chicago Ridge. to the extent
                deemed appropriate by the Indemnified Parties in light of
                relevant legal requirements and construction standards; provided
                that if the transport or disposal off-site of any "special
                waste", including "hazardous waste" (both as defined under
                Illinois statutes and regulations), or of any other material
                subject to special or hazardous waste requirements, has an
                incremental cost above the cost that would be incurred if such
                materials were not so classified or regulated, the TTC
                Guarantors shall bear such incremental cost; and

         (viii) to obligate contractors with respect to construction on the
                Commons of Chicago Ridge to require workers to wear protective
                clothing and apparatus to the extent required by law if, in
                connection with the construction, such workers will be exposed
                to special or hazardous wastes or other materials subject to
                special or hazardous waste requirements.

                                       40
<Page>

         The agreements of the Indemnified Parties set forth in sub-sections (i)
through (viii) above shall not be deemed to require the consent or approval of
the TTC Guarantors as to any actions by the Indemnified Parties relating to the
subject matter of any indemnity obligation.

          14.4 TTC GUARANTORS.

               A. With respect to indemnity obligations of the TTC Guarantors
under Section 14.3. the TTC Guarantors have granted and hereby confer, subject
to the provisions of Section 14.4.D, to the General Partner a lien upon and a
continuing security interest in the Indemnity Collateral which shall be security
for the indemnity obligations of the TTC Guarantors, as applicable, under this
Article 14. Notwithstanding the foregoing, (i) Units owned by the TTC Guarantors
and their family members subject to the lien and security interest granted under
this Section 14.4.A may be transferred in accordance with the provisions of
Section 13.2 free and clear of such lien and security interest and (ii) shares
of Common Stock of the General Partner owned by the TTC Guarantors and their
family members subject to the lien and security interest granted under this
Section 14.4.A may be transferred free and clear of such lien and security
interest; provided, however, that, in each instance, once a claim for indemnity
has been made in accordance with this Article 14, the TTC Guarantors may not
under any circumstance sell or otherwise transfer such Units or shares of Common
Stock or any other Indemnity Collateral. In addition, once an indemnity claim
has been made hereunder, all cash or other dividends made with respect to Units
or shares of Common Stock shall be considered Indemnity Collateral and shall be
placed by the General Partner in an escrow account until such claim is resolved.

               B. The TTC Guarantors have (i) delivered to the General Partner
certificates representing all of the shares of Common Stock owned by them in
such manner and accompanied by such instruments, including stock transfer powers
duly endorsed in blank, as shall be necessary to grant the General Partner a
fully perfected first priority security interest in such shares and in any
shares of Common Stock that may, after the date hereof, be issued to the TTC
Guarantors by stock dividend, stock split or similar distribution and (ii)
prepared and filed UCC financing statements and such other documents and have
taken other action necessary to grant the General Partner a fully perfected
first priority security interest in all of their respective Units. In the event
the TTC Guarantors are determined to have an indemnification obligation pursuant
to Section 14.4.D, then each Indemnified Party shall have all of the rights now
or hereafter existing under applicable law, and all rights as a secured creditor
under the Uniform Commercial Code ("UCC") in all relevant jurisdictions, with
respect to the Indemnity Collateral, and the TTC Guarantors agree to take all
such actions as may be reasonably requested of them by an Indemnified Party to
ensure that the Indemnified Parties can realize on such security interest.

               C. In the event an Indemnified Party asserts, within the time
period set forth in Section 14.3.A, that the TTC Guarantors have an
indemnification obligation to an Indemnified Party under this Article 14, and
TTC Guarantors are determined to have an indemnification obligation pursuant to
Section 14.4.D, then (x) the General Partner shall, to

                                       41
<Page>

the full extent permitted by law, be deemed, without payment of further
consideration or the taking of further action by the TTC Guarantors or any of
their subsidiaries, to have acquired from any or all of the TTC Guarantors such
portion of the Indemnity Collateral as shall be equal in value (based, in the
case of Units, on the number of shares of Common Stock for which such Units
could be exchanged, computed as of the date the Indemnity Collateral is acquired
by the General Partner pursuant to this Section 14.3.C, and in the case of the
Units or the Common Stock, on the Current Per Share Market Price computed as of
the date of such acquisition) to the amount recoverable from or payable by or
indemnified by the TTC Guarantors under this Article 14, and (y) the Indemnified
Parties shall have all of the rights now or hereafter existing under applicable
law and all rights as a secured creditor under the UCC in all relevant
jurisdictions, with respect to the Indemnity Collateral and the TTC Guarantors
agree to take all such actions as may be reasonably requested of them by the
General Partner to ensure that the Indemnified Parties can realize on such
security interest.

               D. Each of the Indemnified Parties shall have the right to submit
any dispute concerning whether a particular environmental claim is within the
parameters of Section 14.3.A to arbitration in accordance with the provisions of
Article 18. The lien and the security interest in Indemnity Collateral granted
hereunder shall not be released with respect to the TTC Guarantors' shares of
Common Stock and Units until all of the indemnification obligations of the TTC
Guarantors hereunder have expired or been satisfied in accordance with their
terms; provided, however, that Units owned by the TTC Guarantors and their
family members may be transferred in accordance with this Agreement and shares
of Common Stock owned by the TTC Guarantors and their family members may be
transferred free and clear of such lien and security interest, in each such case
subject to the limitations of Section 14.4.A. Upon satisfaction of the
conditions to the release of the lien and security interest in the Indemnity
Collateral set forth above, the General Partner shall prepare and file all
documents and shall take all other action necessary on its part to release such
security interest in the applicable Indemnity Collateral.

      15. LIQUIDATION AND DISSOLUTION OF PARTNERSHIP.

          15.1 TERMINATION EVENTS. The Partnership shall be dissolved and its
affairs wound up in the manner hereinafter provided upon the occurrence of an
event described in Article 6.

          15.2 METHOD OF LIQUIDATION. Upon the happening of any of the events
specified in Article 6, the General Partner (or if there be no General Partner,
a liquidating trustee selected by those Limited Partners holding in the
aggregate more than fifty percent (50%) of the Percentage Interests held by all
Limited Partners) shall immediately commence to wind up the Partnership's
affairs and shall liquidate the assets of the Partnership as promptly as
possible, unless the General Partner, or the liquidating trustee, shall
determine that an immediate sale of Partnership assets would cause undue loss to
the Partnership, in which event the liquidation may be deferred for a reasonable
time. The Partners shall continue to share Operating Cash Flow and Capital Cash
Flow during the period of liquidation in the same

                                       42
<Page>

proportions as before dissolution. The proceeds from liquidation of the
Partnership, including repayment of any debts of Partners to the Partnership,
shall be applied in the order of priority as follows:

               A. Debts of the Partnership, including repayment of principal and
interest on loans and advances made by the General Partner; then

               B. To the establishment of any reserves deemed necessary or
appropriate by the General Partner, or by the person(s) winding up the affairs
of the Partnership in the event there is no remaining General Partner of the
Partnership, for any contingent or unforeseen liabilities or obligations of the
Partnership. Such reserves established hereunder shall be held for the purpose
of paying any such contingent or unforeseen liabilities or obligations and, at
the expiration of such period as the General Partner, or such person(s) deems
advisable, the balance of such reserves shall be distributed in the manner
provided hereinafter in this Section 15.2 as though such reserves had been
distributed contemporaneously with the other funds distributed hereunder; then

               C. To the Partners in accordance with the provisions of Sections
8.4 and 8.5; provided, however, that if the Partnership is liquidated other than
in connection with the liquidation of the Bradley Group, distributions to the
Partners under this Section 15.2.C shall be made in the following order and
priority:

                  1. First, to those Partners (whether Limited or General)
holding Preferred Units, if any, issued by the Partnership pursuant to Section
3.1.C, an amount sufficient to satisfy the liquidation rights of such Preferred
Units (to the extent such liquidation rights have been designated as senior to
the liquidation rights of other Units or Partnership Interests);

                  2. Second, to the Limited Partners as a class (excluding for
such purposes, all Preferred Units with liquidation rights designated as senior
to the liquidation rights of other Units or Partnership Interests), an amount
equal to the lesser of (a) the sum of (i) the amount (or portion thereof) of any
Current Yield which has not been paid to the Limited Partners pursuant to
Section 8.4.A for any prior period, plus (ii) the product of (x) the Conversion
Factor, (y) the number of Units held by the Limited Partners and (z) the Current
Per Share Market Price of the Common Stock as of the close of the period ending
with the liquidation and (b) 99% of the liquidation proceeds remaining after the
application of Sections 15.2.A, 15.2.B and 15.2.C.1; and

                  3. Third, the remainder of liquidation proceeds shall be
distributed to the General Partner.

          15.3 DISTRIBUTION IN KIND. The General Partner may make distributions
pursuant to this Agreement in cash or in kind, as it determines is appropriate
in its sole discretion; provided that no in-kind distributions shall be made to
any Limited Partner other

                                       43
<Page>

than the General Partner. In the event the General Partner determines that it is
necessary or desirable to make a distribution of Partnership property in kind,
the General Partner may transfer and convey such property to the distributees as
tenants in common, subject to any liabilities attached thereto, so as to vest in
them undivided interests in the whole of such property in proportion to their
respective rights to share in the proceeds of the sale of such property (other
than as a creditor) in accordance with the provisions of Section 15.2.

          15.4 DOCUMENTATION OF LIQUIDATION. Upon the completion of the
resolution and liquidation of the Partnership, the Partnership shall terminate
and the liquidating trustee shall have the authority to execute and record any
and all documents or instruments required to effect the dissolution, liquidation
and termination of the Partnership.

          15.5 LIABILITY OF THE LIQUIDATING TRUSTEE. The liquidating trustee
shall be indemnified and held harmless by the Partnership from and against any
and all claims, demands, liabilities, costs, damages and causes of action of any
nature whatsoever arising out of or incidental to the liquidating trustee's
taking of any action authorized under or within the scope of this Agreement;
provided, however, that the liquidating trustee shall not be entitled to
indemnification, and shall not be held harmless, where the claim, demand,
liability, cost, damage or cause of action at issue arose out of:

               A. A matter entirely unrelated to the liquidating trustee's
action or conduct pursuant to the provisions of this Agreement; or

               B. The proven misconduct or negligence of the liquidating
trustee.

      16.   POWER OF ATTORNEY. Each Limited Partner hereby irrevocably
constitutes and appoints the Chief Executive Officer, the President and each
person holding the office of Executive Vice President of the General Partner,
with full power of substitution, its true and lawful attorney, for him and in
his name, place and stead and for his use and benefit, to sign, swear to,
acknowledge, file and record:

                  (i) this Agreement, and amendments to this Agreement;

                  (ii) any certificates, instruments and documents (including
assumed and fictitious name certificates) as may be required by, or may be
appropriate under, the laws of the State of Delaware or any other State or
jurisdiction in which the Partnership is doing or intends to do business, in
order to discharge the purposes of the Partnership or otherwise in connection
with the use of the name or names used by the Partnership;

                  (iii) any other instrument which may be required to be filed
or recorded by the Partnership on behalf of the Partners under the laws of any
State or by any governmental agency in order for the Partnership to conduct its
business;

                                       44
<Page>

                  (iv) any documents which may be required to effect the
continuation of the Partnership, the admission of a substitute or additional
Partner, or the dissolution and termination of the Partnership, provided such
continuation, admission or dissolution and termination is not in violation of
any provision of this Agreement; and

                  (v) any documents which may be required or desirable to have
the General Partner appointed, and act as, the "Tax Matters Partner" as
described in the Code.

The foregoing grant of authority is a special power of attorney coupled with an
interest, is irrevocable and shall survive the death or incapacity of any
individual Limited Partner, and shall survive the delivery of any assignment by
a Limited Partner of the whole or any portion of his interest in the
Partnership.

      17. AMENDMENT OF AGREEMENT.

          17.1 GENERAL. The General Partner, without the consent of the Limited
Partners, may amend this Agreement in any respect by executing a written
instrument setting forth the terms of such amendment; provided, however, that,
except as provided in Section 17.2, any amendment which alters or changes (i)
the distribution rights of any Limited Partner under Article 8, or (ii) a
Limited Partner's Redemption Rights under Section 3.2, shall require the consent
of Limited Partners (excluding members of the Bradley Group) holding more than
50% of the Limited Partner Units (other than Preferred Units) (excluding members
of the Bradley Group), except that the consent of such Limited Partners shall
not be required to amend Article 8 to the extent deemed necessary, in the sole
discretion of the General Partner, to reflect the seniority of any distribution
or liquidation rights of any Preferred Units issued in accordance with Section
3.1.C.

          17.2 MERGER. ETC. OF GENERAL PARTNER. Notwithstanding anything to the
contrary contained herein, in the event that (i) the General Partner or any of
its corporate subsidiaries engages in any merger, consolidation or other
combination with or into another Person in which securities of the General
Partner are being issued, acquired, converted or exchanged, (ii) the General
Partner engages in the sale of all or substantially all of its assets, or (iii)
the General Partner engages in a reclassification, recapitalization or change in
the outstanding shares of its stock (other than a change in par value or from
par value to no par value, or as a result of a subdivision or combination as
described in the definition of Conversion Factor) which results in the holders
of Common Stock receiving cash, securities or other property (any of the events
listed in clauses (i), (ii) or (iii) hereinafter referred to as a
"Transaction"), the General Partner (or its successor or transferee) may amend
the provisions of this Agreement (including, without limitation, the definition
of Conversion Factor) in any respect in connection with such Transaction
(regardless of whether the amendment alters or changes the distributions to a
Limited Partner or a Limited Partner's Redemption Rights) without obtaining the
consent of any Limited Partner; provided that either (i) in connection with the
Transaction, the Limited Partners are offered the opportunity to receive for
each Unit

                                       45
<Page>

held by them an amount of cash, securities, or other property equal to the
product of the Conversion Factor and the amount of cash, securities or other
property, if any, paid to a holder of one share of Common Stock as a result of
the Transaction, or (ii) the General Partner or its corporate subsidiary is the
acquiror in such Transaction and the holders of the Common Stock of the General
Partner are not receiving cash, securities, or other property in such
Transaction.

      18. ARBITRATION.

          18.1 GENERAL. Notwithstanding anything to the contrary contained in
this Agreement, all claims, disputes and controversies between the parties
hereto (including, without limitation, any claims, disputes and controversies
between the Partnership and any one or more of the Partners and any claims,
disputes and controversies between any one or more Partners and the
indemnification obligations of the TTC Guarantors under Article 14) arising out
of or in connection with this Agreement or the Partnership created hereby, or
any act or failure to act by the General Partner or any other Partner hereunder,
in each case whether or not a party has responded to a claim for indemnification
in accordance with Section 14.4.D, shall be resolved by binding arbitration in
Boston, Massachusetts by J.A.M.S./ENDISPUTE, in accordance with this Article 18.

          18.2 PROCEDURES. Any arbitration called for by this Article 18 shall
be conducted in accordance with the following procedures:

               A. The Partnership or any Partner (the "Requesting Party") may
demand arbitration pursuant to Section 18.1 at any time by giving written notice
of such demand (the "Demand Notice") to all other Partners and (if the
Requesting Party is not the Partnership) to the Partnership which Demand Notice
shall describe in reasonable detail the nature of the claim, dispute or
controversy.

               B. Within fifteen (15) days after the giving of a Demand Notice,
J.A.M.S./ENDISPUTE shall select and designate in writing three reputable,
disinterested individuals willing to act as an arbitrator of the claim, dispute
or controversy in question.

               C. The presentations of the parties hereto in the arbitration
proceeding shall be commenced and completed within sixty (60) days after the
selection of the arbitration panel pursuant to subsection B above, and the
arbitration panel shall render its decision in writing within thirty (30) days
after the completion of such presentations. Any decision concurred in by any two
(2) of the arbitrators shall constitute the decision of the arbitration panel,
and unanimity shall not be required.

               D. The arbitration panel shall have the discretion to include in
its decision a direction that all or part of the attorneys' fees and costs of
any party or parties and/or the costs of such arbitration be paid by any other
party or parties. On the application of a party before or after the initial
decision of the arbitration panel, and proof of its attorneys'

                                       46
<Page>

fees and costs, the arbitration panel shall order the other party to make any
payments directed pursuant to the preceding sentence.

          18.3 BINDING CHARACTER. Any decision rendered by the arbitration panel
pursuant to this Section shall be final and binding on the parties hereto, and
judgment thereon may be entered by any state or federal court of competent
jurisdiction.

          18.4 EXCLUSIVITY. Arbitration shall be the exclusive method available
for resolution of claims, disputes and controversies described in Section 18.1,
and the Partnership and its Partners stipulate that the provisions hereof shall
be a complete defense to any suit, action, or proceeding in any court or before
any administrative or arbitration tribunal with respect to any such claim,
controversy or dispute. The provisions of this Section 18.4 shall survive the
dissolution of the Partnership.

          18.5 NO ALTERATION OF AGREEMENT. Nothing contained herein shall be
deemed to give the arbitrators any authority, power or right to alter, change,
amend, modify, add to, or subtract from any of the provisions of this Agreement.

      19. MISCELLANEOUS.

          19.1 NOTICES. Any notice, election or other communication provided for
or required by this Agreement shall be in writing and shall be deemed to have
been given when delivered by telecopy or other facsimile transmission (confirmed
by any of the methods that follow) or by hand, the first business day after sent
by overnight courier (such as Federal Express), or on the second business day
after deposit in the United States Mail, certified or registered, return receipt
requested, postage prepaid, properly addressed to the Partner to whom such
notice is intended to be given at the address for the Partner set forth on
EXHIBIT A, or at such other address as such person may have previously furnished
or may subsequently furnish in writing to the Partnership and each Partner. A
copy of all such notices also should be sent to the General Partner and
addressed as follows:

            General Partner:   Bradley Real Estate, Inc.
                               40 Skokie Boulevard, Suite 600
                               Northbrook, IL 60062-1626
                               Attention: Thomas P. D'Arcy, President
                               Fax No. (847) 480-1893

            With copy to:      William B. King, P.C.
                               Goodwin, Procter & Hoar LLP
                               Exchange Place
                               Boston, MA 02109
                               Fax No. (617) 523-1231

                                       47
<Page>

          19.2 SUCCESSORS AND ASSIGNS. Any person acquiring or claiming an
interest in the Partnership, in any manner whatsoever, shall be subject to and
bound by all of the terms, conditions and obligations of this Agreement to which
his predecessor-in-interest was subject or bound, without regard to whether such
a person has executed a counterpart hereof or any other document contemplated
hereby. No person, including the legal representative, heir or legatee of a
deceased Partner, shall have any rights or obligations greater than those set
forth in this Agreement, and no person shall acquire an interest in the
Partnership or become a Partner thereof except as expressly permitted by and
pursuant to the terms of this Agreement. Subject to the foregoing, and the
provisions of Article 12 above, this Agreement shall be binding upon and inure
to the benefit of the Partners and their respective successors, assigns, heirs,
legal representatives, executors and administrators.

          19.3 DUPLICATE ORIGINALS. For the convenience of the Partners, any
number of counterparts hereof may be executed, and each such counterpart shall
be deemed to be an original instrument, and all of which taken together shall
constitute one agreement.

          19.4 CONSTRUCTION. The titles of the Sections and subsections herein
have been inserted as a matter of convenience of reference only and shall not
control or affect the meaning or construction of any of the terms or provisions
herein.

          19.5 GOVERNING LAW. This Agreement shall be governed by the laws of
the State of Delaware. Except to the extent the Act is inconsistent with the
provisions of this Agreement, the provisions of such Act shall apply to the
Partnership.

          19.6 OTHER INSTRUMENTS. The parties hereto covenant and agree that
they will execute such other and further instruments and documents as, in the
opinion of the General Partner, are or may become necessary or desirable to
effectuate and carry out the Partnership as provided for by this Agreement.

          19.7 GENERAL PARTNER WITH INTEREST AS LIMITED PARTNER. Except as set
forth to the contrary in this Agreement, if the General Partner has an interest
as a Limited Partner in the Partnership, the General Partner shall, with respect
to such interest, enjoy all of the rights and be subject to all of the
obligations and duties of a Limited Partner.

          19.8 GENDER. Whenever the context shall so require, all words herein
in any gender shall be deemed to include the masculine, feminine or neuter
gender, all singular words shall include the plural, and all plural words shall
include the singular.

          19.9 PRIOR AGREEMENTS SUPERSEDED. This Agreement supersedes any prior
understandings or written or oral agreements amongst the Partners, or any of
them, respecting the within subject matter and contains the entire understanding
amongst the Partners with respect thereto.

                                       48
<Page>

          19.10 PURCHASE FOR INVESTMENT. Each Partner represents, warrants and
agrees that it has acquired and continues to hold its interest in the
Partnership for its own account for investment only and not for the purpose of,
or with a view toward, the resale or distribution of all or any part thereof,
nor with a view toward selling or otherwise distributing such interest or any
part thereof at any particular time or under any predetermined circumstances.
Each Partner further represents and warrants that it is a sophisticated
investor, able and accustomed to handling sophisticated financial matters for
itself, particularly real estate investments, and that it has a sufficiently
high net worth that it does not anticipate a need for the funds it has invested
in the Partnership in what it understands to be a highly speculative and
illiquid investment.

          19.11 WAIVER. No consent or waiver, express or implied, by any Partner
to or of any breach or default by any other Partner in the performance by such
other Partner of its obligations hereunder shall be deemed or construed to be a
consent to or waiver of any other breach of default in the performance by such
other Partner of the same or any other obligations of such Partner hereunder.
Failure on the part of any Partner to complain of any act or failure to act on
the part of any other Partner or to declare any other Partner in default,
irrespective of how long such failure continues, shall not constitute a waiver
by such Partner of its rights hereunder.

          19.12 SEVERABILITY. If any provision of this Agreement, or the
application of such provision to any person or circumstance, shall be held
invalid by a court of competent jurisdiction, the remainder of this Agreement,
or the application of such provision to persons or circumstances other than
those to which it is held invalid by such court, shall not be affected thereby.

          19.13 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, which when taken together, shall constitute but one original.

          19.14 NOTICE FOR CERTAIN TRANSACTIONS. In the event of (a) a
dissolution or liquidation of the Partnership or the General Partner, (b) a
merger, consolidation or combination of the Partnership or the General Partner
with or into another Person (including the events set forth in Section 17.2),
(c) the sale of all or substantially all of the assets of the Partnership or the
General Partner, or (d) the transfer by the General Partner of all or any part
of its interest in the Partnership, the General Partner shall give written
notice thereof to each Limited Partner at least twenty (20) Trading Days prior
to the effective date or, to the extent applicable, record date of such
transaction, whichever comes first.

                  [Remainder of Page Intentionally Left Blank]

                                       49
<Page>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the date first written above.

                                       GENERAL PARTNER:

                                       Bradley Real Estate, Inc.

                                       By: /s/ Thomas P. D'Arcy
                                           -------------------------------------
                                           Name:  Thomas P. D'Arcy
                                           Title: President

                                       LIMITED PARTNERS:

                                       /s/ Kenneth Tucker
                                       -----------------------------------------
                                       Kenneth Tucker

                                     LEXINGTON HOLDING COMPANY

                                     By: /s/ Irving T. Margolis
                                         ---------------------------------------
                                         Name:  Irving T. Margolis, Trustee, of
                                         Title: Clara Margolis Revocable Trust;
                                                dated July 1, 1991, a partner

                                       COUNTY LINE 31 COMPANY, L.P.

                                       By: /s/ Roy G. Altman
                                           -------------------------------------
                                           Name:  Roy G. Altman
                                           Title: General Partner

                                       By: /s/ John R. Jewett
                                           -------------------------------------
                                           Name:  John R. Jewett
                                           Title: General Partner

                                       By: /s/ J. Kurt Mahrdt, Jr.
                                           -------------------------------------
                                           Name:  J. Kurt Mahrdt, Jr.
                                           Title: General Partner

                                       50<Page>

                                                                 Exhibit 10.3

                      BRADLEY OPERATING LIMITED PARTNERSHIP

                          AMENDMENT TO SECOND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP

      ESTABLISHING AND FIXING THE RIGHTS, LIMITATIONS AND PREFERENCES OF
                   8.4% SERIES A CONVERTIBLE PREFERRED UNITS

     This Amendment to the Second Restated Agreement of Limited Partnership of
Bradley Operating Limited Partnership, a Delaware limited partnership (the
"Partnership"), dated August 6, 1998 (this "Amendment") amends the Second
Restated Agreement of Limited Partnership of the Partnership, dated September 2,
1997, as amended, by and among Bradley Real Estate, Inc. (the "General Partner")
and each of the limited partners executing a signature page thereto (the
"Partnership Agreement"). Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Partnership Agreement. Section
references are (unless otherwise specified) references to sections in this
Amendment.

     WHEREAS, pursuant to Section 3.1.C of the Partnership Agreement, the
General Partner desires to cause the Partnership to issue additional Units of a
new class and series, with the designations, preferences and relative,
participating, optional or other special rights, powers and duties set forth
herein; and

     WHEREAS, such new class and series of Units shall be issued to the General
Partner in connection with the issuance by the General Partner of shares of 8.4%
Series A Convertible Preferred Stock, par value $.01 per share ("Series A
Preferred Stock"), to the stockholders of Mid-America Realty Investments, Inc.
("MDI") at the effective time of the merger of MDI with and into the General
Partner, and such shares of Series A Preferred Stock have designations,
preferences and other rights such that the economic interests attributable to
such shares are substantially similar to the designations, preferences and other
rights of the new class and series of Units issued hereby; and

     WHEREAS, the General Partner is making a Capital Contribution to the
Partnership in an amount equal to the Net Proceeds raised in connection with the
issuance of the 8.4% Series A Convertible Preferred Stock; and

     WHEREAS, pursuant to Section 17.1 of the Partnership Agreement, the General
Partner, without the consent of the Limited Partners, may amend the Partnership
Agreement by executing a written instrument setting forth the terms of such
amendment; and

     WHEREAS, the General Partner desires by this Amendment to so amend the
Partnership Agreement as of the date first set forth above to provide for the
designation and issuance of such new class and series of Units.

<Page>

     NOW THEREFORE, the Partnership Agreement is hereby amended by establishing
and fixing the rights, limitations and preferences of a new class and series of
Units as follows:

1.   DESIGNATION, AMOUNT AND RANKING.

     Pursuant to Section 3.1.C of the Partnership Agreement, a class and series
of Preferred Units, designated "8.4% Series A Convertible Preferred Units," is
hereby established (the "Series A Preferred Units"). The aggregate number of
Series A Preferred Units shall be 3,480,210, all of which are hereby issued to
the General Partner. The General Partner is authorized to issue on behalf of the
Partnership one or more Unit Certificates which evidence ownership of the Series
A Preferred Units in accordance with Section 3.1.A of the Partnership Agreement.

     The Series A Preferred Units shall, with respect to distribution rights and
rights upon liquidation, dissolution or winding up of the Partnership, rank (a)
senior to all Units (whether General Partner Units or Limited Partner Units)
outstanding prior to the date hereof and all units of the same class or series
as such previously outstanding Units (hereinafter referred to collectively as,
"Common Units"), and to all classes or series of Units the terms of which
specifically provide that such Units rank junior to such Series A Preferred
Units; (b) on parity with all classes or series of Units issued by the
Partnership the terms of which specifically provide that such Units rank on a
parity with the Series A Preferred Units; and (c) junior to all other classes or
series of Units issued by the Partnership.

2.   DISTRIBUTION RIGHTS.

          (a) The holder of the outstanding Series A Preferred Units shall be
entitled to receive, when, as and if authorized by the General Partner, out of
funds legally available therefor, cash distributions of Operating Cash Flow and
Capital Cash Flow which are (1) cumulative, (2) preferential to the
distributions paid on the Partnership's Common Units and (3) payable quarterly
in arrears at the rate of 8.4% of the $25.00 liquidation preference per annum
(equivalent to a fixed quarterly amount of $.525 per Series A Preferred Unit)
(the "Distribution Amount") and no more, on the same day as the payment date for
dividends declared by the General Partner on the Series A Preferred Stock (each,
a "Distribution Payment Date"). Each calendar quarter immediately preceding the
Distribution Payment Date (or if the date of original issuance of the Series A
Preferred Units (the "Original Issue Date") is not on the first day of a
calendar quarter, the period beginning on the date of issuance and ending on the
Distribution Payment Date) is referred to hereinafter as a "Distribution
Period." The General Partner may not authorize, declare or pay any distribution
on the Series A Preferred Stock with respect to any period unless it has
authorized, declared and paid a dividend payable by it in the same amount on the
Series A Preferred Stock with respect to the same Distribution Period.
Distributions will be payable to the holder of record with respect to that
number of Series A Preferred Units outstanding on the records of the Partnership
at the close of business on the applicable record date, which shall be the same
day as the record date for any distribution payable by the General Partner on
the Series A Preferred Stock with respect to the same period (each, a
"Distribution Record Date"). Notwithstanding anything in the terms of the Series
A Preferred Units to the contrary, the Distribution Amount for the

                                        2

<Page>

initial Distribution Period and, if applicable, for the next succeeding
Distribution Period(s) shall be reduced in the aggregate by the amount
(calculated to the nearest one-tenth of one cent) obtained by (x) dividing (i)
the amount of the "Merger Dividend," if any, paid to the holders of common
stock, par value $.01 per share of MDI, prior to its merger with and into the
General Partner by (ii) the number of shares of such common stock of MDI with
respect to which the Merger Dividend was paid and (y) dividing (i) the quotient
so obtained by (ii) the Exchange Ratio. For the purposes of the preceding
sentence, the Merger Dividend shall have the meaning set forth in Section
7.14(b) of the Agreement and Plan of Merger dated as of May 30, 1998 by and
between MDI and the General Partner, as amended from time to time (the "Merger
Agreement"), and the Exchange Ratio shall be 0.42 (or such other amount as is
provided in Section 4.1(b) of the Merger Agreement).

          (b) No distributions on Series A Preferred Units shall be authorized
by the General Partner or paid or set apart for payment by the Partnership at
any such time as the terms and provisions of any agreement of the Partnership or
the General Partner, including any agreement relating to their indebtedness,
prohibits such authorization, payment or setting apart for payment or provides
that such authorization, payment or setting apart for payment would constitute a
breach thereof or a default thereunder, or to the extent that such authorization
or payment shall be restricted or prohibited by law.

          (c) Notwithstanding the foregoing, distributions on the Series A
Preferred Units shall accrue whether or not the terms and provisions set forth
in Section 2(b) hereof at any time prohibit the current payment of
distributions, whether or not the Partnership has earnings, whether or not there
are funds legally available for the payment of such distributions and whether or
not such distributions are declared. Accrued but unpaid distributions on the
Series A Preferred Units will accumulate as of the Distribution Payment Date on
which they first become payable.

          (d) The Partnership shall not (i) declare or pay or set apart for
payment any distributions on any Units ranking as to distributions junior to the
Series A Preferred Units (other than distributions paid by issue or delivery of
such junior Units) or (ii) make any purchase or redemption of, or any sinking
fund payment for the purchase or redemption of, any Units ranking as to
distributions junior to the Series A Preferred Units (other than a purchase or
redemption made by issue or delivery of such junior Units) unless all
distributions payable on all outstanding Series A Preferred Units for all past
Distribution Periods shall have been paid in full or declared and a sufficient
sum set apart for payment thereof; PROVIDED, HOWEVER, that any moneys
theretofore deposited in any sinking fund with respect to any Preferred Units of
the Partnership in compliance with the provisions of such sinking fund may
thereafter be applied to the purchase or redemption of such Preferred Units in
accordance with the terms of such sinking fund.

          (e) All distributions declared on any other class of Preferred Units
or series thereof ranking on a parity as to distributions with the Series A
Preferred Units shall be declared pro rata, so that the amounts of distributions
declared per Series A Preferred Unit for

                                        3

<Page>

the Distribution Period of the Series A Preferred Units ending either on the
same day or within the distribution period of such other class or series of
Units, shall, in all cases, bear to each other the same ratio that accrued
distributions per Series A Preferred Unit and such other class or series of
Units bear to each other.

          (f) Any distribution payment made on the Series A Preferred Units
shall first be credited against the earliest accrued but unpaid distribution due
with respect to such Series A Preferred Units which remains payable. Holders of
the Series A Preferred Units shall not be entitled to any distribution, whether
payable in cash, property or Units, in excess of full cumulative distributions
on the Series A Preferred Units as described above.

3.   LIQUIDATION RIGHTS.

          (a) Subject to any prior rights of any class or series of Units, in
the event of any liquidation, dissolution, or winding up of the Partnership,
either voluntary or involuntary and whether or not in connection with the
liquidation of the Bradley Group, the holder of all Series A Preferred Units
then outstanding shall be entitled to receive out of the assets of the
Partnership legally available for distribution, on a prior basis and in
preference to any distribution of any of the assets or surplus funds of the
Partnership to the holders of Common Units by reason of their ownership of such
Units, a liquidation preference of $25.00 per Series A Preferred Unit, plus an
amount equal to all accrued but unpaid distributions as determined in accordance
with Section 2(c) for each Series A Preferred Unit then held by it. If, upon the
occurrence of such event, the assets and funds thus distributed to the holder of
the Series A Preferred Units shall be insufficient to permit the payment to it
and the holders of any other class or series of Units on parity with the Series
A Preferred Units of the full aforesaid amounts to which they are entitled,
then, subject to any prior rights of any classes or series of Units, the entire
assets and funds of the Partnership legally available for distribution shall be
distributed ratably to the holders of Series A Preferred Units and any other
Units on a parity for liquidation purposes in proportion to the aggregate
amounts to which each such holder would otherwise be respectively entitled.

          (b) After payment of the full amount of the liquidating distributions
to which it is entitled pursuant to Section 3(a) hereof, the holder of Series A
Preferred Units will have no right or claim to any of the remaining assets of
the Partnership arising from its ownership of such Series A Preferred Units (it
being understood that such holder may have additional rights or claims to the
remaining assets of the Partnership as a result of its ownership of Units of
other classes or series or its status as General Partner.)

          (c) The consolidation or merger of the Partnership or the General
Partner with or into any other corporation, partnership, limited liability
company, trust or other entity or of any other corporation, partnership, limited
liability company, trust or other entity with or into the Partnership or the
General Partner, or the sale, lease, transfer or conveyance of all or
substantially all of the property or business of the Partnership or the General
Partner or a statutory share exchange, shall not be deemed to constitute a
liquidation, dissolution or winding up of the Partnership.

                                        4

<Page>

4.   CONVERSION.

     4.1  MANDATORY CONVERSION.

     At any time that any outstanding shares of Series A Preferred Stock of the
General Partner are converted into shares of common stock, par value $.01 per
share, of the General Partner ("Common Stock") pursuant to the terms thereof, a
like number of Series A Preferred Units shall be converted (without taking into
account any accumulated, accrued but unpaid distributions) into Common Units as
follows: the number of Common Units to which a holder of Series A Preferred
Units shall be entitled to receive upon conversion shall be the product obtained
by multiplying the Conversion Rate (as defined below) by the number of Series A
Preferred Units being converted at such time. The Conversion Rate shall be the
quotient obtained by dividing $25.00 by the Conversion Price. The Conversion
Price shall, except as adjusted pursuant to Section 4.4 below, be $24.49. Any
Series A Preferred Units which have been called for redemption pursuant to
Section 5 hereof may be converted at any time prior to the close of business on
the Series A Preferred Redemption Date (as defined in Section 5(a)); PROVIDED,
HOWEVER, that such Series A Preferred Units may be converted after such date if
the Partnership shall default in making payment of any cash payable upon such
redemption under Section 5 hereof.

     4.2  PROCEDURE FOR CONVERSION.

     Upon conversion of any shares of Series A Preferred Stock into Common
Stock, the holder of Series A Preferred Units shall surrender the certificate(s)
therefor, at the principal offices of the Partnership, or at such other office
as may be designated by the Partnership for notation that a like number of
Series A Preferred Units have been converted or alternatively for cancellation
upon delivery to the holder of a replacement certificate representing the
balance of the Series A Preferred Units not converted. As soon as practicable
after a conversion of Series A Preferred Stock, the Partnership shall issue and
deliver at said office a certificate or certificates for the whole number of
Common Units issuable upon conversion of the Series A Preferred Units duly
surrendered for conversion to such holder if the Common Units are represented by
certificates at such time. The Series A Preferred Units shall be deemed to have
been converted at the same date and time as the corresponding shares of Series A
Preferred Stock are converted into Common Stock, and the holder entitled to
receive the Common Units issuable upon such conversion shall be deemed for all
purposes as record holder of such Common Units as of the close of business on
such date (hereinafter, the "Conversion Date").

     The holder of Series A Preferred Units at the close of business on a
Distribution Record Date shall be entitled to receive the distribution payable
on such Series A Preferred Units on the corresponding Distribution Payment Date
notwithstanding the conversion thereof following such Distribution Record Date
and prior to such Distribution Payment Date. Except as provided above, the
Partnership shall make no payment or allowances for unpaid distributions,
whether or not in arrears, on converted Series A Preferred Units or for
distributions on the Common Units issued upon such conversion.

                                        5

<Page>

     4.3  NO FRACTIONAL UNITS.

     No fractional Common Units shall be issued upon conversion of the Series A
Preferred Units into Common Units, and, in lieu thereof, the Partnership shall
pay a cash adjustment in an amount equal to the same fraction of the last sale
price (or bid price if there were no sales) per share of Common Stock on the New
York Stock Exchange on the business day which immediately precedes the
Conversion Date or, if such Common Stock is not then listed on the New York
Stock Exchange, of the market price per share (as determined in a manner
prescribed by the General Partner) at the close of business on the business day
which immediately precedes the Conversion Date.

     4.4  ADJUSTMENTS; CHANGE IN CONTROL TRANSACTIONS.

          (a) In the event the General Partner shall at any time (i) pay a
dividend or make a distribution to holders of Common Stock in shares of Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a larger
number of shares, or (iii) combine its outstanding shares of Common Stock into a
smaller number of shares, the Conversion Price shall be adjusted by multiplying
the Conversion Price by a fraction, the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such dividend,
distribution, subdivision or combination and the numerator of which shall be the
number of shares of Common Stock outstanding immediately prior to such dividend,
distribution, subdivision or combination. An adjustment made pursuant to this
subparagraph (a) shall become effective immediately upon the opening of business
on the day next following the record date in the case of a dividend or
distribution (except as provided in paragraph (h) of this Section 4.4 below) and
shall become effective immediately upon the opening of business on the day next
following the effective date in the case of a subdivision, combination or
reclassification.

          (b) In the event the General Partner shall at any time distribute to
all holders of its Common Stock (i) any rights or warrants to subscribe for or
purchase any security of the General Partner (excluding those rights and
warrants issued to all holders of Common Stock entitling them for a period
expiring within 45 days after the record date referred to in subparagraph (c)
below to subscribe for or purchase Common Stock, which rights and warrants are
referred to in and treated under subparagraph (c) below), or any evidence of
indebtedness or other securities of the General Partner (other than Common
Stock) or (ii) cash or other assets (excluding cash dividends or distributions
in an amount not in excess of the greater of either (x) with respect to all cash
dividends or distributions paid on Common Stock after December 31, 1997, the
cumulative amount of funds from operations reported for the General Partner
after December 31, 1997, or (y) with respect to cash dividends or distributions
paid on Common Stock for any fiscal year, the taxable income as reflected on the
General Partner's federal income tax return on Form 1120 REIT (or successor
form) for such fiscal year), then in each such case the Conversion Price shall
be adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the close of business on the
record date for the determination of the Stockholders entitled to

                                        6

<Page>

receive such distribution by a fraction, the denominator of which shall be the
Fair Market Value (as defined in Section 4.4(g)) of the Common Stock and the
numerator of which shall be the Fair Market Value of the Common Stock less the
then fair market value (as determined in good faith by the Board of Directors of
the General Partner or a duly authorized committee thereof, which determination
shall be conclusive) of the portion of the rights, warrants, evidence of
indebtedness or other securities, cash or other assets so distributed applicable
to one share of Common Stock. Such adjustment shall become effective immediately
upon the opening of business on the day next following the record date for the
determination of stockholders entitled to receive such distribution.

          (c) In the event the General Partner shall at any time issue rights,
options or warrants to all holders of Common Stock entitling them (for a period
expiring within 45 days after the record date mentioned below) to subscribe for
or purchase Common Stock at a price per share less than the Fair Market Value of
Common Stock on the record date for the determination of stockholders entitled
to receive such rights, options or warrants, then the Conversion Price shall be
adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the close of business on such
record date by a fraction, the numerator of which shall be the sum of (i) the
number of shares of Common Stock outstanding on the close of business on such
record date and (ii) the number of shares of Common Stock that the aggregate
proceeds to the General Partner from the exercise of such rights, options or
warrants for shares of Common Stock would purchase at the Fair Market Value and
the denominator of which will be the sum of number of shares of Common Stock
outstanding on the close of business on such record date and the number of
additional shares of Common Stock offered for subscription or purchase pursuant
to such rights, options or warrants. Such adjustment shall become effective
immediately upon the opening of business on the day next following the record
date for the determination of stockholders entitled to receive such rights,
options or warrants.

          (d) Whenever the Conversion Price shall be adjusted as herein
provided, the Partnership shall cause to be filed with the records of the
Partnership a notation that the Conversion Price has been adjusted and setting
forth the adjusted Conversion Price, together with an explanation of the
calculation of the same.

          (e) No adjustment in the Conversion Price shall be required unless
such adjustment would require a cumulative increase or decrease of at least 1%
in such price; PROVIDED, HOWEVER, that any adjustment that by reason of this
subparagraph (e) is not required to be made shall be carried forward and taken
into account in any subsequent adjustment until made; and PROVIDED, FURTHER,
that any adjustment shall be required and made in accordance with the provisions
of this Section 4.4 (other than this subparagraph (e)) not later than such time
as may be required in order to preserve the tax-free nature of a distribution to
the holders of Common Units. Notwithstanding any other provisions of this
Section 4.4, the Partnership shall not be required to make any adjustment of the
Conversion Price for the issuance of any Common Stock in connection with the
issuance of Common Stock pursuant to any plan providing for the reinvestment of
dividends or interest payable on securities of the General

                                        7

<Page>

Partner and the investment of additional optional amounts in shares of Common
Stock under such plan. All calculations under this Section 4.4 shall be made to
the nearest cent with $.005 being rounded upward or to the nearest one-tenth of
a share (with .05 of a share being rounded upward), as the case may be. Anything
in this Section 4.4 to the contrary notwithstanding, the General Partner shall
be entitled, to the extent permitted by law, to make such reductions in the
Conversion Price, in addition to those required by this Section 4.4, as in its
discretion, it shall determine to be advisable in order that any stock
dividends, subdivision of shares, reclassification or combination of shares,
distribution of rights, options or warrants to purchase stock or securities, or
a distribution of other assets (other than cash dividends) hereafter made by the
General Partner to its stockholders shall not be taxable.

          (f) If the General Partner shall be party to, or shall have entered
into an agreement for, any transaction (including, without limitation, a merger,
consolidation, statutory share exchange or sale of all or substantially all of
its assets), in each case as a result of which shares of Common Stock generally
shall be converted into the right to receive stock, securities or other property
(including cash or any combination thereof) (a "Transaction"), the Series A
Preferred Units shall, in connection with such Transaction, convert into the
number of Common Units issuable upon conversion of such Series A Preferred Unit
immediately prior to the consummation of such Transaction.

          (g) For the purposes of this Section 4.4, "Fair Market Value" shall
mean the average of the last reported sale price (or bid price if there were no
sales) per share of Common Stock as reported on the New York Stock Exchange (or
such other national securities exchange or NASDAQ National Market on which the
Common Stock is traded at the time of such computation) during 5 consecutive
trading days selected by the General Partner commencing not more than 20 trading
days before, and ending not later than the day immediately prior to the "ex"
date with respect to the issuance or distribution requiring such computation.
The term "'ex' date," when used with respect to any issuance or distribution,
means the first day on which the Common Stock trades regular way, without the
right to receive such issuance or distribution, on the exchange or in the
market, as the case may be, used to determine the Fair Market Value. In the
event that, at any time, the Common Stock is not then traded on a national
securities exchange or the NASDAQ National Market then "Fair Market Value" shall
be determined in good faith by the Board of Directors of the General Partner.

          (h) In any case in which this Section 4.4 provides that an adjustment
shall become effective on the date next following the record date for an event,
the General Partner may defer until the occurrence of such event (A) issuing to
the holder of Series A Preferred Units converted after such record date and
before the occurrence of such event the additional Common Units issuable upon
such conversion by reason of the adjustment required by such event over and
above the Common Units issuable upon such conversion before giving effect to
such adjustment and (B) fractionalizing any Series A Preferred Units and/or
paying to such holder any amount of cash in lieu of any fraction pursuant to
Section 4.3. Any adjustment of the Conversion Price in accordance with either
paragraph (b) or (c) of this Section 4.4 shall be

                                        8

<Page>

disregarded if, as, and when the rights to acquire Common Units upon exercise or
conversion of the rights, warrants or options which give rise to such adjustment
expire or are canceled without having been exercised, so that the Conversion
Price effective immediately upon such cancellation or expiration shall be equal
to the Conversion Price in effect immediately prior to the time of the issuance
of the expired or cancelled rights, warrants or options, with such additional
adjustments as would have been made to the Conversion Price had the expired or
cancelled rights, warrants or options never been issued.

          (i) There shall be no adjustment of the Conversion Price in case of
the issuance of any shares of Common Stock in a reorganization, acquisition or
other similar transaction except as specifically set forth in this Section 4.4.
If any action or transaction would require adjustment of the Conversion Price
pursuant to more than one paragraph of this Section 4.4, only one adjustment
shall be made, and such adjustment shall be the amount of adjustment that has
the highest absolute value. Notwithstanding anything in this Section 4.4 to the
contrary, no adjustment shall be made to the Conversion Price as a result of the
issuance of rights by the General Partner in connection with the establishment
of a shareholder rights plan (or other comparable plan) so long as the terms of
such plan provide that such rights will attach to the shares of Common Stock
into which the Series A Preferred Stock may be converted at the time of such
conversion.

5.   REDEMPTION.

          (a) At such time or times as the General Partner exercises its right,
in its sole and absolute discretion, to redeem the outstanding shares of Series
A Preferred Stock and such shares are in fact redeemed, the General Partner
shall cause the Partnership to redeem all of the outstanding Series A Preferred
Units. This redemption shall become effective, without any further action by the
General Partner or the Partnership, on the date and at the time that the
redemption of the Series A Preferred Stock by the General Partner becomes
effective (such date being referred to as the "Series A Preferred Redemption
Date").

          (b) On a Series A Redemption Date, each Series A Preferred Unit so
redeemed shall be redeemed in cash or immediately available funds at a price per
Series A Preferred Unit equal to $25.00, plus all accrued but unpaid
distributions (such amount being referred to as the "Series A Preferred
Redemption Amount").

          (c) In the event that the funds of the Partnership legally available
for redemption of the Series A Preferred Units on any Series A Preferred
Redemption Date are insufficient to redeem the number of Series A Preferred
Units to be so redeemed on such date, the Partnership shall in good faith use
reasonable efforts as expeditiously as possible to eliminate, or obtain an
exception, waiver or exemption from, any and all restrictions under applicable
law that prevented the Partnership from redeeming all of the Series A Preferred
Units to be redeemed hereunder. At any time thereafter when additional funds of
the Partnership are legally available for the redemption of Series A Preferred
Units, such funds will be used to redeem the balance of such Series A Preferred
Units, or such portion thereof

                                        9

<Page>

for which funds are available. If any Series A Preferred Units are not redeemed
for the foregoing reason or because the Partnership otherwise failed to pay or
tender to pay the aggregate Series A Preferred Redemption Amount on the Series A
Preferred Units required to be redeemed, all Series A Preferred Units which have
not been redeemed shall remain outstanding and entitled to all the rights and
preferences provided herein.

          (d) Upon receipt of payment of the Series A Preferred Redemption
Amount, the holder of the Series A Preferred Units to be redeemed shall
surrender the certificate or certificates representing such Series A Preferred
Units to the Partnership for notation or cancellation consistent with the
provision of Section 4.2(e) hereof.

          (e) Notwithstanding anything in this Section 5 to the contrary, no
Series A Preferred Units may be redeemed except from proceeds from the sale of
equity securities of the General Partner (other than the Series A Preferred
Stock), including, but not limited to, shares of Common Stock, shares of
preferred stock, depositary shares, interests, participation or other ownership
interests (however designated) and any rights (other than debt securities
convertible into or exchangeable for equity securities) or options to purchase
any of the foregoing, and which proceeds are contributed as a Capital
Contribution to the Partnership by the General Partner in accordance with the
terms of the Partnership Agreement.

6.   VOTING AND CONSENT RIGHTS; AMENDMENT OF TERMS.

          (a) The holder of Series A Preferred Units shall have the right, with
the holders of Common Units and any other Units authorized, to vote upon or
consent to each matter on which the holders of Common Units are entitled to vote
or consent, on the basis of one vote or consent for each Common Unit into which
the Series A Preferred Units held by such holder are then convertible (rounded
to the nearest whole number of Units). The holders of Series A Preferred Units
and Common Units shall vote together as one class except as otherwise set forth
herein.

          (b) Notwithstanding Section 17.1 of the Partnership Agreement, so long
as any Series A Preferred Units remain outstanding, the General Partner may not
amend the terms of the Series A Preferred Units to affect materially and
adversely the rights, preferences, privileges or voting power of the Series A
Preferred Units unless the terms of the Series A Preferred Stock of the General
Partner are similarly amended and an amendment to these terms of the Series A
Preferred Units is necessary so that the economic interests of the Series A
Preferred Stock and the Series A Preferred Units remain substantially similar.
For purposes of the foregoing and without limitation of the foregoing, (i) the
increase or decrease in the amount of authorized Units of any class or series
including the Series A Preferred Units, (ii) the creation of a new class or
series of Units having rights, preferences, privileges or voting power senior
to, on a parity with or junior to the rights, preferences or privileges of the
Series A Preferred Units in the distribution of assets on any liquidation,
dissolution or winding up of the Partnership and/or in the payment of dividends
and (iii) the entering into of any agreement providing for the actions in (i) or
(ii) above and the taking of any actions in connection with

                                       10

<Page>

the consummation of any such agreement shall not be deemed to materially and
adversely affect the rights, preferences, privileges or voting power of the
Series A Preferred Units, and the General Partner may amend the terms of the
Series A Preferred Units as it deems advisable, in its sole and absolute
discretion, to reflect such actions. Notwithstanding anything in the terms of
the Series A Preferred Units to the contrary, the holder of Series A Preferred
Units is not entitled to vote or consent as a single class on (i) any
Transaction (as defined in Section 4.4(f), (ii) any transaction (including,
without limitation, a merger, consolidation, statutory share exchange or sale of
all or substantially all of its assets) in which the General Partner or the
Partnership would be the surviving entity (an "Acquisition Transaction"), or
(iii) on any other matter except as specifically provided in this Section 6,
irrespective of the effect such Transaction, Acquisition Transaction, or other
matter may have on the rights, preferences, privileges or voting power of the
Series A Preferred Units.

7.   NO PREEMPTIVE OR OTHER RIGHTS.

     The holder of Series A Preferred Units shall have no preemptive rights,
including preemptive rights with respect to any Units or other Partnership
Interest of the Partnership convertible into or carrying rights or options to
purchase any such Series A Preferred Units.

8.   EXHIBIT A TO PARTNERSHIP AGREEMENT.

     In order to duly reflect the issuance of the Series A Preferred Units
provided for herein, the Partnership Agreement is hereby further amended
pursuant to Section 12.3 thereof by deleting EXHIBIT A thereto and replacing
EXHIBIT A attached hereto therefor.

                                       11

<Page>

     IN WITNESS WHEREOF, this Amendment has been executed as of the date first
above written.

                             BRADLEY REAL ESTATE, INC.

                            By: /s/ Thomas P. D'Arcy
                               ------------------------------------------
                                Thomas P. D'Arcy
                                Chairman, President and Chief Executive Officer

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}]]