Document:

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                                                                  Exhibit 10(00)

                                 PROMISSORY NOTE
                                 ---------------

$25,000,000                                               Dated: August 16, 2001

FOR VALUE RECEIVED, the undersigned, GGP LIMITED PARTNERSHIP, a Delaware limited
partnership, and GGPLP L.L.C., a Delaware limited liability company
(collectively, the "Borrower"), jointly and severally, HEREBY PROMISE TO PAY to
the order of CommerzBANK AG, New York and Grand Cayman Branches (the "Lender"),
on the Maturity Date, the aggregate principal amount (or so much thereof as is
then outstanding) of twenty five MILLION AND NO/100 DOLLARS ($25,000,000), which
is the total amount of the Loans made by the Lender to the Borrower pursuant to
that certain Credit Agreement dated as of July 31, 2000, by and among the
Borrower, the Lender, and the other financial institutions from time to time
parties thereto as Lenders and Bank of America, N.A., as Administrative Agent
(as the same may be amended, restated, supplemented, or otherwise modified from
time to time, the "Credit Agreement"). Capitalized terms used herein, and not
                   ----------------
otherwise defined herein, shall have the meanings ascribed to such terms in the
Credit Agreement.

         The Borrower further promises to pay interest on the unpaid principal
amount of each Loan from the date advanced until such principal amount is paid
in full, at such interest rates (which shall not exceed the maximum rate
permitted by Illinois law), and at such times, as are specified in the Credit
Agreement.

         All payments of principal and interest in respect of this Promissory
Note shall be made to the Administrative Agent in lawful money of the United
States of America in same day funds for the account of the Lender in accordance
with the terms of the Credit Agreement. Each Loan made by the Lender to the
Borrower pursuant to the Credit Agreement, and all payments made on account of
principal thereof, shall be recorded by the Lender on its books and records and,
if the Lender so elects in connection with any transfer or enforcement hereof,
appropriate notations to evidence the foregoing information with respect to each
such Loan then outstanding may be endorsed by the Lender on a schedule to be
attached hereto by the Lender and thereby made a part hereof, or on a
continuation of such schedule to be attached to and made a part hereof; provided
that the failure of the Lender to make any such recordation or endorsement shall
not affect the obligations of the Borrower hereunder or under the Credit
Agreement.

         This Promissory Note is one of the Notes referred to in, is executed
and delivered pursuant to, and is entitled to the benefits of, the Credit
Agreement, to which Credit Agreement reference is hereby made for a statement of
the terms and conditions under which this Promissory Note may be prepaid or the
Obligations accelerated or extended. The terms and conditions of the Credit
Agreement are hereby incorporated in their entirety herein by reference as
though fully set forth herein. Upon the occurrence of certain Events of Default
as more particularly described in the Credit Agreement, the unpaid principal
amount evidenced by this Promissory Note shall become, and upon the occurrence
and during the continuance of certain other Events of Default, such unpaid
principal amount may be declared to be, due and payable in the manner, upon the
conditions and with the effect provided in the Credit Agreement.

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         Demand, presentment, diligence, protest and notice of nonpayment are
hereby waived by the Borrower.

         THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF ILLINOIS.

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

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

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

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

                                     By: /s/ Bernard Freibaum
                                         --------------------------------------
                                     Name:  Bernard Freibaum
                                     Title: Executive Vice President

                                     GGP LIMITED PARTNERSHIP, a
                                     Delaware limited partnership

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

                                     By: /s/ Bernard Freibaum
                                         --------------------------------------
                                     Name:  Bernard Freibaum
                                     Title: Executive Vice President

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                                                                  Exhibit 10(tt)

                                 FIRST AMENDMENT
                                 ---------------

     FIRST AMENDMENT, dated as of June 7, 2001 (this "Amendment"), to the
                                                      ---------
Revolving Credit Agreement, dated as of January 30, 2001 (such Revolving Credit
Agreement, as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among GENERAL GROWTH MANAGEMENT, INC., a Delaware
 ----------------
corporation (the "Corporation"), GGPLP L.L.C., a Delaware limited liability
                  -----------
company (together with the Corporation, the "Borrower"), the institutions from
                                             --------
time to time parties to the Credit Agreement as Lenders (the "Lenders"), BANK OF
                                                              -------
AMERICA, N.A., as a Lender and as administrative agent for the Lenders (in such
capacity, the "Administrative Agent"), and U.S. BANK NATIONAL ASSOCIATION, as a
               --------------------
Lender and as syndication agent for the Lenders (in such capacity, the
"Syndication Agent" and, together with the Administrative Agent, the
 -----------------
"Co-Arrangers").
 ------------

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Borrower and the Lenders have agreed to amend certain
provisions of the Credit Agreement upon the terms and subject to the conditions
set forth herein;

     NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows:

     1. Definitions. All terms defined in the Credit Agreement shall have such
        -----------
defined meanings when used herein unless otherwise defined herein.

     2. Amendment to Section 10.13(i) (Certain Liens). Section 10.13(i) of the
        ---------------------------------------------
Credit Agreement hereby is deleted and the following is inserted in lieu
thereof:

     10.13 (i) Certain Liens. None of the Company, the Partnership or GGP, Inc.
               -------------
  nor any of their respective Affiliates controlled by them, respectively, will
  encumber with any Lien any stock, partnership interest, joint venture
  interest, membership interest, beneficial interest or other equity interest in
  any corporation, partnership, joint venture, limited liability company, trust
  or other entity that (i) owns any of the Property, or (ii) is a direct or
  indirect shareholder, partner, joint venturer, member, beneficiary or other
  type of equity holder in any entity described in clause (i) above; provided,
                                                                     --------
  however, that the foregoing prohibition shall not apply with respect to any of
  -------
  the encumbrances existing on the date hereof set forth in Schedule 10.13
                                                            --------------
  hereto; and provided further; that the prohibition set forth in this
              ----------------
  subsection (i) shall not apply as to any such corporation, partnership, joint
  venture, limited liability company, trust or other entity which owns Property
  with respect to which (A) the Loan-to-Value Ratio as to all Secured
  Indebtedness for borrowed money related to such Property, in the aggregate,
  after giving effect to such encumbrance, is not greater than sixty-five
  percent (65%) and (B) the Loan-to-Value Ratio as to that portion of such
  Secured Indebtedness which is secured by such a Lien encumbering any stock,
  partnership interest, joint venture interest, membership interest, beneficial
  interest or other equity interest is not greater than fifteen

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                                                                               2

     percent (15%); and provided further that the prohibition set forth in this
                        -------- -------
     subsection (i) shall not apply as to any such encumbrance granted to secure
     Indebtedness related to any Property or asset of such corporation,
     partnership, joint venture, limited liability company, trust or other
     entity, if such encumbrance secures a construction loan and the
     Loan-to-Value Ratio with respect to all Secured Indebtedness relating to
     the construction in question does not exceed seventy-five percent (75%), or
     would not exceed such Loan-to-Value Ratio, but for the applicability of
     unusually onerous stamp, transfer or recording taxes and fees in connection
     with such encumbrance; and provided further that the prohibition set forth
                                ----------------
     in this subsection (i) shall not apply as to any such encumbrance of equity
     interests in Minority Holdings in favor of holders(s) of the remaining
     equity interests in such Minority Holdings to secure obligations under the
     applicable Organizational Documents of such Minority Holdings.

          3.  Representations; No Default. On and as of the date hereof, and
              ---------------------------
after giving effect to this Amendment, (i) the Borrower certifies that no
Default or Event of Default has occurred which is continuing, and (ii) the
Borrower confirms, reaffirms and restates that the representations and
warranties set forth in Article VII of the Credit Agreement and in the other
Loan Documents to which it is a party are true and correct in all material
respects, provided that the references to the Credit Agreement therein shall be
          --------
deemed to be references to this Amendment and to the Credit Agreement as amended
by this Amendment.

          4.  Conditions to Effectiveness. This Amendment shall become effective
              ---------------------------
on and as of the date that:

          (a) the Administrative Agent shall have received counterparts of this
     Amendment, duly executed and delivered by a duly authorized officer of the
     Borrower and the Lenders; and

          (b) the Administrative Agent shall have received an executed
     Acknowledgment and Consent, in the form set forth at the end of this
     Amendment, from GGP, Inc.

          5.  Limited Consent and Amendment. Except as expressly amended herein,
              -----------------------------
the Credit Agreement shall continue to be, and shall remain, in full force and
effect. This Amendment shall not be deemed to be a waiver of, or consent to, or
a modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document or to prejudice any other right or rights
which the Co-Arrangers or the Lenders may now have or may have in the future
under or in connection with the Credit Agreement or any of the instruments or
agreements referred to therein, as the same may be amended from time to time.

          6.  Counterparts. This Amendment may be executed by one or more of the
              ------------
parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

          7.  GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
              -------------
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.

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                                                                         3 of 5

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their respective duly authorized officers as of the
date first above written.

                            GENERAL GROWTH MANAGEMENT, INC., as
                            Borrower

                            By: /s/ Bernard Freibaum
                                ------------------------------------
                                Name:  Bernard Freibaum
                                Title: Executive Vice President

                            GGPLP L.L.C., as Borrower

                            By: GGP LIMITED PARTNERSHIP, its sole
                                managing member

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

                            By: /s/ Bernard Freibaum
                                ------------------------------------
                                Name:  Bernard Freibaum
                                Title: Executive Vice President

                            BANK OF AMERICA, N.A.,
                              as Administrative Agent and as a Lender

                            By: /s/  Ronald B. Phemister
                                ------------------------------------
                                Name:  Ronald B. Phemister
                                Title: Principal

                            U.S. BANK NATIONAL ASSOCIATION,
                              as Syndication Agent and as a Lender

                            By: /s/  Gregory S. Pearson
                                ------------------------------------
                                Name:  Gregory S. Pearson
                                Title: Commercial Banking Officer

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                                      LASALLE BANK NATIONAL ASSOCIATION,
                                       as a Lender

                                      By: /s/ John C. Hein
                                          -------------------------------
                                          Name:  John C. Hein
                                          Title: Senior Vice President

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                                                                          5 of 5

                           ACKNOWLEDGMENT AND CONSENT

          The undersigned parties to the Guaranty, dated as of January 30, 2001
and as amended, supplemented or otherwise modified from time to time, made by
the undersigned in favor of Bank of America, N.A., as Administrative Agent, for
the benefit of the Lenders, hereby (a) consent to the transactions contemplated
by the foregoing First Amendment and (b) acknowledge and agree that the
guarantees contained in the Guaranty are, and shall remain, in full force and
effect after giving effect to such Amendment to the Credit Agreement.

                                         GENERAL GROWTH PROPERTIES, INC.

                                         By: /s/  Bernard Freibaum
                                             --------------------------------
                                             Name:  Bernard Freibaum
                                             Title: Executive Vice President

                                         GGP LIMITED PARTNERSHIP

                                         By: General Growth Properties, Inc.,
                                             its sole general partner

                                         By: /s/  Bernard Freibaum
                                             --------------------------------
                                             Name:  Bernard Freibaum
                                             Title: Executive Vice President

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