Document:

<PAGE>
                                                                   Exhibit 10(x)
                               REPLACEMENT NOTE

$100,000,000.00                                               New York, New York
                                                              October 20, 2000

         FOR VALUE RECEIVED, the undersigned, GGP LIMITED PARTNERSHIP, a
Delaware limited partnership, and GGPLP L.L.C., a Delaware limited liability
company (individually and collectively, the "Borrower"), jointly and severally,
hereby unconditionally promise to pay to the order of LEHMAN COMMERCIAL PAPER
INC. (the "Lender") at the office of Bankers Trust Company, located at 130
Liberty Street, New York, New York 10006 in lawful money of the United States of
America and in immediately available funds, the principal amount of ONE HUNDRED
MILLION DOLLARS ($100,000,000.00), or, if less, the unpaid principal amount of
the Loans made by the Lender pursuant to Section 2.1 or Article III of the Term
Loan Agreement, as hereinafter defined. The Borrower further agrees to pay
interest in like money at such office on the unpaid principal amount hereof from
time to time outstanding at the rates and on the dates specified in Section 5.1
of such Term Loan Agreement.

         The holder of this Note is authorized to endorse on the schedules
annexed hereto and made a part hereof or on a continuation thereof which shall
be attached hereto and made a part hereof the date, type and amount of the
Loan(s) evidenced hereby and the date and amount of each payment or prepayment
of principal with respect thereto, each conversion of all or a portion thereof
to another type, each continuation of all or a portion thereof as the same type
and, in the case of Eurodollar Rate Loans, the length of each Interest Period
with respect thereto. Each such endorsement shall constitute prima facie
evidence of the accuracy of the information endorsed. The failure to make any
such endorsement shall not affect the obligations of the Borrower in respect of
such Loan.

         This Note (a) is one of the Notes referred to in the Term Loan
Agreement dated as of July 31, 2000 (as amended, supplemented or otherwise
modified from time to time, the "Term Loan Agreement"), among the Borrower, the
Lender, the other institutions from time to time parties thereto as lenders and
Bankers Trust Company, as administrative agent, and replaces, as of October 20,
2000, that certain Note in the maximum principal amount of $50,000,000.00 made
by Borrower to the order of Lender dated July 31, 2000, (b) is subject to the
provisions of the Term Loan Agreement and (c) is subject to voluntary and
mandatory prepayment in whole or in part as provided in the Term Loan Agreement.
This Note is guaranteed as provided in the Loan Documents. Reference is made to
the Loan Documents for the nature and extent of the guarantees, the terms and
conditions upon which each guarantee was granted and the rights of the holder of
this Note in respect thereof.

         Upon the occurrence and during the continuance of any one or more of
the Events of Default, all amounts then remaining unpaid on this Note shall
become, or may be declared to be, immediately due and payable, all as provided
in the Term Loan Agreement.

<PAGE>

                                                                               2

         To the extent not prohibited by law, all parties now and hereafter
liable with respect to this Note, whether maker, principal, surety, guarantor,
endorser or otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

         Unless otherwise defined herein, terms defined in the Term Loan
Agreement and used herein shall have the meanings given to them in the Term Loan
Agreement.

         NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE
TERM LOAN AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN
ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 15.1 OF THE
TERM LOAN AGREEMENT. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

           [The remainder of this page is intentionally left blank]
<PAGE>

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

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

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

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

                                  By:___________________________________________
                                     Name:  Bernard Freibaum
                                     Title: Executive Vice President

                                  GGP LIMITED PARTNERSHIP, a Delaware
                                  limited partnership

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

                                  By:___________________________________________
                                     Name:  Bernard Freibaum
                                     Title: Executive Vice President
<PAGE>

                                                                      Schedule A
                                                                         to Note
                                                                         -------

<TABLE>
<CAPTION>
                                      LOANS, CONVERSIONS AND REPAYMENTS OF BASE RATE LOANS

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                                    Amount                                 Amount of Base Rate     Unpaid Principal
                                 Converted to     Amount of Principal of   Loans Converted to      Balance of Base    Notation
Date  Amount of Base Rate Loans  Base Rate Loans  Base Rate Loans Repaid   Eurodollar Rate Loans      Rate Loans      Made By
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<S>   <C>                        <C>              <C>                      <C>                     <C>                <C>
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</TABLE>
<PAGE>

                                                                      Schedule B
                                                                         to Note

<TABLE>
<CAPTION>
                               LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR RATE LOANS

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       Amount of  Amount Converted  Interest Period and   Amount of Principal  Amount of Eurodollar    Unpaid Principal
      Eurodollar   to Eurodollar    Eurodollar Rate with  of Eurodollar Rate   Rate Loans Converted  Balance of Eurodollar  Notation
Date  Rate Loans     Rate Loans       Respect Thereto        Loans Repaid       to Base Rate Loans        Rate Loans        Made By
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<S>   <C>         <C>               <C>                   <C>                  <C>                   <C>                    <C>
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</TABLE><PAGE>
                                                                   Exhibit 10(y)
                                                                  EXECUTION COPY

                               JOINDER AGREEMENT

         Reference is made to the Term Loan Agreement, dated as of July 31, 2000
(as amended, supplemented or otherwise modified from time to time, the "Loan
Agreement"), among GGP Limited Partnership, GGPLP L.L.C., the institutions from
time to time parties thereto as Lenders, Lehman Commercial Paper Inc., as
Syndication Agent, and Bankers Trust Company, as Administrative Agent. Unless
otherwise defined herein, terms defined in the Loan Agreement and used herein
shall have the meanings given to them in the Loan Agreement.

         The Chase Manhattan Bank (the "Joining Lender") (i) represents and
warrants that it is legally authorized to enter into this Joinder Agreement;
(ii) confirms that it has received a copy of the Loan Agreement, together with
copies of such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Joinder Agreement;
(iii) agrees that it will, independently and without reliance upon the Co-Agents
or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Loan Agreement; (iv) appoints and authorizes the Co-
Agents to take such action as agent on its behalf and to exercise such powers
under the Loan Agreement as are delegated to the Co-Agents by the terms thereof,
together with such powers as are reasonably incidental thereto and not otherwise
reserved under the Loan Agreement; (v) agrees that it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Agreement
are required to be performed by it from and after the date hereof as a Lender;
(vi) confirms that, to the best of its knowledge, as of the date hereof, it has
not made any determination which would subject the Borrower to the payment of
additional compensation under Section 13.2 or under Section 13.3 of the Loan
Agreement; (vii) specifies as its Domestic Lending Office (and address for
notices) and Eurodollar Lending Office(s) the offices set forth on Schedule 1
hereto; and (viii) if the Joining Lender is organized under the laws of a
jurisdiction outside the United States, attaches the forms prescribed by the
Internal Revenue Service of the United States certifying as to the Joining
Lender's status for purposes of determining exemption from United States
withholding taxes with respect to all payments to be made to the Joining Lender
under the Loan Agreement and the Notes or such other documents as are necessary
to indicate that all such payments are subject to such taxes at a rate reduced
by an applicable tax treaty.

         Upon execution and delivery of this Joinder Agreement by the parties
hereto as provided in Section 3.2 of the Loan Agreement, (a) the Joining Lender
hereby shall be a party to the Loan Agreement, shall be a Lender under the Loan
Agreement having the Loan Commitments set forth in Schedule 1 hereto, effective
as of the date of this Joinder Agreement, and shall have the rights and
obligations of a Lender under the Loan Agreement and (b) the Maximum Aggregate
Loan Amount shall be increased to $230,000,000.00.

         THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
<PAGE>

                                                                               2

         This Joinder Agreement may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page hereof by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.
<PAGE>

                                                                               3

         IN WITNESS WHEREOF, the parties hereto have caused this Joinder
Agreement to be duly executed and delivered by their proper and duly authorized
officers as of this 28th day of December, 2000.

                                         THE CHASE MANHATTAN BANK

                                         By:_________________________________
                                            Name:
                                            Title:

Accepted and agreed:

GGP LIMITED PARTNERSHIP, a Delaware limited partnership

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

      By: ______________________________
          Name:  Bernard Freibaum
          Title: Executive Vice President

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

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

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

      By: ______________________________
          Name:  Bernard Freibaum
          Title: Executive Vice President
<PAGE>

                                                                               4

Consented to:

BANKERS TRUST COMPANY, as Administrative Agent

By:  ______________________________
     Name:
     Title

LEHMAN COMMERCIAL PAPER INC., as Syndication Agent

By:  ______________________________
     Name:
     Title
<PAGE>

                                                                      Schedule 1

                     LOAN COMMITMENT AND NOTICE ADDRESSES

1.       Name of Lender:                  The Chase Manhattan Bank
         Notice Address and
         Domestic Lending Office:         270 Park Avenue
                                          New York, New York 10017
         Attention:                       Charles Hoagland
         Telephone:                       212-270-9557
         Facsimile:                       212-270-3513

         Eurodollar Lending Office:
                                          270 Park Avenue
                                          New York, New York 10017
         Attention:                       Charles Hoagland
         Telephone:                       212-270-9557
         Facsimile:                       212-270-3513

2.       Loan Commitment:                 $25,000,000.00
         Adjusted Pro Rata Share:         10.87%

                             ADMINISTRATIVE CONTACT

1.       Name of Lender:                  The Chase Manhattan Bank
         Notice Address:                  1 Chase Manhattan Plaza - 8/th/ Floor
                                          New York, New York 10081
         Attention:                       Michael Cerniglia
         Telephone:                       212-552-7906
         Facsimile:                       212-552-5701

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