Document:

<PAGE>
                                                                    EXHIBIT 10.2

                               As of June 14, 2002

General Growth Properties, Inc.
GGP Limited Partnership
GGP Acquisition, L.L.C.
GGP Acquisition II, L.L.C.
110 North Wacker Drive
Chicago, Illinois  60606
Attention:  Bernard Freibaum

         Re:  JP REALTY, INC. AND PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP

Gentlemen:

         Reference is made to the letter agreement, dated March 3, 2002 (the
"Voting Agreement"), a copy of which is attached hereto as Schedule A, among Mr.
John Price and the entities set forth on Schedule I thereto, General Growth
Properties, Inc., a Delaware corporation ("General Growth"), GGP Limited
Partnership, a Delaware limited partnership ("GGP"), GGP Acquisition, L.L.C., a
Delaware limited liability company ("Acquisition"), and GGP Acquisition II,
L.L.C., a Maryland limited liability company ("Partnership Acquisition").
Capitalized terms used herein without definition shall have the meanings
specified in the Voting Agreement. This letter agreement (the "Agreement") shall
serve to confirm the parties' understanding and agreement with respect to the
transfer, in the aggregate, of 1,084,508 common units of limited partnership
interest in JP Partnership (the "Transferred Partnership Interests") by Boise
Mall Investment Company, Ltd., Cache Valley Mall Partnership, Ltd., Pine Ridge
Development Company, Ltd., Price Commerce, Ltd., Price East Bay, Ltd., Price
Eugene Bailey Company, Ltd., Price Fremont Company, Ltd., Price Glendale
Company, Ltd., Price Plaza 800 Company, Ltd., Price Riverside Company, Ltd.,
Price Rock Springs Company, Ltd., Red Cliffs Mall Investment Company, Ltd. and
Tech Park II Company, Ltd. to the undersigned (collectively, the "New Holders").
Each New Holder acknowledges that: (a) such New Holder is the Beneficial Owner
of the number of Transferred Partnership Interests set forth opposite such New
Holder's name on Schedule B hereto, and (b) General Growth, GGP, Acquisition and
Partnership Acquisition are relying upon the representations, warranties,
covenants and other agreements of the New Holders made (or deemed made) herein.

         1.    Agreement to be Bound. Each New Holder hereby agrees to be bound
by each and every term and provision of the Voting Agreement with respect to its
Transferred Partnership Interests, and acknowledges, therefore, that such New
Holder, among other things, will be deemed: (a) a Holder, (b) to have made the
representations and warranties set forth in the Voting Agreement, (c) to have
granted the proxy set forth in Section 1(b) of the Voting Agreement with respect
to all of its Transferred Partnership Interests and (d) to have appointed an
agent for service of process as set forth in Section 4(e) of the Voting
Agreement.

<PAGE>

         2.    Confirmation of Obligations. To the extent a New Holder is
already a party to the Voting Agreement, such New Holder's obligations as a
Holder shall not be reduced in any way as a result of this Agreement and such
obligations shall be deemed to have been ratified and confirmed by virtue of
such New Holder's execution and delivery of this Agreement.

         3.    Miscellaneous.

               (a)  Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be deemed
given if delivered personally, sent by overnight courier (providing proof of
delivery) or sent by telecopy (providing confirmation of transmission to the
parties), postage prepaid to the parties at the following addresses or telecopy
numbers (or at such other addresses or telecopy number as shall be specified by
like notice):

                    (i)  If to General Growth, GGP, Acquisition
                         or Partnership Acquisition:

                         110 North Wacker Drive
                         Chicago, Illinois  60606
                         Telecopy No. (312) 960-5463
                         Attention:  Mr. Bernard Freibaum

                         with a copy to:

                         Neal, Gerber & Eisenberg
                         2 North LaSalle Street
                         Suite 2200
                         Chicago, Illinois  60602
                         Telecopy No. (312) 269-1747
                         Attention:  Marshall E. Eisenberg, Esq.

                    (ii) If to a New Holder, to the address noted on Schedule B
                         hereto.

         (b)   Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall, as to each New Holder, become effective when one or more counterparts
have been signed by GGP, General Growth and such New Holder.

                                       2
<PAGE>

         Please indicate your agreement with the foregoing by signing a copy of
this Agreement in the space indicated below.

                                        Very truly yours,

                                        /s/ John Price
                                        ----------------------------------------
                                        John Price

                                        FAIRFAX HOLDING, L.L.C.

                                        By:  /s/ John Price
                                             -----------------------------------
                                             John Price

                                        By:  JPET II Company, Limited
                                             Partnership, a Utah partnership

                                             By:  /s/ John Price
                                                  ------------------------------
                                                  John Price, General Partner

                                        /s/ Warren P. King
                                        ----------------------------------------
                                        Warren P. King

                                        /s/ G. Rex Frazier
                                        ----------------------------------------
                                        G. Rex Frazier

                                        /s/ Paul K. Mendenhall
                                        ----------------------------------------
                                        Paul K. Mendenhall

                                        /s/ Tom Mulkey
                                        ----------------------------------------
                                        Tom Mulkey

                                        /s/ Greg Curtis
                                        ----------------------------------------
                                        Greg Curtis

                                        /s/ Martin Peterson
                                        ----------------------------------------
                                        Martin Peterson

                                       3
<PAGE>

                                        /s/ Michael Frei
                                        ----------------------------------------
                                        Michael Frei

                                        /s/ Carl Olson
                                        ----------------------------------------
                                        Carl Olson

                                        /s/ Steve Price
                                        ----------------------------------------
                                        Steve Price

                                        /s/ David Sabey
                                        ----------------------------------------
                                        David Sabey

                                        /s/ David Fairbourn
                                        ----------------------------------------
                                        David Fairbourn

                                        /s/ Paul Kelley
                                        ----------------------------------------
                                        Paul Kelley

                                        /s/ Deidra Price
                                        ----------------------------------------
                                        Deidra Price

                                        /s/ Jennifer Wallin
                                        ----------------------------------------
                                        Jennifer Wallin

                                        HALL INVESTMENT COMPANY

                                        By:  /s/ Dorothy S. Hall
                                             -----------------------------------
                                             Name: Dorothy S. Hall
                                             Title: General Partner

                                       4
<PAGE>

ACCEPTED AS OF THE DATE
FIRST ABOVE WRITTEN
(WITHOUT WAIVING ANY
RIGHTS UNDER THE VOTING AGREEMENT).

GENERAL GROWTH PROPERTIES, INC.

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

GGP LIMITED PARTNERSHIP

By:      GENERAL GROWTH PROPERTIES,
         INC., General Partner

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

GGP ACQUISITION, L.L.C.

By:      GGPLP L.L.C., a Delaware limited liability
         company, Member

         By:      GGP LIMITED PARTNERSHIP,
                  Managing Member

                  By:    GENERAL GROWTH PROPERTIES,
                         INC., General Partner

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

                                       5
<PAGE>

GGP ACQUISITION II, L.L.C.

By:      GGP LIMITED PARTNERSHIP,
         Member

         By:      GENERAL GROWTH PROPERTIES,
                  INC., General Partner

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

                                       6
<PAGE>

                                                                      SCHEDULE A

                                VOTING AGREEMENT

<PAGE>

                                                                      SCHEDULE B

                                    HOLDERS'

                            SHARE AND UNIT OWNERSHIP

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                       Number of Units of
                                                                                                     Transferred Partnership
         Name                       Notice Address                    Type of Partner Interests             Interest
         ----                       --------------                    -------------------------             --------
-------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                                      <C>                            <C>
Mr. John Price               35 Century Park-Way                                OP Units                                 1,268
                             Salt Lake City, UT  84115
-------------------------------------------------------------------------------------------------------------------------------
Fairfax Holding, LLC         35 Century Park-Way                                OP Units                               989,483
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
Warren P. King               35 Century Park-Way                                OP Units                                   255
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
G. Rex Frazier               35 Century Park-Way                                OP Units                                28,076
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
Paul K. Mendenhall           35 Century Park-Way                                OP Units                                 6,973
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
Tom Mulkey                   2139 E 1700 S                                      OP Units                                 3,191
                             Salt Lake City, UT 84108
-------------------------------------------------------------------------------------------------------------------------------
Greg Curtis                  35 Century Park-Way                                OP Units                                 2,601
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
Martin Peterson              35 Century Park-Way                                OP Units                                19,286
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
Michael Frei                 2416 Shadowood circle                              OP Units                                 8,594
                             Salt Lake City, UT 84117
-------------------------------------------------------------------------------------------------------------------------------
Carl Olson                   22 Lone Hallow                                     OP Units                                 2,272
                             Sandy, UT 84092
-------------------------------------------------------------------------------------------------------------------------------
Hall Investment              2660 East Parley's Way                             OP Units                                14,731
                             Salt Lake City, UT 84109
-------------------------------------------------------------------------------------------------------------------------------
Steve Price                  35 Century Park-Way                                OP Units                                 2,422
                             Salt Lake City, UT 84115
-------------------------------------------------------------------------------------------------------------------------------
David Sabey                  3121 American Saddler                              OP Units                                 1,595
                             Park City, UT 84060
-------------------------------------------------------------------------------------------------------------------------------
David Fairbourn              1718 E 5600 S                                      OP Units                                 1,300
                             Salt Lake City, UT 84121
-------------------------------------------------------------------------------------------------------------------------------
Paul Kelley                  287 E Linda Loma Dr                                OP Units                                 1,595
                             Centerville, UT 84014
-------------------------------------------------------------------------------------------------------------------------------
Deidra Price                 1710 Avenida Del Mundo #1109                       OP Units                                   433
                             Coronado, CA 92118
-------------------------------------------------------------------------------------------------------------------------------
Jennifer Wallin              697 Richland Drive                                 OP Units                                   433
                             Salt Lake City, UT 84103
-------------------------------------------------------------------------------------------------------------------------------
</TABLE><PAGE>
                                                                    EXHIBIT 10.3

                                 THIRD AMENDMENT
                                       TO
                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                             GGP LIMITED PARTNERSHIP

         THIS THIRD AMENDMENT (the "Third Amendment") is made and entered into
on the 15th day of February, 2002, by and among the undersigned parties.

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

         WHEREAS, a Delaware limited partnership known as GGP Limited
Partnership (the "Partnership") exists pursuant to that certain Second Amended
and Restated Agreement of Limited Partnership of GGP Limited Partnership dated
as of April 1, 1998, as amended by that certain First Amendment thereto dated as
of June 10, 1998, and that certain Second Amendment thereto dated as of June 29,
1998 (such Second Amended and Restated Agreement of Limited Partnership, as so
amended, the "Second Restated Partnership Agreement"), and the Delaware Revised
Uniform Limited Partnership Act;

         WHEREAS, General Growth Properties, Inc., a Delaware corporation, is
the general partner of the Partnership (the "General Partner"); and

         WHEREAS, the parties hereto, being the sole general partner of the
Partnership and the holders of a Majority-in-Interest of the Common Units (as
defined in the Second Restated Partnership Agreement) desire to amend the Second
Restated Partnership Agreement to reflect certain understandings among them as
set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto do hereby agree
as follows:

         1. CAPITALIZED TERMS. Capitalized terms used but not defined herein
shall have the definitions assigned to such terms in the Second Restated
Partnership Agreement, as amended hereby.

         2. ADDITIONAL DEFINITIONS. Section 1.1 of the Second Restated
Partnership Agreement is hereby amended by inserting the following new
definitions:

                  "Preferred Units" shall mean the Series A Preferred Units and
         any other series of preferred units of limited partnership interest in
         the Partnership that are established and issued from time to time in
         accordance with the terms hereof.

                  "Stock Plans" shall mean the Incentive Stock Plan and the
         other option, stock purchase and/or dividend reinvestment plans of the
         General Partner or the Partnership that are in effect from time to
         time.

                                       2
<PAGE>

         3. AMENDED DEFINITIONS.

              (a) The definition of "Common Units" set forth in Section 1.1 of
         the Second Restated Partnership Agreement is hereby deleted in its
         entirety and the following is hereby inserted in its place and stead:

              "'Common Units' shall mean all Units other than Preferred Units."

              (b) The definition of "Percentage Interest" set forth in Section
         1.1 of the Second Restated Partnership Agreement is hereby deleted in
         its entirety and the following is hereby inserted in its place and
         stead:

                  "'Percentage Interest' shall mean, with respect to any Partner
         at any time, the percentage ownership interest of such Partner in the
         Partnership at such time, which percentage ownership interest shall be
         equal to the quotient of the number of Common Units owned by such
         Partner at such time divided by the aggregate number of issued and
         outstanding Common Units at such time, and any holder of Preferred
         Units shall have a 0% Percentage Interest in respect of such Preferred
         Units. The Percentage Interest of each Partner on the date hereof is
         set forth opposite its name on Exhibit A."

         4. ADDITIONAL FUNDS. Section 4.3(b) of the Second Restated Partnership
Agreement is hereby deleted in its entirety and the following is hereby inserted
in its place and stead:

                  "(b) Effective on each Adjustment Date and without the consent
         of any other Partner, the Partnership shall issue to the General
         Partner (i) with respect to Contributed Funds relating to an issuance
         by the General Partner of Common Stock, the number of additional Common
         Units equal to the product of (x) the number of shares of Common Stock
         issued by the General Partner in connection with obtaining such
         Contributed Funds, and (y) the Conversion Factor, and (ii) with respect
         to Contributed Funds relating to an issuance by the General Partner of
         Series A Preferred Shares, an equal number of Series A Preferred Units.
         The General Partner shall be authorized on behalf of each of the
         Partners to amend this Agreement to reflect the issuance of Units in
         accordance with Sections 4.3 and 4.4 in the event that the General
         Partner deems such amendment to be desirable."

         5. STOCK PLANS. Section 4.4 of the Second Restated Partnership
Agreement is hereby deleted in its entirety and the following is hereby inserted
in its place and stead:

                  "4.4 STOCK PLANS. If at any time or from time to time options
         granted in connection with the General Partner's Stock Incentive Plan
         or any other Stock Plan are exercised in accordance with the terms
         thereof or shares of Common Stock are otherwise issued pursuant to any
         of the Stock Plans:

                           (a) the General Partner shall, as soon as practicable
                  after such exercise or other issuance, contribute to the
                  capital of the Partnership an amount equal to the exercise
                  price or other purchase price paid to the General Partner by
                  the exercising or purchasing party in connection with such
                  exercise or issuance; and

                                       2
<PAGE>

                           (b) the Partnership shall issue to the General
                  Partner, with respect to any exercise of options or purchase
                  of shares of Common Stock pursuant to the Stock Plans, the
                  number of additional Common Units equal to the product of (i)
                  the number of shares of Common Stock issued by the General
                  Partner in connection with such exercise or purchase,
                  multiplied by (ii) the Conversion Factor."

         6. DISTRIBUTIONS WITH RESPECT TO COMMON UNITS. Section 5.2(a) of the
Second Restated Partnership Agreement is hereby deleted in its entirety and the
following is hereby inserted in its place and stead: -

                  "5.2  DISTRIBUTIONS WITH RESPECT TO COMMON UNITS.

                  (a) Subject to the terms of the Preferred Units and after
         giving effect to the same, the General Partner shall, from time to time
         as determined by the General Partner (but in any event not less
         frequently than quarterly), cause the Partnership to distribute all or
         a portion of the remaining Net Operating Cash Flow to the holders of
         Common Units on the relevant Partnership Record Date in such amounts as
         the General Partner shall determine; provided, however, that all such
         distributions shall be made pro rata in accordance with the Partners'
         then Percentage Interests; and provided further, that notwithstanding
         anything to the contrary contained herein, the General Partner shall
         use its best efforts to cause the Partnership to distribute sufficient
         amounts to enable the General Partner to pay shareholder dividends that
         will (i) satisfy the requirements for qualifying as a REIT under the
         Code and Regulations ("REIT Requirements"), and (ii) avoid any federal
         income or excise tax liability of the General Partner."

         7. DISTRIBUTIONS WITH RESPECT TO SERIES A PREFERRED UNITS. Section
5.9(c) of the Second Restated Partnership Agreement is hereby deleted in its
entirety and the following is hereby inserted in its place and stead:

                  "(c) If the Partnership has not authorized and paid full
         cumulative distributions with respect to the Series A Preferred Units
         for all past distribution periods and the then current distribution
         period, or has not authorized and set apart a sum sufficient for the
         payment thereof, then the Partnership shall not authorize, pay or set
         aside for payment any distributions with respect to the Common Units or
         any other series of Preferred Units (other than distributions made in
         the form of Common Units or Preferred Units, as the case may be), nor
         shall the Partnership redeem, purchase or otherwise acquire any Common
         Units or Preferred Units of any other series (or set apart any monies
         as a sinking fund for such purpose) for any consideration other than
         Common Units or Preferred Units, as the case may be (including without
         limitation in connection with the exercise of Rights)."

                                       3
<PAGE>

         8. POWERS AND DUTIES OF GENERAL PARTNER. Section 6.2 of the Second
Restated Partnership Agreement is hereby amended by inserting the phrase "but
without limiting the foregoing grant of power, authority and discretion" after
the word "hereof" and before the comma in the twelfth line thereof.

         9. MAJOR DECISIONS. Section 6.3(a) of the Second Restated Partnership
Agreement is hereby amended by inserting the phrase "and other than as provided
in other sections hereof" after the word "hereof" and before the period in the
last line of such section.

         10. DISTRIBUTIONS ON DISSOLUTION. Section 7.2(d) of the Second Restated
Partnership Agreement is hereby deleted in its entirety and the following is
hereby inserted in its place and stead:

              (a) Payment to the holders of Preferred Units in accordance with
         the terms of thereof; and

              (b) To the Partners holding Common Units in accordance with their
         respective Percentage Interests."

         11. LIQUIDATION PREFERENCE OF SERIES A PREFERRED UNITS. The phrase "or
other series of Preferred Units" is hereby added after the word "Units" and
before the period in the last line of Section 7.8(a) of the Second Restated
Partnership Agreement.

         12. AMENDMENTS. The second sentence of Section 13.7 of the Second
Restated Partnership Agreement is hereby deleted in its entirety and the
following is hereby inserted in its place and stead:

                  "Notwithstanding anything to the contrary contained herein,
         (a) without the written consent of a Limited Partner, this Agreement
         may not be amended to convert such Limited Partner's partnership
         interest in the Partnership to a general partnership interest (or
         otherwise adversely affect such Limited Partner's limited liability)
         and (b) without the written consent of a Limited Partner holding Common
         Units, this Agreement may not be amended to materially adversely affect
         such Limited Partner's rights to distributions or allocations in
         respect of such Common Units except in connection with the admission of
         Additional Partners or unless such amendment affects the Bucksbaum
         Limited Partners in the same manner on a Unit-for-Unit basis."

         13. NEW EXHIBIT A. Exhibit A to the Second Restated Partnership
Agreement, identifying the Partners, the number of Units owned by them and their
respective Percentage Interests, if any, is hereby deleted in its entirety and
the Exhibit A in the form attached hereto is hereby inserted in its place and
stead.

         14. OTHER PROVISIONS UNAFFECTED. Except as expressly amended hereby,
the Second Restated Partnership Agreement shall remain in full force and effect
in accordance with its terms.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Third Amendment
on the day and year first above written.

GENERAL PARTNER:
---------------

GENERAL GROWTH PROPERTIES, INC.,
 a Delaware corporation

By: /s/ Bernard Freibaum
    -----------------------------------------
    Its: Executive Vice President/Chief Financial Officer

LIMITED PARTNERS:
-----------------

M.B. CAPITAL PARTNERS III, a South
Dakota general partnership

By:      GENERAL TRUST COMPANY, not
         individually but solely as Trustee
         of Martin Investment Trust G, a partner

         By: /s/ Marshall E. Eisenberg
             -------------------------
             Its: President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]