Document:

<PAGE>   1
                                                                   EXHIBIT 10.15

                      MEMBER'S INTEREST PURCHASE AGREEMENT

        This Member's Interest Purchase Agreement ("Agreement") is made
effective as of August 13, 1999 (the "Effective Date"), by and among PAN PACIFIC
RETAIL PROPERTIES, INC., a Maryland corporation, and PAN PACIFIC (RLP), INC., a
California corporation (collectively, "Buyer"), and STANLEY W. GRIBBLE, AS
TRUSTEE OF THE STANLEY W. GRIBBLE TRUST, under trust agreement dated September
24, 1991, as amended ("Seller"), with the consent and cooperation of PAN PACIFIC
(RANCHO LAS PALMAS), LLC, a Nevada limited liability company (the "Company"),
and the Members thereof.

                                    RECITALS

        WHEREAS, the Company was formed on the 23rd day of September, 1999, by
filing Articles of Organization of the Company with the Nevada Secretary of
State;

        WHEREAS, immediately prior to the Effective Date of this Agreement,
Rancho Las Palmas Center Associates, a California Limited Partnership (the
"Partnership") was the sole owner of the Real Property which is subject to the
Loan;

        WHEREAS, prior to the Effective Date of this Agreement the Partnership
has contributed the Real Property to the Company pursuant to the Contribution
Agreement and will receive in exchange therefore Managing Member Units and
Non-Managing Member Units in the Company in accordance with the Contribution
Agreement;

        WHEREAS, immediately subsequent to the foregoing exchange, the
Partnership will distribute all of the Managing Member Units it receives in the
exchange to Seller, and all of the Non-Managing Member Units to Ronald C.
Waranch as Trustee of the Ronald Charles Waranch Intervivos Trust under trust
agreement dated July 6, 1995 (the "Waranch Trust");

        WHEREAS, immediately following the distribution of the Managing Member
Units to the Gribble Trust, the Gribble Trust desires to sell, transfer and
convey all of its right, title and interest in and to such Managing Member Units
to the Buyer pursuant to this Agreement, and upon the consummation of such sale,
transfer, and conveyance, Seller will no longer have any interest in the Company
and will have withdrawn with the consent of the other Members as a Member in the
Company;

                                    AGREEMENT

        The parties, intending to be legally bound, agree as follows:

             1. DEFINITIONS. For purposes of this Agreement, the following terms
have the meanings specified or referred to in this Section 1:

        "ASSUMPTION" -- as defined in the Contribution Agreement.

                                      -1-
<PAGE>   2

        "BEST EFFORTS" -- the efforts that a prudent Person desirous of
achieving a result would use in similar circumstances to ensure that such result
is achieved as expeditiously as possible; provided, however, that an obligation
to use Best Efforts under this Agreement does not require the Person subject to
that obligation to take actions that would result in a materially adverse change
in the benefits to such Person of this Agreement and the Contemplated
Transactions.

        "BREACH" -- a "Breach" of a representation, warranty, covenant,
obligation, or other provision of this Agreement or any instrument delivered
pursuant to this Agreement will be deemed to have occurred if there is or has
been (a) any inaccuracy in or breach of, or any failure to perform or comply
with, such representation, warranty, covenant, obligation, or other provision,
or (b) any claim (by any Person) or other occurrence or circumstance that is or
was inconsistent with such representation, warranty, covenant, obligation, or
other provision, and the term "Breach" means any such inaccuracy, breach,
failure, claim, occurrence, or circumstance.

        "BUSINESS DAY" -- any day other than a Saturday, Sunday or a Holiday.

        "BUYER" -- as defined in the first paragraph of this Agreement.

        "CLOSING" -- as defined in Section 2.3.

        "CLOSING DATE" -- the date and time as of which the Closing actually
takes place.

        "COMPANY" -- Pan Pacific (Rancho Las Palmas), LLC, a Nevada limited
liability company.

        "CONSENT" -- any approval, consent, ratification, waiver, or other
authorization (including any Governmental Authorization).

        "CONTEMPLATED TRANSACTIONS" -- all of the transactions contemplated by
this Agreement, including:

        (a) the sale of all of Seller's Managing Member Units by Seller to
Buyer; and

        (b) the performance by Buyer and Seller of their respective covenants
and obligations under this Agreement.

        "CONTRACT" -- any agreement, contract, obligation, promise, or
undertaking (whether written or oral and whether express or implied) that is
legally binding.

        "CONTRIBUTION AGREEMENT" -- the Contribution Agreement by and between
the Partnership and the Company pursuant to which the Real Property was
contributed to the Company in exchange for Managing Member Units and
Non-Managing Member Units.

        "DAMAGES" -- as defined in Section 10.2.

                                      -2-
<PAGE>   3

        "ENCUMBRANCE" -- any charge, claim, community property interest,
condition, equitable interest, lien, option, pledge, security interest, right of
first refusal, or restriction of any kind, including any restriction on use,
voting, transfer, receipt of income, or exercise of any other attribute of
ownership.

        "ESCROW AGREEMENT" -- as defined in Section 2.4.

        "ESCROW HOLDER" -- the Company where escrow shall be established, whose
address for this transaction shall be:

                  Transnation Title Insurance Company
                  2200 US Bancorp Tower
                  111 SW 5th Avenue
                  Portland, OR  97201
                  Attn:  Theresa Kilmer

                  Telephone No: 503-222-9931
                  Facsimile No: 503-228-4276

        "ESCROW PERIOD" -- the period from and after the Effective Date through
the Closing Date or any earlier termination of this Agreement.

        "GOVERNMENTAL AUTHORIZATION" -- any approval, consent, license, permit,
waiver, or other authorization issued, granted, given, or otherwise made
available by or under the authority of any Governmental Body or pursuant to any
Legal Requirement.

        "GOVERNMENTAL BODY" -- any:

        (a) nation, state, county, city, town, village, district, or other
jurisdiction of any nature;

        (b) federal, state, local, municipal, foreign, or other government;

        (c) governmental or quasi-governmental authority of any nature
(including any governmental agency, branch, department, official, or entity and
any court or other tribunal);

        (d) multi-national organization or body; or

        (e) body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or
power of any nature.

        "INFORMATION" -- all documents, reports, studies, and other information
or materials (including, without limitation, the Records) delivered or disclosed
to Buyer by Seller or their agents.

                                      -3-
<PAGE>   4

        "IRC" -- the Internal Revenue Code of 1986 or any successor law, and
regulations issued by the IRS pursuant to the Internal Revenue Code or any
successor law.

        "IRS" -- the United States Internal Revenue Service or any successor
agency, and, to the extent relevant, the United States Department of the
Treasury.

        "KNOWLEDGE" -- an individual will be deemed to have "Knowledge" of a
particular fact or other matter if such individual is actually aware of such
fact or other matter.

A Person (other than an individual) will be deemed to have "Knowledge" of a
particular fact or other matter if any individual who is serving, or who has at
any time served, as a director, officer, partner, executor, or trustee of such
Person (or in any similar capacity) has, or at any time had, Knowledge of such
fact or other matter.

        "LEGAL REQUIREMENT" -- any federal, state, local, municipal, foreign,
international, multinational, or other administrative order, constitution, law,
ordinance, principle of common law, regulation, statute, or treaty.

        "LENDER" -- as defined in the Contribution Agreement.

        "LIEN" -- any mortgage, deed of trust, pledge, security interest,
encumbrance, lien or charge of any kind (including, but not limited to, any
conditional sale or other title retention agreement, any lease in the nature
thereof, and the filing of or agreement to give any financing statement under
the Uniform Commercial Code or comparable law or any jurisdiction in connection
with such mortgage, pledge, security interest, encumbrance, lien or charge).

        "LOAN" -- that certain loan in the approximate unpaid principal amount
of $12,500,000.00 secured by a deed of trust and security agreement encumbering
the Company's ownership interest in the Property.

        "MANAGING MEMBER UNIT" -- has the meaning set forth in the Operating
Agreement.

        "NON-MANAGING MEMBER UNIT" -- has the meaning set forth in the Operating
Agreement.

        "ORDER" -- any award, decision, injunction, judgment, order, ruling,
subpoena, or verdict entered, issued, made, or rendered by any court,
administrative agency, or other Governmental Body or by any arbitrator.

        "ORDINARY COURSE OF BUSINESS" -- an action taken by a Person will be
deemed to have been taken in the "Ordinary Course of Business" only if:

        (a) such action is consistent with the past practices of such Person and
is taken in the ordinary course of the normal day-to-day operations of such
Person;

                                      -4-
<PAGE>   5

        (b) such action is not required to be authorized by the board of
directors of such Person (or by any Person or group of Persons exercising
similar authority); and

        (c) such action is similar in nature and magnitude to actions
customarily taken, without any authorization by the board of directors (or by
any Person or group of Persons exercising similar authority), in the ordinary
course of the normal day-to-day operations of other Persons that are in the same
line of business as such Person.

        "ORGANIZATIONAL DOCUMENTS" -- (a) the articles or certificate of
incorporation and the bylaws of a corporation; (b) the partnership agreement and
any statement of partnership of a general partnership; (c) the limited
partnership agreement and the certificate of limited partnership of a limited
partnership; (d) any charter or similar document adopted or filed in connection
with the creation, formation, or organization of a Person; and (e) any amendment
to any of the foregoing.

        "PARTNERSHIP" -- as defined in the Recitals of this Agreement.

        "PERSON" -- any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability Company, joint
venture, estate, trust, association, organization, labor union, or other entity
or Governmental Body.

        "PROCEEDING" -- any action, arbitration, audit, hearing, investigation,
litigation, or suit (whether civil, criminal, administrative, investigative, or
informal) commenced, brought, conducted, or heard by or before, or otherwise
involving, any Governmental Body or arbitrator.

        "REAL PROPERTY" -- shall have the meaning set forth in the Contribution
Agreement.

        "RELATED PERSON" -- with respect to a particular individual:

        (a) each other member of such individual's Family;

        (b) any Person that is directly or indirectly controlled by such
individual or one or more members of such individual's Family;

        (c) any Person in which such individual or members of such individual's
Family hold (individually or in the aggregate) a Material Interest; and

        (d) any Person with respect to which such individual or one or more
members of such individual's Family serves as a director, officer, partner,
executor, or trustee (or in a similar capacity).

        With respect to a specified Person other than an individual:

        (a) any Person that directly or indirectly controls, is directly or
indirectly controlled by, or is directly or indirectly under common control with
such specified Person;

                                      -5-
<PAGE>   6

        (b) any Person that holds a Material Interest in such specified Person;

        (c) each Person that serves as a director, officer, partner, executor,
or trustee of such specified Person (or in a similar capacity);

        (d) any Person in which such specified Person holds a Material Interest;

        (e) any Person with respect to which such specified Person serves as a
general partner or a trustee (or in a similar capacity); and

        (f) any Related Person of any individual described in clause (b) or (c).

        For purposes of this definition, (a) the "Family" of an individual
includes (i) the individual, (ii) the individual's spouse, (iii) any other
natural person who is related to the individual or the individual's spouse
within the second degree, and (iv) any other natural person who resides with
such individual, and (b) "Material Interest" means direct or indirect beneficial
ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934)
of voting securities or other voting interests representing at least ten percent
(10.0%) of the outstanding voting power of a Person or equity securities or
other equity interests representing at least ten percent (10.0%) of the
outstanding equity securities or equity interests in a Person.

        "REPRESENTATIVE" -- with respect to a particular Person, any director,
officer, employee, agent, consultant, advisor, or other representative of such
Person, including legal counsel, accountants, and financial advisors.

        "SECURITIES ACT" -- the Securities Act of 1933 or any successor law, and
regulations and rules issued pursuant to that Act or any successor law.

        "SELLER" -- as defined in the first paragraph of this Agreement.

        "SELLER'S RELEASES" -- as defined in Section 2.5.A.

        "THREATENED" -- a claim, Proceeding, dispute, action, or other matter
will be deemed to have been "Threatened" if any demand or statement has been
made (orally or in writing) or any notice has been given (orally or in writing),
or if any other event has occurred or any other circumstances exist, that would
lead a prudent Person to conclude that such a claim, Proceeding, dispute,
action, or other matter is likely to be asserted, commenced, taken, or otherwise
pursued in the future.

             2. AGREEMENT OF SALE AND TRANSFER OF SELLER'S INTEREST IN THE
COMPANY; DUE DILIGENCE; CLOSING

                                      -6-
<PAGE>   7

             2.1 MEMBER'S INTEREST. Subject to the terms and conditions of this
Agreement, at the Closing, Seller will sell and transfer all of its Managing
Member Units in the Company to Buyer, and Buyer will purchase all of Seller's
Managing Member Units in the Company from Seller.

             2.2 PURCHASE PRICE. The purchase price (the "Purchase Price") for
the Seller's Managing Member Units will be determined by subtracting from the
sum of Twenty Million Two Hundred Thousand and No/100ths Dollars
($20,200,000.00); (a) the unpaid principal balance of the Loan plus all interest
accrued thereon as of the Closing Date; and (b) The Partnership's share of all
Closing Costs as that term is defined in the Contribution Agreement, and
multiplying the resulting amount times sixteen percent (16.0%).

             2.3 CLOSING. The purchase and sale (the "Closing") provided for in
this Agreement will take place at the offices of the Escrow Holder on the date
that is three (3) days after Lender advises the Company that the Assumption has
been approved and that Lender is ready to close the Assumption; or (ii) at such
other time and place as the parties may agree. Subject to the provisions of
Section 9, failure to consummate the purchase and sale provided for in this
Agreement on the date and time and at the place determined pursuant to this
Section 2.3 will not result in the termination of this Agreement and will not
relieve any party of any obligation under this Agreement.

             2.4 ESCROW AGREEMENT. Within ten (10) days following the mutual
execution and delivery of this Agreement, Buyer and Seller will enter into an
escrow agreement in the form of EXHIBIT "1" attached hereto (the "Escrow
Agreement") with Escrow Holder.

             2.5 CLOSING OBLIGATIONS. At the Closing:

                    A. Seller will deliver to Buyer:

                         (1) Certificate No. 1, representing all of the Managing
Member's Units in the Company, duly endorsed for the transfer and conveyance by
Seller to Buyer;

                         (2) releases in the form of EXHIBIT "2" attached hereto
executed by Seller and any Related Person of Seller designated by Buyer;

                         (3) a certificate executed by Seller representing and
warranting to Buyer that each of Seller's representations and warranties in this
Agreement was accurate in all respects as of the date of this Agreement and is
accurate in all respects as of the Closing Date as if made on the Closing Date;
and

                         (4) the opinion of Seller's counsel and the other
documents referred to in Section 7.11B.

                    B. Buyer will deliver to Seller:

                                      -7-
<PAGE>   8

                         (1) the Purchase Price, in the form of a bank cashier's
or certified check payable to the order of Seller or by wire transfer to such
accounts as are specified in writing by Seller; and

                         (2) a certificate executed by Buyer to the effect that
each of Buyer's representations and warranties in this Agreement was accurate in
all respects as of the date of this Agreement and is accurate in all respects as
of the Closing Date as if made on the Closing Date.

                                      -8-
<PAGE>   9

             3. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller represents and
warrants to Buyer as follows:

             3.1 ORGANIZATION AND GOOD STANDING. Seller has not, through any act
or failure to act, caused the Company to cease to be a limited liability company
that is validly existing and in good standing under the laws of Nevada, with
full power and authority to conduct its business as it is now being conducted,
and to own or use the properties and assets that it purports to own or use.

             3.2 AUTHORITY; NO CONFLICT.

                    A. This Agreement constitutes the legal, valid, and binding
obligation of Seller, enforceable against Seller in accordance with its terms.
Upon the execution and delivery by Seller of the Escrow Agreement, it will
constitute the legal, valid, and binding obligation of Seller, enforceable
against Seller in accordance with its terms. Seller has the absolute and
unrestricted right, power, and authority to execute and deliver this Agreement
and the Escrow Agreement and to perform its obligations under this Agreement and
the Escrow Agreement.

                    B. The execution and delivery of this Agreement and the
Escrow Agreement, and the consummation or performance of any of the Contemplated
Transactions will not directly or indirectly (with or without notice or lapse of
time):

                         (1) as a result of any act or failure to act on the
part of Seller or any predecessor in interest of Seller, contravene, conflict
with, or result in a violation of any provision of the Organizational Documents
of the Company;

                         (2) contravene, conflict with, or result in a violation
of, or give any Governmental Body or other Person the right to challenge any of
the Contemplated Transactions or to exercise any remedy or obtain any relief
under, any Legal Requirement or any Order to which the Company, as a result of
any act or failure to act on the part of Seller or any predecessor in interest
of Seller, or Seller, or any of the assets owned or used by the Company, as a
result of any act or failure to act on the part of Seller or any predecessor in
interest of Seller, may be subject;

                         (3) except for any Tax resulting solely from Buyer's
status as a REIT, cause Buyer or the Company to become subject to, or to become
liable for the payment of, any Tax;

                         (4) cause any of the assets owned by the Company to be
reassessed or revalued by any taxing authority or other Governmental Body;

                         (5) result in the imposition or creation of any
Encumbrance upon or with respect to any of the assets owned or used by the
Company.

                                      -9-
<PAGE>   10

Seller is not and will not be required to give any notice to or obtain any
Consent from any Person in connection with the execution and delivery of this
Agreement or the Escrow Agreement or the consummation or performance of any of
the Contemplated Transactions, other than those Consents which have or will have
been obtained at or prior to the Closing.

             3.3 EQUITY INTERESTS. The equity interests of Seller in the Company
immediately prior to the Closing, will consist of sixteen percent (16.0%) of the
Members' Interests, all of which shall be in Managing Member Units, the exact
number of which shall be determined in accordance with the Contribution
Agreement, and no other Person owns or will own Managing Member Units.

        All of the Managing Member Units in the Company that have been or will
be issued to Seller have been duly authorized, validly issued and are fully
paid. Except for this Agreement and the Contribution Agreement, there are no
contracts or agreements to which Seller or any predecessor in interest to Seller
is a party relating to the issuance, sale, or transfer of any Units in the
Company.

             3.4 LEGAL PROCEEDINGS; ORDERS.

                    A. There is no pending Proceeding:

                         (1) that to the Knowledge of Seller has been commenced
by or against the Company or that otherwise relates to or may affect the
business of, or any of the assets owned or used by, the Company; or

                         (2) that challenges, or that may have the effect of
preventing, delaying, making illegal, or otherwise interfering with, any of the
Contemplated Transactions.

                    B. To the Knowledge of Seller: (1) no such Proceeding has
been Threatened, and (2) no event has occurred or circumstance exists that may
give rise to or serve as a basis for the commencement of any such Proceeding.

                    C. Except as set forth in EXHIBIT "3" attached hereto:

                         (1) to the Knowledge of Seller, there is no Order to
which the Company, or any of the assets owned or used by the Company, is
subject;

                         (2) Seller is not subject to any Order that relates to
the business of, or any of the assets owned or used by, the Company.

             3.5 SECTION 754 ELECTION. The Partnership shall duly file and have
in effect for the tax year of the Partnership in which the Contemplated
Transactions are consummated, a valid election under Section 754 of the Code.

                                      -10-
<PAGE>   11

             3.6 CONSENT TO TRANSFER. All of the Members in the Company have or
will have consented prior to the Closing to the Contemplated Transactions in
accordance with the Organizational Documents of the Company.

             3.7 INDEPENDENT COUNSEL. Seller has had independent counsel with
respect to the tax and legal effects of this Agreement, the Contribution
Agreement, and all related agreements, documents, exhibits, instruments referred
to herein or therein, and the Contemplated Transactions, and Seller is not
relying on any advice or statements of Buyer or any of its agents or employees
with respect thereto.

             3.8 SELLER'S TITLE. Seller is, or prior to the Closing will be, the
owner, beneficially and of record, of all of Seller's Managing Member Units free
and clear of all liens, encumbrances, security agreements, equities, options,
claims, charges and restrictions.

             3.9 DISCLOSURE

                    A. No representation or warranty of Seller in this Agreement
omits to state a material fact necessary to make the statements herein or
therein, in light of the circumstances in which they were made, not misleading.

                    B. No notice given pursuant to Section 5.2 will contain any
untrue statement or omit to state a material fact necessary to make the
statements therein or in this Agreement, in light of the circumstances in which
they were made, not misleading.

             4. REPRESENTATIONS AND WARRANTIES OF BUYER

        Buyer represents and warrants to Seller as follows:

             4.1 ORGANIZATION AND GOOD STANDING. Buyer is two (2) corporations
duly organized, validly existing, and in good standing under the laws of the
State of Maryland and the State of Nevada, respectively, with full power and
authority to conduct its business as it is now being conducted, and to own or
use the properties and assets that it purports to own or use.

             4.2 AUTHORITY; NO CONFLICT.

                    A. This Agreement constitutes the legal, valid, and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms.
Upon the execution and delivery by Buyer of the Escrow Agreement, it will
constitute the legal, valid, and binding obligation of Buyer, enforceable
against Buyer in accordance with its terms. Buyer has the absolute and
unrestricted right, power, and authority to execute and deliver this Agreement
and the Escrow Agreement and to perform its obligations under this Agreement and
the Escrow Agreement.

                                      -11-
<PAGE>   12

                    B. The execution and delivery of this Agreement and the
Escrow Agreement, and the consummation or performance of any of the Contemplated
Transactions will not directly or indirectly (with or without notice or lapse of
time):

                         (1) as a result of any act or failure to act on the
part of Buyer contravene, conflict with, or result in a violation of any
provision of the Organizational Documents of the Company;

                         (2) cause any of the assets owned by the Company to be
reassessed or revalued by any taxing authority or other Governmental Body;

                         (3) result in the imposition or creation of any
Encumbrance upon or with respect to any of the assets owned or used by the
Company.

                         (4) any provision of Buyer's Organizational Documents;

                         (5) any resolution adopted by the board of directors or
the stockholders of Buyer;

                         (6) any Legal Requirement or Order to which Buyer may
be subject; or

                         (7) any Contract to which Buyer is a party or by which
Buyer may be bound.

Buyer is not and will not be required to obtain any Consent from any Person in
connection with the execution and delivery of this Agreement or the consummation
or performance of any of the Contemplated Transactions.

             4.3 CERTAIN PROCEEDINGS. The provisions of Section 3.4 are
incorporated herein as if fully set forth except "Buyer" shall be substituted
for "Seller" as the same appear in said Section. There is no pending Proceeding
that has been commenced against Buyer and that challenges, or may have the
effect of preventing, delaying, making illegal, or otherwise interfering with,
any of the Contemplated Transactions. To Buyer's Knowledge, no such Proceeding
has been Threatened.

             4.4 INDEPENDENT COUNSEL. The provisions of Section 3.7 are
incorporated herein as if fully set forth except "Buyer" shall be substituted
for "Seller" as the same appear in said Section.

             4.5 DISCLOSURE. The provisions of Section 3.9A are incorporated
herein as if fully set forth except "Buyer" shall be substituted for "Seller" as
the same appear in said Section.

             5. COVENANTS OF SELLER PRIOR TO CLOSING DATE

                                      -12-
<PAGE>   13

             5.1 REQUIRED APPROVALS. As promptly as practicable after the date
of this Agreement, Seller will make all filings required by Legal Requirements
to be made by it in order to consummate the Contemplated Transactions. Between
the date of this Agreement and the Closing Date, Seller will (a) cooperate with
Buyer with respect to all filings that Buyer elects to make or is required by
Legal Requirements to make in connection with the Contemplated Transactions, and
(b) cooperate with Buyer in obtaining all Consents required to consummate the
Contemplated Transactions.

             5.2 NOTIFICATION. Between the date of this Agreement and the
Closing Date, Seller will promptly notify Buyer in writing if Seller becomes
aware of any fact or condition that causes or constitutes a Breach of any of
Seller's representations and warranties as of the date of this Agreement, or if
Seller becomes aware of the occurrence after the date of this Agreement of any
fact or condition that would (except as expressly contemplated by this
Agreement) cause or constitute a Breach of any such representation or warranty
had such representation or warranty been made as of the time of occurrence or
discovery of such fact or condition.

             5.3 BEST EFFORTS. Between the date of this Agreement and the
Closing Date, Seller will use its Best Efforts to cause the conditions in
Section 7 to be satisfied.

             6. COVENANTS OF BUYER PRIOR TO CLOSING DATE

             6.1 BEST EFFORTS. Between the date of this Agreement and the
Closing Date, Buyer will use its Best Efforts to cause the conditions in Section
8 to be satisfied.

             6.2 REQUIRED APPROVALS. As promptly as practicable after the date
of this Agreement, Buyer will make all filings required by Legal Requirements to
be made by it in order to consummate the Contemplated Transactions. Between the
date of this Agreement and the Closing Date, Buyer will (a) cooperate with
Seller with respect to all filings that Seller elects to make or is required by
Legal Requirements to make in connection with the Contemplated Transactions, and
(b) cooperate with Seller in obtaining all Consents required to consummate the
Contemplated Transactions.

             6.3 NOTIFICATION. Between the date of this Agreement and the
Closing Date, Buyer will promptly notify Seller in writing if Buyer becomes
aware of any fact or condition that causes or constitutes a Breach of any of
Buyer's representations and warranties as of the date of this Agreement, or if
Buyer becomes aware of the occurrence after the date of this Agreement of any
fact or condition that would (except as expressly contemplated by this
Agreement) cause or constitute a Breach of any such representation or warranty
had such representation or warranty been made as of the time of occurrence or
discovery of such fact or condition.

             7. CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE. Buyer's
obligation to purchase Seller's Managing Member Units in the Company and to take
the other actions required to be taken by Buyer at the Closing is subject to the
satisfaction, at or prior to the Closing, of each of the following conditions
(any of which may be waived by Buyer, in whole or in part):

                                      -13-
<PAGE>   14

             7.1 ACCURACY OF REPRESENTATIONS All of Seller's representations and
warranties in this Agreement (considered collectively), and each of these
representations and warranties (considered individually), must have been
accurate in all material respects as of the date of this Agreement, and must be
accurate in all material respects as of the Closing Date as if made on the
Closing Date.

             7.2 SELLER'S PERFORMANCE

                    A. All of the covenants and obligations that Seller is
required to perform or to comply with pursuant to this Agreement at or prior to
the Closing (considered collectively), and each of these covenants and
obligations (considered individually), must have been duly performed and
complied with in all material respects.

                    B. Each document required to be delivered pursuant to
Section 2.5 must have been delivered, and each of the other covenants and
obligations in Sections 5.1 and 5.3 must have been performed and complied with
in all respects.

             7.3 NO PROCEEDINGS. Since the date of this Agreement, there must
not have been commenced or Threatened against Buyer, or against any Person
affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking
damages or other relief in connection with, any of the Contemplated
Transactions, or (b) that may have the effect of preventing, delaying, making
illegal, or otherwise interfering with any of the Contemplated Transactions.

             7.4 NO CLAIM REGARDING INTEREST OWNERSHIP OR SALE PROCEEDS. There
must not have been made or Threatened by any Person any claim asserting that
such Person (a) is the beneficial owner of, or has the right to acquire or to
obtain beneficial ownership of, Seller's Managing Member Units, or any other
voting, equity, or ownership interest of Seller in the Company, or (b) is
entitled to all or any portion of the Purchase Price payable for Seller's
Managing Member Units.

             7.5 NO PROHIBITION. Neither the consummation nor the performance of
any of the Contemplated Transactions will, directly or indirectly (with or
without notice or lapse of time), materially contravene, or conflict with, or
result in a material violation of, or cause Buyer or any Person affiliated with
Buyer to suffer any material adverse consequence under, (a) any applicable Legal
Requirement or Order, or (b) any Legal Requirement or Order that has been
published, introduced, or otherwise proposed by or before any Governmental Body.

             7.6 DUE DILIGENCE REVIEW. Buyer shall have completed its due
diligence review within the Inspection Period under the Contribution Agreement,
and shall be satisfied or be deemed to be satisfied with the results of such
review and assessment, as provided in the Contribution Agreement.

             7.7 RELEASES. At the Closing, Seller and any Related Person of
Seller as may be designated by Buyer shall deliver to Buyer Seller's Releases,
releasing all claims against Buyer

                                      -14-
<PAGE>   15

and the Company up to and through the Closing Date, other than with respect to
obligations of Buyer under this Agreement.

             7.8 NO INSOLVENCY. The Seller (i) shall not be in receivership or
dissolution, (ii) shall not have made an assignment for the benefit of creditors
or admitted in writing its inability to pay its debts as they mature, or (iii)
shall not have been adjudicated a bankrupt or filed a petition in voluntary
bankruptcy or a petition or answer seeking reorganization or an arrangement with
creditors under the Federal bankruptcy law or any other similar law or statute
of the United States or any jurisdiction and no such petition shall have been
filed against Seller.

             7.9 CONCURRENT CLOSINGS. The Company and the Partnership shall have
entered into and closed that certain agreement entitled Contribution Agreement
and Escrow Instructions.

             7.10 DOWNREIT CONSUMMATION. Company, Buyer and Waranch shall have
entered into the Operating Agreement in form and substance acceptable to Buyer
and Waranch as of the Closing Date.

             7.11 ADDITIONAL DOCUMENTS. Each of the following documents must
have been delivered to Buyer:

                    A. an opinion of Solomon, Ward, Seidenwurm & Smith, LLP,
dated the Closing Date, in the form of EXHIBIT "4";

                    B. such other documents as Buyer may reasonably request for
the purpose of (i) evidencing the accuracy of any of Seller's representations
and warranties, (ii) evidencing the performance by Seller of, or the compliance
by Seller with, any covenant or obligation required to be performed or complied
with by Seller, (iii) evidencing the satisfaction of any condition referred to
in this Section 7, or (iv) otherwise facilitating the consummation or
performance of any of the Contemplated Transactions.

             8. CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE. Seller's
obligation to sell its Managing Member Units and to take the other actions
required to be taken by Seller at the Closing is subject to the satisfaction, at
or prior to the Closing, of each of the following conditions (any of which may
be waived by Seller, in whole or in part):

             8.1 ACCURACY OF REPRESENTATIONS. All of Buyer's representations and
warranties in this Agreement (considered collectively), and each of these
representations and warranties (considered individually), must have been
accurate in all material respects as of the date of this Agreement and must be
accurate in all material respects as of the Closing Date as if made on the
Closing Date.

             8.2 BUYER'S PERFORMANCE.

                                      -15-
<PAGE>   16

                    A. All of the covenants and obligations that Buyer is
required to perform or to comply with pursuant to this Agreement at or prior to
the Closing (considered collectively), and each of these covenants and
obligations (considered individually), must have been performed and complied
with in all material respects.

                    B. Buyer must have delivered each of the documents required
to be delivered by Buyer pursuant to Section 2.5.B and must have made the cash
payment required to be made by Buyer pursuant to Section 2.5.B(i).

             8.3 NO INJUNCTION. There must not be in effect any Legal
Requirement or any injunction or other Order that has been adopted or issued, or
has otherwise become effective, which prohibits the sale of the Managing Member
Units by Seller to Buyer.

             8.4 NO PROCEEDINGS. Since the date of this Agreement, there must
not have been commenced or Threatened against Buyer, or against any Person
affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking
damages or other relief in connection with, any of the Contemplated
Transactions, or (b) that may have the effect of preventing, delaying, making
illegal, or otherwise interfering with any of the Contemplated Transactions.

             8.5 NO INSOLVENCY. The Buyer (i) shall not be in receivership or
dissolution, (ii) shall not have made an assignment for the benefit of creditors
or admitted in writing its inability to pay its debts as they mature, or (iii)
shall not have been adjudicated a bankrupt or filed a petition in voluntary
bankruptcy or a petition or answer seeking reorganization or an arrangement with
creditors under the Federal bankruptcy law or any other similar law or statute
of the United States or any jurisdiction and no such petition shall have been
filed against Buyer.

             8.6 CONCURRENT CLOSINGS. The Company and the Partnership shall have
entered into and closed that certain agreement entitled Contribution Agreement
and Escrow Instructions.

             9. TERMINATION

             9.1 TERMINATION EVENTS. This Agreement may, by notice given prior
to or at the Closing, be terminated:

                    A. by Buyer if there has been a Material Breach of any
provision of the Contribution Agreement by any other party and such Breach has
not been waived;

                    B. by either Buyer or Seller if a Material Breach of any
provision of this Agreement has been committed by the other party and such
Breach has not been waived;

                    C. (i) by Buyer if any of the conditions in Section 7 has
not been satisfied as of the Closing Date or if satisfaction of such a condition
is or becomes impossible (other than through the failure of Buyer to comply with
its obligations under this Agreement) and Buyer has not waived such condition on
or before the Closing Date; or (ii) by Seller, if any of the conditions in
Section 8 has not been satisfied as of the Closing Date or if satisfaction of
such a

                                      -16-
<PAGE>   17
condition is or becomes impossible (other than through the failure of Seller to
comply with his obligations under this Agreement) and Seller has not waived such
condition on or before the Closing Date;

                    D. by mutual consent of Buyer and Seller; or

                    E. by either Buyer or Seller if the Closing has not occurred
(other than through the failure of any party seeking to terminate this Agreement
to comply fully with its obligations under this Agreement) on or before the date
set forth in Section 2.3.

             9.2 EFFECT OF TERMINATION. Each party's right of termination under
Section 9.1 is in addition to any other rights it may have under this Agreement
or otherwise, and the exercise of a right of termination will not be an election
of remedies. If this Agreement is terminated pursuant to Section 9.1, all
further obligations of the parties under this Agreement will terminate, except
that the obligations in Sections 11.1 and 11.3 will survive; provided, however,
that if this Agreement is terminated by a party because of the Breach of the
Agreement by the other party or because one or more of the conditions to the
terminating party's obligations under this Agreement is not satisfied as a
result of the other party's failure to comply with its obligations under this
Agreement, the terminating party's right to pursue all legal remedies will
survive such termination unimpaired.

             10. INDEMNIFICATION; REMEDIES

             10.1 SURVIVAL; RIGHT TO INDEMNIFICATION NOT AFFECTED BY KNOWLEDGE.
All representations, warranties, covenants, and obligations in this Agreement,
the certificate delivered pursuant to Section 2.5.A(iii), the certificate
delivered pursuant to Section 2.5.B(ii), and any other certificate or document
delivered pursuant to this Agreement will survive the Closing. The right to
indemnification, payment of Damages or other remedy based on such
representations, warranties, covenants, and obligations will not be affected by
any investigation conducted with respect to, or any Knowledge acquired (or
capable of being acquired) at any time, whether before or after the execution
and delivery of this Agreement or the Closing Date, with respect to the accuracy
or inaccuracy of or compliance with, any such representation, warranty,
covenant, or obligation. The waiver of any condition based on the accuracy of
any representation or warranty, or on the performance of or compliance with any
covenant or obligation, will not affect the right to indemnification, payment of
Damages, or other remedy based on such representations, warranties, covenants,
and obligations.

             10.2 INDEMNIFICATION AND PAYMENT OF DAMAGES BY SELLER. Seller will
indemnify and hold harmless Buyer, the Company, and their respective
Representatives, partners, stockholders, controlling persons, and affiliates
(collectively, the "Indemnified Persons") for, and will pay to the Indemnified
Persons the amount of, any loss, liability, claim, damage (including incidental
and consequential damages), expense (including costs of investigation and
defense and reasonable attorneys' fees) or diminution of value, whether or not
involving a third-party claim (collectively, "Damages"), arising, directly or
indirectly, from or in connection with:

                                      -17-
<PAGE>   18

                    A. any Breach of any representation or warranty made by
Seller in this Agreement or any other certificate or document delivered by
Seller pursuant to this Agreement;

                    B. any Breach of any representation or warranty made by
Seller in this Agreement as if such representation or warranty were made on and
as of the Closing Date;

                    C. any Breach by Seller of any covenant or obligation of
Seller in this Agreement;

The remedies provided in this Section 10.2 will not be exclusive of or limit any
other remedies that may be available to Buyer or the other Indemnified Persons.

             10.3 INDEMNIFICATION AND PAYMENT OF DAMAGES BY BUYER. Buyer will
indemnify and hold harmless Seller and its Representatives (collectively, the
"Indemnified Persons") for, and will pay to the Indemnified Persons the amount
of, any loss, liability, claim, damage (including incidental and consequential
damages), expense (including costs of investigation and defense and reasonable
attorneys' fees) or diminution of value, whether or not involving a third-party
claim (collectively, "Damages"), arising, directly or indirectly, from or in
connection with:

                    A. any Breach of any representation or warranty made by
Buyer in this Agreement or any other certificate or document delivered by Buyer
pursuant to this Agreement;

                    B. any Breach of any representation or warranty made by
Buyer in this Agreement as if such representation or warranty were made on and
as of the Closing Date;

                    C. any Breach by Buyer of any covenant or obligation of
Buyer in this Agreement;

The remedies provided in this Section 10.3 will not be exclusive of or limit any
other remedies that may be available to Seller or the other Indemnified Persons.

             10.4 PROCEDURE FOR INDEMNIFICATION--THIRD PARTY CLAIMS.

                    A. Promptly after receipt by an Indemnified Person under
Section 10.2 or Section 10.3 of notice of the commencement of any Proceeding
against it, such Indemnified Person will, if a claim is to be made against an
Indemnifying Person under such Section, give notice to the Indemnifying Person
of the commencement of such claim, but the failure to notify the Indemnifying
Person will not relieve the Indemnifying Person of any liability that it may
have to any Indemnified Person, except to the extent that the Indemnifying
Person demonstrates that the defense of such action is prejudiced by the
Indemnifying Person's failure to give such notice.

                                      -18-
<PAGE>   19

                    B. If any Proceeding referred to in Section 10.4.A is
brought against an Indemnified Person and it gives notice to the Indemnifying
Person of the commencement of such Proceeding, the Indemnifying Person will be
entitled to participate in such Proceeding and, to the extent that it wishes
(unless (i) the Indemnifying Person is also a party to such Proceeding and the
Indemnified Person determines in good faith that joint representation would be
inappropriate, or (ii) the Indemnifying Person fails to provide reasonable
assurance to the Indemnified Person of its financial capacity to defend such
Proceeding and provide indemnification with respect to such Proceeding), to
assume the defense of such Proceeding with counsel satisfactory to the
Indemnified Person and, after notice from the Indemnifying Person to the
Indemnified Person of its election to assume the defense of such Proceeding, the
Indemnifying Person will not, as long as it diligently conducts such defense, be
liable to the Indemnified Person under this Section 10 for any fees of other
counsel or any other expenses with respect to the defense of such Proceeding, in
each case subsequently incurred by the Indemnified Person in connection with the
defense of such Proceeding, other than reasonable costs of investigation. If the
Indemnifying Person assumes the defense of a Proceeding, (i) it will be
conclusively established for purposes of this Agreement that the claims made in
that Proceeding are within the scope of and subject to indemnification; (ii) no
compromise or settlement of such claims may be effected by the Indemnifying
Person without the Indemnified Person's consent unless (A) there is no finding
or admission of any violation of Legal Requirements or any violation of the
rights of any Person and no effect on any other claims that may be made against
the Indemnified Person, and (B) the sole relief provided is monetary damages
that are paid in full by the Indemnifying Person; and (iii) the Indemnified
Person will have no liability with respect to any compromise or settlement of
such claims effected without its consent. If notice is given to an Indemnifying
Person of the commencement of any Proceeding and the Indemnifying Person does
not, within ten days after the Indemnified Person's notice is given, give notice
to the Indemnified Person of its election to assume the defense of such
Proceeding, the Indemnifying Person will be bound by any determination made in
such Proceeding or any compromise or settlement effected by the Indemnified
Person.

                    C. Notwithstanding the foregoing, if an Indemnified Person
determines in good faith that there is a reasonable probability that a
Proceeding may adversely affect it or its affiliates other than as a result of
monetary damages for which it would be entitled to indemnification under this
Agreement, the Indemnified Person may, by notice to the Indemnifying Person,
assume the exclusive right to defend, compromise, or settle such Proceeding, but
the Indemnifying Person will not be bound by any determination of a Proceeding
so defended or any compromise or settlement effected without its consent (which
may not be unreasonably withheld).

                    D. Buyer and Seller each hereby consents to the
non-exclusive jurisdiction of any court in which a Proceeding is brought against
any Indemnified Person for purposes of any claim that an Indemnified Person may
have under this Agreement with respect to such Proceeding or the matters alleged
therein, and agrees that process may be served on Seller or Buyer with respect
to such a claim anywhere in the world.

                                      -19-
<PAGE>   20

             10.5 PROCEDURE FOR INDEMNIFICATION--OTHER CLAIMS. A claim for
indemnification for any matter not involving a third-party claim may be asserted
by notice to the party from whom indemnification is sought.

             11. GENERAL PROVISIONS

             11.1 EXPENSES. Except as otherwise expressly provided in this
Agreement, each party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the Contemplated Transactions, including all fees and expenses of
agents, representatives, counsel, and accountants. In the event of termination
of this Agreement, the obligation of each party to pay its own expenses will be
subject to any rights of such party arising from a breach of this Agreement by
another party.

             11.2 PUBLIC ANNOUNCEMENTS. Any public announcement or similar
publicity with respect to this Agreement or the Contemplated Transactions will
be issued, if at all, at such time and in such manner as Buyer determines.
Unless consented to by Buyer in advance or required by Legal Requirements, prior
to the Closing, Seller shall, and shall cause the Partnership to, keep this
Agreement strictly confidential and may not make any disclosure of this
Agreement to any Person.

             11.3 CONFIDENTIALITY. Between the date of this Agreement and the
Closing Date, Buyer and Seller will maintain in confidence, and will cause the
directors, officers, employees, agents, and advisors of Buyer to maintain in
confidence, and not use to the detriment of another party or an Acquired Company
any written information stamped "confidential" when originally furnished by
another party or the Partnership in connection with this Agreement or the
Contemplated Transactions, unless (a) such information is already known to such
party or to others not bound by a duty of confidentiality or such information
becomes publicly available through no fault of such party, (b) the use of such
information is necessary or appropriate in making any filing or obtaining any
consent or approval required for the consummation of the Contemplated
Transactions, or (c) the furnishing or use of such information is required by or
necessary or appropriate in connection with legal proceedings.

        If the Contemplated Transactions are not consummated, each party will
return or destroy as much of such written information as the other party may
reasonably request.

             11.4 NOTICES. All notices, consents, waivers, and other
communications under this Agreement must be in writing and will be deemed to
have been duly given when (a) delivered by hand (with written confirmation of
receipt), (b) sent by telecopier (with written confirmation of receipt),
provided that a copy is mailed by registered mail, return receipt requested, or
(c) when received by the addressee, if sent by a nationally recognized overnight
delivery service (receipt requested), in each case to the appropriate addresses
and telecopier numbers set forth below (or to such other addresses and
telecopier numbers as a party may designate by notice to the other parties):

                                      -20-
<PAGE>   21

         Seller:                Stanley W. Gribble, Trustee
                                The Stanley W. Gribble Trust
                                c/o Bend Properties
                                1920 Main Street
                                Irvine, CA  92614
                                Facsimile No.:  (949) 261-6331

         with a copy to:        Robert F. La Scala, Esq.
                                Solomon Ward Seidenwurm & Smith, LLP
                                401 B Street, Suite 1200
                                San Diego, CA  92101
                                Facsimile No.:  (619) 231-4755

         Buyer:                 Pan Pacific Retail Properties, Inc.
                                1621-B South Melrose Drive
                                Vista, CA  92083
                                Attn:  Steve Boss
                                Facsimile No.:  (760) 727-1274

         with a copy to:        Hale Lane Peek Dennison Howard and Anderson
                                100 W. Liberty Street, Tenth Floor
                                Reno, NV  89501
                                Attn:  William C. Davis
                                Facsimile No.:  775-786-6179

             11.5 FURTHER ASSURANCES. The parties agree (a) to furnish upon
request to each other such further information, (b) to execute and deliver to
each other such other documents, and (c) to do such other acts and things, all
as the other party may reasonably request for the purpose of carrying out the
intent of this Agreement and the documents referred to in this Agreement.

             11.6 WAIVER. The rights and remedies of the parties to this
Agreement are cumulative and not alternative. Neither the failure nor any delay
by any party in exercising any right, power, or privilege under this Agreement
or the documents referred to in this Agreement will operate as a waiver of such
right, power, or privilege, and no single or partial exercise of any such right,
power, or privilege will preclude any other or further exercise of such right,
power, or privilege or the exercise of any other right, power, or privilege. To
the maximum extent permitted by applicable law, (a) no claim or right arising
out of this Agreement or the documents referred to in this Agreement can be
discharged by one party, in whole or in part, by a waiver or renunciation of the
claim or right unless in writing signed by the other party; (b) no waiver that
may be given by a party will be applicable except in the specific instance for
which it is given; and (c) no notice to or demand on one party will be deemed to
be a waiver of any obligation of such party or of the right of the party giving
such notice or demand to take further action without notice or demand as
provided in this Agreement or the documents referred to in this Agreement.

                                      -21-
<PAGE>   22

             11.7 ENTIRE AGREEMENT AND MODIFICATION. This Agreement supersedes
all prior agreements between the parties with respect to its subject matter and
constitutes (along with the documents referred to in this Agreement) a complete
and exclusive statement of the terms of the agreement between the parties with
respect to its subject matter. This Agreement may not be amended except by a
written agreement executed by the party to be charged with the amendment.

             11.8 ASSIGNMENTS, SUCCESSORS, AND NO THIRD-PARTY RIGHTS. Neither
party may assign any of its rights under this Agreement without the prior
consent of the other parties, except that Buyer may assign any of its rights,
but not its obligations, under this Agreement to any Subsidiary or Related
Person of Buyer. Subject to the preceding sentence, this Agreement will apply
to, be binding in all respects upon, and inure to the benefit of the successors
and permitted assigns of the parties. Nothing expressed or referred to in this
Agreement will be construed to give any Person other than the parties to this
Agreement any legal or equitable right, remedy, or claim under or with respect
to this Agreement or any provision of this Agreement. This Agreement and all of
its provisions and conditions are for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns.

             11.9 SEVERABILITY. If any provision of this Agreement is held
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.

             11.10 SECTION HEADINGS, CONSTRUCTION. The headings of Sections in
this Agreement are provided for convenience only and will not affect its
construction or interpretation. All references to "Section" or "Sections" refer
to the corresponding Section or Sections of this Agreement. All words used in
this Agreement will be construed to be of such gender or number as the
circumstances require. Unless otherwise expressly provided, the word "including"
does not limit the preceding words or terms.

             11.11 TIME OF ESSENCE. With regard to all dates and time periods
set forth or referred to in this Agreement, time is of the essence.

             11.12 GOVERNING LAW. This Agreement will be governed by the laws of
the State of Nevada without regard to conflicts of laws principles.

             11.13 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same agreement.

                                      -22-
<PAGE>   23

        IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date first written above.

BUYER:                                 SELLER:

PAN PACIFIC RETAIL PROPERTIES, INC.,   THE STANLEY W. GRIBBLE TRUST UNDER
A MARYLAND CORPORATION                 TRUST AGREEMENT DATED SEPTEMBER 24, 1991

By: /s/ JEFFREY S. STAUFFER            /s/ STANLEY W. GRIBBLE
   -----------------------------       -----------------------------------------
    Jeffrey S. Stauffer,               Stanley W. Gribble, Trustee
    Executive Vice President and
    Chief Operating Officer

PAN PACIFIC (RLP) INC.
A CALIFORNIA CORPORATION

By: /s/ JEFFREY S. STAUFFER
    ----------------------------
    Jeffrey S. Stauffer,
    Executive Vice President and
    Chief Operating Officer

                                      -23-<PAGE>   1
                                                                   EXHIBIT 10.16

Upon recordation, return to:
                                                               RANCHO LAS PALMAS
                                                       RANCHO MIRAGE, CALIFORNIA
Edward E. Zughaib, Esq.
Katten Muchin & Zavis
1025 Thomas Jefferson Street, N.W.
Suite 700, East Lobby
Washington, DC 20007

                        LaSalle National Bank, as Trustee

            for Registered Holders of DLJ Mortgage Acceptance Corp.,

                 Commercial Mortgage Pass-Through Certificates,

                                 Series 1997-CF2

--------------------------------------------------------------------------------

                                 Loan Assumption

                                       and

                             Modification Agreement

--------------------------------------------------------------------------------

Date:                        September 23, 1999

Location of Property:        Intersection of Bob Hope Drive and Highway 11
                             Rancho Mirage, Riverside County, California 92270

<PAGE>   2

                   LOAN ASSUMPTION AND MODIFICATION AGREEMENT

        THIS LOAN ASSUMPTION AND MODIFICATION AGREEMENT (this "Agreement") is
made and entered into as of the 23rd day of September, 1999, by and among PAN
PACIFIC (RANCHO LAS PALMAS), LLC, a Nevada limited liability company, having its
principal place of business at c/o Pan Pacific Retail Properties, Inc., 1631-B
South Melrose Drive, Vista, California 92083 ("Assuming Borrower") and RANCHO
LAS PALMAS CENTER ASSOCIATES, a California limited partnership, having its
principal place of business at c/o Bend Properties, Inc., 1920 Main Street,
Suite 150, Irvine, California 92614 ("Original Borrower"), in favor of LASALLE
NATIONAL BANK, as Trustee for Registered Holders of DLJ Mortgage Acceptance
Corp., Commercial Mortgage Pass-Through Certificates, Series 1997-CF2, whose
mailing address is 135 South LaSalle Street, Chicago, Illinois 60603 ("Lender").

                                    RECITALS

        All capitalized terms not defined herein are defined on the attached and
incorporated Exhibit A.

             A. COLUMN FINANCIAL, INC., a Delaware corporation (the "Original
Lender") made a loan to Original Borrower in the original principal amount of
TWELVE MILLION SEVEN HUNDRED FIFTY THOUSAND AND NO/100 Dollars ($12,750,000.00)
(the "Loan"). The Loan is evidenced and secured by the documents executed in
favor of Original Lender by Original Borrower, including, but not limited to,
those set forth on Exhibit A (the "Loan Documents").

             B. Original Lender assigned, sold and transferred its interest in
the Loan and all Loan Documents to Lender pursuant to the Assignment of
Mortgage, and Lender is the current holder of all of Original Lender's interest
in the Loan and Loan Documents.

             C. The above-referenced mortgage loan is part of a mortgage pool
known as the DLJ Mortgage Acceptance Corporation Commercial Mortgage
Pass-Through Certificates, Series 1997-CF2 (the "Trust"), for which, pursuant to
a Pooling and Servicing Agreement dated October 15, 1997, LaSalle National Bank
is Trustee; and, pursuant to a Commercial Mortgage Loan Servicing Rights
Resignation and Appointment Agreement dated October 30, 1998, Orix Real Estate
Capital Markets, LLC, successor to Banc One Mortgage Capital Markets, LLC, is
the Special Servicer; and, pursuant to a Subservicing Agreement dated October
30, 1998, CRIIMI MAE Services Limited Partnership ("CMSLP") is the Subservicer.

             D. Original Borrower continues to be the owner of the real property
and improvements thereon described in and encumbered by the Mortgage and the
other Loan Documents.

                                       2
<PAGE>   3

             E. Pursuant to that certain Contribution Agreement and Escrow
Instructions, dated as of August 13, 1999 (the "Sales Agreement"), by and
between Original Borrower and Pan Pacific Retail Properties, Inc., a Maryland
corporation ("Purchaser"), Original Borrower agreed to transfer and Purchaser
agreed to acquire that certain real property more particularly described on
Exhibit B attached hereto, together with all other property encumbered by the
Mortgage, the Assignment of Rents and the other Loan Documents (collectively,
the "Property"). Pursuant to the Sales Agreement the Purchaser then agreed to
contribute the Property to Assuming Borrower. The Sales Agreement requires that
the Assuming Borrower assume the Loan and the obligations of Original Borrower
under the Loan Documents, and conditions the closing of the transfer of the
Property upon the Lender's consent to the transfer of the Property and the
assumption of the Loan.

             F. Pursuant to the terms of the Mortgage, Original Borrower has the
right to transfer the Property to a third party subject to the satisfaction of
certain conditions specified therein. Original Borrower and Assuming Borrower
have requested that Lender consent to the conveyance, assignment and transfer of
the Property by Original Borrower to Assuming Borrower, subject to the Mortgage,
the Assignment of Rents and the other Loan Documents, each as modified herein,
and to the assumption by Assuming Borrower of the Loan and the obligations of
Original Borrower under the Loan Documents.

             G. Lender is willing to consent to the conveyance, assignment and
transfer of the Property by Original Borrower to Assuming Borrower, subject to
the Mortgage, the Assignment of Rents and the other Loan Documents, each as
modified herein, and to the assumption by Assuming Borrower of the Loan and the
obligations of Original Borrower under the Loan Documents, on and subject to the
terms and conditions set forth in this Agreement and in the Mortgage, the
Assignment of Rents and in the other Loan Documents, each as modified herein.

             H. Lender, Original Borrower, and Assuming Borrower, by their
respective executions hereof, evidence their consent to the transfer of the
Property to Assuming Borrower and the modification and assumption of the Loan
Documents, each as modified herein, as hereinafter set forth.

                             STATEMENT OF AGREEMENT

        In consideration of the mutual covenants and agreements set forth
herein, the parties hereto hereby agree as follows:

             1. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF ORIGINAL BORROWER.

                    (a) Original Borrower hereby represents to Lender, as of the
date hereof, that: (i) contemporaneously with the execution and delivery hereof,
it has conveyed and transferred all of the Property to Assuming Borrower; (ii)
contemporaneously with the execution and delivery hereof, it has assigned,
transferred or credited to Assuming Borrower all leases,

                                       3
<PAGE>   4

tenancies, security deposits and prorated rents of the Property in effect as of
the date hereof ("Leases") retaining no rights therein or thereto; (iii) it has
not received a mortgage from Assuming Borrower encumbering the Property to
secure the payment of any sums due Original Borrower or obligations to be
performed by Assuming Borrower; (iv) there are no defaults by it under the
provisions of the Note, the Mortgage, the Assignment of Rents or the other Loan
Documents; (v) there are no defenses, set-offs or rights of defense, set-off or
counterclaim whether legal, equitable or otherwise to the obligations evidenced
by or set forth in the Note, the Mortgage, the Assignment of Rents or the other
Loan Documents; (vi) all provisions of the Note, the Mortgage, the Assignment of
Rents and the other Loan Documents are in full force and effect, except as
modified herein; and (viii) there are no subordinate liens of any kind covering
or relating to the Property nor are there any mechanics' liens or liens for
unpaid taxes or assessments encumbering the Property, nor has notice of a lien
or notice of intent to file a lien been received.

                    (b) Original Borrower hereby covenants and agrees that: (i)
from and after the date hereof, Lender may deal solely with Assuming Borrower in
all matters relating to the Loan, the Loan Documents, and the Property; (ii) it
shall not at any time hereafter take a mortgage encumbering the Property from
Assuming Borrower to secure any sums to be paid or obligations to be performed
by Assuming Borrower so long as any portion of the Loan remains unpaid; (iii)
Lender has no further duty or obligation of any nature relating to this Loan or
the Loan Documents to Original Borrower; and (iv) it hereby releases Lender, and
each of its predecessors in interest, together with any officers, directors,
partners, employees and agents of each of the foregoing, from all claims and
liabilities relating to the transaction evidenced by the Loan Documents through
and including the date hereof.

        Original Borrower understands and intends that Lender shall rely on the
representations, warranties and covenants contained herein.

             2. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF ASSUMING BORROWER.

                    (a) Assuming Borrower hereby represents and warrants to
Lender, as of the date hereof, that: (i) simultaneously with the execution and
delivery hereof, it has acquired from Original Borrower all of the Property, and
has accepted Original Borrower's assignment of the Leases; (ii) it has assumed
the performance of Original Borrower's obligations under the Leases; and (iii)
it has not granted to Original Borrower a mortgage or other lien upon the
Property to secure any debt or obligations owed to Original Borrower.

                    (b) Assuming Borrower hereby covenants and agrees that it
hereby: (i) assumes the obligations contained in the Loan Documents in
accordance with the terms of this Agreement; (ii) shall pay when and as due all
sums due under the Note and other Loan Documents (as modified hereby); and (iii)
shall perform all obligations imposed upon Original Borrower under the Mortgage,
the Assignment of Rents and all other Loan Documents, all as modified hereby.
Assuming Borrower shall not hereafter, without Lender's prior consent in
accordance with the terms of the Loan Documents, further encumber the Property
or sell or

                                       4
<PAGE>   5

transfer the Property or any interest therein, except as may be specifically
permitted in the Loan Documents. Assuming Borrower has no knowledge that any of
the representations and warranties made by the Original Borrower herein are
untrue, incomplete, or incorrect.

                    (c) Assuming Borrower is a limited liability company duly
organized and validly existing under the laws of the State of its formation, and
is qualified to do business in the State where the Property is located. Assuming
Borrower's registered office is as set forth in its Operating Agreement or most
recent amendment thereto. Assuming Borrower has full power and authority to
enter into and carry out the terms of this Agreement and to assume and carry out
the terms of the Loan Documents. The Assuming Borrower is in good standing under
the laws of the State of its formation.

                    (d) Pan Pacific (RLP), Inc. and Pan Pacific Retail
Properties, Inc., the co-managers of Assuming Borrower, are corporations duly
organized and validly existing, and in good standing under the laws of the State
of their formation, and are authorized to transact business as foreign
corporations in each jurisdiction in which such authorization is necessary for
the operation of the business or properties of Assuming Borrower. The
co-managers are, and shall remain, the sole managers of Assuming Borrower and
have full power and authority to enter into this Agreement as co-managers on
behalf of Assuming Borrower, to execute this Agreement, and to carry out the
terms of the Loan Documents.

                    (e) This Agreement and the Loan Documents constitute legal,
valid and binding obligations of Assuming Borrower and managing member,
enforceable in accordance with their respective terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the rights of creditors generally
or general principles of equity. Neither the entry into nor the performance of
and compliance with this Agreement or any of the Loan Documents has resulted or
will result in any violation of, or a conflict with or a default under, any
judgment, decree, order, mortgage, indenture, contract, agreement or lease by
which Assuming Borrower or any property of Assuming Borrower is bound or any
statute, rule or regulation applicable to Assuming Borrower.

                    (f) Neither the execution of this Agreement nor the
assumption and performance of the obligations hereunder has resulted or will
result in any violation of, or a conflict with or a default under, any judgment,
decree, order, mortgage, indenture, contract, agreement or lease by which the
Assuming Borrower or any property of Assuming Borrower is bound or any statute,
rule or regulation applicable to the Assuming Borrower.

                    (g) There is no action, proceeding or investigation pending
or threatened which questions, directly or indirectly, the validity or
enforceability of this Agreement or any of the other Loan Documents, or any
action taken or to be taken pursuant hereto or thereto, or which might result in
any material adverse change in the condition (financial or otherwise) or
business of Assuming Borrower.

                                       5
<PAGE>   6

                    (h) There has been no legislative action, regulatory change,
revocation of license or right to do business, fire, explosion, flood, drought,
windstorm, earthquake, accident, other casualty or act of God, labor trouble,
riot, civil commotion, condemnation or other action or event which has had any
material adverse effect, on the business or condition (financial or otherwise)
of Assuming Borrower or any of its properties or assets, whether insured against
or not, since Assuming Borrower submitted to Lender its request to assume the
Loan.

                    (i) The financial statements and other data and information
supplied by Assuming Borrower in connection with Assuming Borrower's request to
assume the Loan or otherwise supplied in contemplation of the assumption of the
Loan by Assuming Borrower were in all material respects true and correct on the
dates they were supplied, and since their dates no material adverse change in
the financial condition of Assuming Borrower has occurred, and there is not any
pending or threatened litigation or proceedings which might impair to a material
extent the business or financial condition of Assuming Borrower.

                    (j) No representation or warranty of Assuming Borrower made
in this Agreement contains any untrue statement of material fact or omits to
state a material fact necessary in order to make such representations and
warranties not misleading in light of the circumstances under which they are
made.

        Assuming Borrower understands and intends that Lender shall rely on the
representations, warranties and covenants contained herein.

             3. ASSUMPTION OF OBLIGATIONS. Assuming Borrower hereby assumes the
indebtedness and all of the obligations of every type and nature set forth in
the Note, the Mortgage, the Assignment of Rents and the other Loan Documents in
accordance with their respective terms and conditions, as the same may be
modified by this Agreement. Assuming Borrower further agrees to abide by and be
bound by all of the terms of the Loan Documents, including but not limited to,
the representations, warranties, covenants, assurances and indemnifications
therein, all as though each of the Loan Documents had been made, executed, and
delivered by Assuming Borrower. Assuming Borrower agrees to pay, perform, and
discharge each and every obligation of payment and performance under, pursuant
to and as set forth in the Note, the Mortgage, the Assignment of Rents and the
other Loan Documents at the time, in the manner and otherwise in all respects as
therein provided. Assuming Borrower hereby acknowledges, agrees and warrants
that (i) there are no rights of set-off or counterclaim, nor any defenses of any
kind, whether legal, equitable or otherwise, which would enable Assuming
Borrower to avoid or delay timely performance of its obligations under the Note,
the Mortgage, the Assignment of Rents or any of the Loan Documents, as
applicable; (ii) there are no monetary encumbrances or liens of any kind or
nature against the Property except those created by the Loan Documents, and all
rights, priorities, titles, liens and equities securing the payment of the Note
are expressly recognized as valid and are in all things renewed, continued and
preserved in force to secure payment of the Note, except as amended herein.

                                       6
<PAGE>   7

             4. CONSENT TO CONVEYANCE AND ASSUMPTION; RELEASE. Subject to the
terms and conditions set forth in this Agreement, Lender consents to: (a) the
conveyance, assignment and transfer of the Property by Original Borrower to
Assuming Borrower, subject to the Mortgage and the other Loan Documents; and (b)
the assumption by Assuming Borrower of the Loan and of the obligations of
Original Borrower under the Loan Documents. Original Borrower, Ronald C. Waranch
and Stanley W. Gribble, are hereby released from any liability to Lender under
any and all of the Note, the Mortgage, the Assignment of Rents and the other
Loan Documents after the transfer of the Property to Assuming Borrower and the
assumption by Assuming Borrower hereunder. Lender's consent to such transfer
shall, however, not constitute its consent to any subsequent transfers of the
Property.

             5. ACKNOWLEDGMENT OF INDEBTEDNESS. This Agreement recognizes the
reduction of the principal amount of the Note and the payment of interest
thereon to the extent of payments made by Original Borrower prior to the date of
execution of this Agreement. The parties acknowledge and agree that, as of the
date of this Agreement, the principal balance of the Note is TWELVE MILLION FIVE
HUNDRED TWENTY-TWO THOUSAND FIVE HUNDRED FORTY-TWO and NO/100 Dollars
($12,522,542.00) (assuming that the payments due on September 1, 1999, have been
received by the Lender and the funds are good funds), and interest on the Note
is paid to August 31, 1999. Assuming Borrower acknowledges and agrees that the
Loan, as evidenced and secured by the Loan Documents, is a valid and existing
indebtedness payable by Assuming Borrower to Lender.

             6. MODIFICATIONS OF THE LOAN DOCUMENTS. The Mortgage is hereby
modified as follows:

                    (a) Sections 1.22(c) and 4.5 of the Deed of Trust are hereby
modified in the manner set forth herein. The provisions of such Sections 1.22(c)
and 4.5 of the Deed of Trust that provide addresses for Lender and Borrower,
together with the addresses for the mailing of copies of any notices provided to
such parties thereunder, are hereby deleted in their entirety and the following
substituted in lieu thereof:

"If to Borrower/Grantor:     Pan Pacific (Rancho Las Palmas), LLC ("AB")
                             c/o Pan Pacific Retail Properties, Inc.
                             1631-B South Melrose Drive
                             Vista, CA 92083
                             ATTN:  Stuart Tanz

With a copy by the same means sent simultaneously to:

                             Hale Lane Peek Dennison Howard and Anderson ("ABC")
                             100 West Liberty Street, 10th Floor
                             Reno, Nevada 89501
                             ATTN: Dave Davis, Esq.

                                       7
<PAGE>   8

If to Lender/Beneficiary:    LaSalle National Bank, as Trustee for Registered
                             Holders of DLJ Mortgage Acceptance Corp. Commercial
                             Mortgage Pass-Through Certificates, Series 1997-CF2
                             ("Lender")
                             135 South LaSalle Street
                             Chicago, Illinois 60603
                             ATTN:   ABS Group-DLJMAL-Series 1997-CF2

With a copy by the same means sent simultaneously to:

                             CRIIMI MAE Services Limited Partnership
                             11200 Rockville Pike
                             Rockville, Maryland 20852
                             ATTN:   Helena Mei-Shuan Day, Assumption Manager

And with a copy by the same means sent simultaneously to:

                             Katten Muchin & Zavis
                             1025 Thomas Jefferson Street, N.W.
                             Suite 700, East Lobby
                             Washington, D.C.  20007
                             ATTN: Edward E. Zughaib, Esq.

or to any other Person or address in the continental United States of America,
Alaska or Hawaii as either such party may designate as its address for the
receipt of notices hereunder in a written notice duly given to the other party."

                    (b) Section 1.33 of the Mortgage, entitled Covenant with
Respect to Indebtedness, Operations and Fundamental Changes of Grantor, is
hereby amended by deleting the covenants in subsections (c), (e), (g), (i), (j),
(m), (o), (q), (s) and (t) and substituting the following in lieu thereof, each
of which is hereby made by the Assuming Borrowers:

             "(c) will not enter into any contract or agreement with any
managing member, general partner, principal or affiliate of the Grantor or any
affiliate of the managing member of the Grantor except upon terms and conditions
that are intrinsically fair and substantially similar to those that would be
available on an arms-length basis with third parties other than an affiliate;

             (e) has not made and shall not make any loans or advances to any
third party (including any affiliate of Grantor, any managing member of Grantor,
or any guarantor) and shall not acquire obligations or securities of its
affiliates or any constituent party;

             (g) has done or caused to be done and will do all things necessary
to preserve its existence and corporate, limited liability company, and
partnership formalities (as applicable), and will not, nor will any partner,
limited or general, member, or shareholder thereof, amend, modify or otherwise
change its partnership certificate, partnership agreement, certificate, articles

                                       8
<PAGE>   9

of organization, operating agreement or articles of incorporation or by-laws in
a manner which adversely affects the Grantor's, or its managing member's,
existence as a single-purpose, single- asset "bankruptcy remote" entity;

             (i) will maintain books and records and bank accounts separate from
those of its affiliates, including its members;

             (j) shall be, and at all times shall hold itself out to the public
as, a legal entity separate and distinct from any other entity (including any
affiliate thereof, including the managing member or any affiliate of the
managing member of the Grantor), shall correct any known misunderstanding
regarding its status as a separate entity, shall conduct business in its own
name, shall not identify itself or any of its affiliates as a division or part
of the other and shall maintain and utilize separate stationery, invoices and
checks;

             (m) will not, nor will any shareholder, member, partner or
affiliate, seek the dissolution or winding up, in whole or in part, of the
Grantor;

             (o) will not commingle the fund and other assets of the Grantor
with those of any member, any affiliate or any other person;

             (q) has, and the managing member of Grantor has, at all times since
its formation, each observed all legal and customary formalities regarding their
respective formation and will continue to observe all legal and customary
formalities;

             (s) has caused, and at all times shall cause, there to be at least
one duly appointed member of the board of directors (an "Independent Director")
of any managing member of Grantor who has not been at the time of such
individual's appointment, and may not have been at any time during the preceding
five (5) years (A) a stockholder of, or an officer, director (other than with
respect to such Independent Director's service as director of managing member or
any of its affiliates), (B) a person or other entity controlling any such
stockholder, supplier or customer, or (C) a member of the immediate family of
any such stockholder, officer, employee, supplier or customer or any other
director of Grantor or such managing member. As used in this subsection (s), the
term "control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise; and

             (t) has not caused and shall not cause, the members of Grantor or
any managing member of Grantor to take any action which, under the terms of any
certificate, articles of organization, operating agreement, or articles of
incorporation, by-laws or any voting trust agreement with respect to Grantor's
or any members common stock, requires the unanimous affirmative vote of one
hundred percent (100%) of the members of the board of directors, unless at the
time of such action there shall be at least one member who is an Independent
Director."

                                       9
<PAGE>   10

                    (c) Section 1.13 of the Mortgage, entitled Alienation and
Further Encumbrances, is hereby amended by adding the following paragraph
1.13(a-2) after Section 1.13(a):

             (a-2) Notwithstanding the foregoing Section 1.13(a), non-management
membership units in Grantor shall be freely transferable without the consent of
Beneficiary.

        For purposes of the foregoing paragraph 1.13(a-2), "non-management
membership units" shall mean the ownership interests of Ronald Charles Waranch
Trust, which interests have no active role in the management of the Property.
Non-management membership units shall not mean those ownership interests held by
either Pan Pacific (RLP), Inc., ("PPRLP") or Pan Pacific Retail Properties, Inc.
("PPRPI") (the "Managing Member Units"), which interests shall continue to be
subject to the provisions of 1.13(a).

             7. INTEREST ACCRUAL RATE AND MONTHLY INSTALLMENT PAYMENT AMOUNT TO
REMAIN THE SAME. The interest rate and the monthly payments set forth in the
Note shall remain unchanged.

             8. CONDITIONS. This Agreement shall be of no force and effect until
each of the following conditions has been met to the reasonable satisfaction of
Lender:

                    (a) Fees and Expenses. Original Borrower shall pay, or cause
to be paid to CRIIMI MAE Services Limited Partnership: (i) all costs and
expenses incident to the preparation, execution and recordation hereof and the
consummation of the transaction contemplated hereby, including, but not limited
to, recording fees, filing fees, transfer fees, title insurance policy or
endorsement premiums or other charges of Title Company and fees and expenses of
legal counsel; and (ii) an assumption fee in the amount of One Hundred
Twenty-Five Thousand Two Hundred Twenty-Five and 42/100 Dollars ($125,225.42),
being one percent (1%) of the outstanding principal balance of the Note as of
the date of the closing of the assumption.

                    (b) Satisfaction of all requirements under the Loan
Documents, subject to the approval of Lender and Lender's counsel, in their sole
discretion.

             9. NO FURTHER CONSENTS. Assuming Borrower and Original Borrower
acknowledge and agree that Lender's consent herein contained is expressly
limited to the conveyance, assignment and transfer herein described, that such
consent constitutes the "one time sale, conveyance or transfer of the Property"
that is permitted by Section 1.13(c) of the Mortgage, and shall not waive or
render unnecessary Lender's consent or approval of any subsequent sale,
conveyance, assignment or transfer of the Property, and that Section 1.13 of the
Mortgage shall continue in full force and effect.

             10. DEFAULT.

                                       10
<PAGE>   11

                    (a) Breach. Any breach of Assuming Borrower of any of the
representations and warranties shall constitute a default under the Mortgage and
each other Loan Document.

                    (b) Failure to Comply. Assuming Borrower's failure to
fulfill any one of the conditions set forth in this Agreement shall constitute a
default under this Agreement and the Loan Documents.

             11. INCORPORATION OF RECITALS. Each of the Recitals set forth above
in this Agreement are incorporated herein and made a part hereof.

             12. PROPERTY REMAINS AS SECURITY FOR LENDER. All of the Property as
described and defined in the Mortgage, as amended, shall remain in all respects
subject to the lien, charge or encumbrance of the Mortgage, and, except as
expressly set forth herein, nothing herein contained and nothing done pursuant
hereto shall affect or be construed to release or affect the liability of any
party or parties who may now or hereafter be liable under or on account of the
Note or the Mortgage, or any of the Loan Documents, nor shall anything herein
contained or done in pursuance hereof affect or be construed to affect any other
security for the Note, if any, held by Lender.

             13. NO WAIVER BY LENDER. Nothing contained herein shall be deemed a
waiver of any of Lender's rights or remedies under any loan agreement, the Note
or any of the other Loan Documents.

             14. REFERENCES. From and after the date hereof: (a) references in
any of the Loan Documents to any of the other Loan Documents will be deemed to
be references to such of the Loan Documents, as modified by this Agreement; and
(b) references in the Mortgage and the Loan Documents to "Grantor" or "Borrower"
shall hereafter be deemed to refer to Assuming Borrower.

             15. RELATIONSHIP WITH LOAN DOCUMENTS. To the extent that this
Agreement is inconsistent with the Loan Documents, this Agreement will control
and the Loan Documents will be deemed to be amended hereby. Except as amended
hereby, the Loan Documents shall remain unchanged and in full force and effect.

             16. CAPTIONS. The headings to the Sections of this Agreement have
been inserted for convenience of reference only and shall in no way modify or
restrict any provisions hereof or be used to construe any such provisions.

             17. PARTIAL INVALIDITY. If any provision of this Agreement is held
to be illegal, invalid or unenforceable under present or future laws, such
provision shall be fully severable, and this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Agreement.

                                       11
<PAGE>   12

             18. ENTIRE AGREEMENT. This Agreement and the documents contemplated
to be executed herewith constitutes the entire agreement among the parties
hereto with respect to the assumption of the Loan and shall not be amended
unless such amendment is in writing and executed by each of the parties. The
Agreement supersedes all prior negotiations regarding the subject matter hereof.

             19. BINDING EFFECT. This Agreement and the documents contemplated
to be executed in connection herewith shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns;
provided, however, that the foregoing provisions of this Section shall not be
deemed to be a consent by Lender to any further sale, conveyance, assignment or
transfer of the Property by Assuming Borrower.

             20. MULTIPLE COUNTERPARTS. This Agreement may be executed in
multiple counterparts, each of which will be an original, but any of which,
taken together, will constitute one and the same Agreement.

             21. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of California, provided that
to the extent that any of such laws may now or hereafter be preempted by Federal
law, in which case such Federal law shall so govern and be controlling; and
provided further that the laws of the state in which the Real Estate is locates
shall govern as to the creation, priority and enforcement of liens and security
interests in the property located in such state.

             22. EFFECTIVE DATE. This Agreement shall be effective as of the
date of its execution by the parties hereto and thereupon is incorporated into
the terms of the Loan Documents.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>   13

        IN WITNESS WHEREOF, and intending to be legally bound, the parties
hereto have executed this Agreement to be effective as of the date first
aforesaid.

                                       ASSUMING BORROWER:

ATTEST/WITNESS
(ASSUMING BORROWER
SIGNATURES):                           PAN PACIFIC (RANCHO LAS PALMAS), LLC, a
                                       Nevada limited liability company

                                       By: PAN PACIFIC (RLP), INC., a California
                                           corporation, its Co-Manager

                                           By: /s/ JEFFREY S. STAUFFER    [SEAL]
                                              ----------------------------
                                           Name:  Jeffrey S. Stauffer
                                           Title: Executive Vice President and
                                                  Chief Operating Officer

                                       By: PAN PACIFIC RETAIL PROPERTIES, INC.,
                                           a Maryland corporation, its
                                           Co-Manager

-----------------------------
Name:                                      By: /s/ JEFFREY S. STAUFFER    [SEAL]
     ------------------------                 ----------------------------
Title:                                     Name:  Jeffrey S. Stauffer
      -----------------------              Title: Executive Vice President and
                                                  Chief Operating Officer

                                       13
<PAGE>   14

                                       ORIGINAL BORROWER:

ATTEST/WITNESS:                        RANCHO LAS PALMAS CENTER ASSOCIATES, a
                                       California limited partnership

                                       By: RLP ASSOCIATES, INC., a California
                                           corporation, its sole general
                                           partners

-----------------------------
Name:                                      By: /s/ STANLEY W. GRIBBLE     [SEAL]
     ------------------------                 ----------------------------
Title:                                     Name: Stanley W. Gribble
      -----------------------                   --------------------------
                                           Title:
                                                 -------------------------

                                       14
<PAGE>   15

                                       LENDER:
ATTEST/WITNESS:
                                       LASALLE NATIONAL BANK, as Trustee for the
                                       Registered Holders of DLJ Mortgage
                                       Acceptance Corp., Commercial Mortgage
                                       Pass-Through Certificates, Series
                                       1997-CF2

                                       BY: CRIIMI MAE SERVICES LIMITED
                                           PARTNERSHIP, in its capacity as
                                           Subservicer

                                           BY: CRIIMI MAE SERVICES, INC., its
                                               general partner

-----------------------------
Name:                                      By: /s/ KATHRYN C. PARKS       [SEAL]
     ------------------------                 ----------------------------
Title:                                     Name: Kathryn C. Parks
      -----------------------                   --------------------------
                                           Title:
                                                 -------------------------

                                       15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}]]