Document:

<PAGE>

                                                                   EXHIBIT 10.25

                         FIRST AMENDMENT TO AMENDED AND
                          RESTATED OPERATING AGREEMENT

     First Amendment to Amended and Restated Operating Agreement, dated December
19, 2002 (the "Amendment"), among GGP Limited Partnership, a Delaware limited
partnership ("GGPLP"), Teachers' Retirement System of the State of Illinois
("TRS" and, together with GGPLP, the "Members"), and GGP-TRS L.L.C., a Delaware
limited liability company (the "Company").

                                   RECITALS:

     WHEREAS, the Members are all of the members of the Company;

     WHEREAS, the Company and the Members have entered into that certain Amended
and Restated Operating Agreement dated August 26, 2002 (the "Existing Operating
Agreement"), relating to, among other things, the management of the Company and
the transfer of units of membership interest therein;

     WHEREAS, GGPLP and The Western and Southern Life Insurance Company (the
"Florence Mall Seller") have entered into that certain Purchase and Sale
Agreement, dated as of November 27, 2002 (as the same may be amended from time
to time, the "Florence Mall Purchase Agreement"), pursuant to which GGPLP has
agreed to purchase Florence Mall in Florence, Kentucky ("Florence Mall");

     WHEREAS, the Florence Mall Seller has made certain representations and
warranties in the Florence Mall Purchase Agreement (collectively, the "Florence
Mall Seller Representations");

     WHEREAS, the Company is the sole member of Florence Mall L.L.C., a Delaware
limited liability company ("Florence Mall L.L.C.");

     WHEREAS, pursuant to Section 6.3(d) of the Existing Operating Agreement,
GGPLP agreed to provide TRS with certain projections for the Company and its
properties for the TRS fiscal year commencing on July 1, 2003 (the "2003/2004
Projections") as well as projections for subsequent fiscal years;

     WHEREAS, the parties hereto desire that (a) GGPLP contribute to the capital
of the Company all of the right, title and interest of GGPLP under the Florence
Mall Purchase Agreement, (b) the Company contribute to the capital of Florence
Mall L.L.C. all of such right, title and interest, (c) Florence Mall L.L.C.
obtain a loan upon the terms described on Schedule A, attached hereto and by
this reference made a part hereof (the "Florence Mall Loan"), the proceeds of
which will be used to pay a portion of the purchase price for Florence Mall (the
"Florence Mall Purchase Price"), (d) GGPLP and TRS make additional capital
contributions to the Company which will be used to pay the remainder of the
Florence Mall Purchase Price and the acquisition costs for Florence Mall, (e)
Florence Mall L.L.C. acquire Florence Mall pursuant to the Florence Mall
Purchase Agreement (the "Florence Mall Acquisition" and, together with

<PAGE>

the Florence Mall Loan, the "Florence Mall Transactions") and (f) the parties
make certain other modifications to the Existing Operating Agreement; and

     WHEREAS, the parties desire that the Company amend the Existing Operating
Agreement as hereinafter set forth to reflect their understandings regarding the
foregoing.

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

     1. DEFINED TERMS. Capitalized terms used but not defined herein shall have
the meanings set forth in the Existing Operating Agreement, as amended hereby.

     2. MATTERS RELATING TO ACQUISITION OF FLORENCE MALL.

     (a) Prior to the closing of the Florence Mall Acquisition, (i) GGPLP shall
contribute to the capital of the Company all of GGPLP's right, title and
interest under the Florence Mall Purchase Agreement, and the Company shall
assume all of the obligations of GGPLP under the Florence Mall Purchase
Agreement, pursuant to an Assignment and Assumption Agreement substantially in
the form attached hereto as Exhibit A and (ii) the Company shall contribute to
the capital of Florence Mall L.L.C. all of such right, title and interest and
Florence Mall L.L.C. shall assume all of such obligations, pursuant to an
Assignment and Assumption Agreement substantially in the form attached hereto as
Exhibit B.

     (b) The parties hereby approve the Florence Mall Transactions, which shall
be deemed to have been approved by the Board. The provisions of the last
sentence of Section 6.2 of the Existing Operating Agreement shall apply to the
loan documents relating to the Florence Mall Loan.

     (c) Concurrently with the closing of the Florence Mall Acquisition, each
Member shall pay $20,500,000 to the Company as an additional capital
contribution thereto; provided, however, that GGPLP shall be entitled to a
credit against the amount of such payment for the $1,000,000 earnest money
deposit paid by it pursuant to the Florence Mall Purchase Agreement and any
interest accrued thereon, and GGPLP shall be deemed to have made a capital
contribution to the Company in the amount of such credit. The additional capital
contributions to be made pursuant to this paragraph shall be paid in immediately
available funds.

     (d) No additional Units shall be issued to GGPLP or TRS on account of the
additional capital contributions referred to in this Section 2.

     (e) The Company shall pay (and/or cause Florence Mall L.L.C. to pay) the
costs of the types described in Schedule 6.2 of the Existing Operating Agreement
incurred by the Company, Florence Mall L.L.C. and/or GGPLP in connection with
the consummation of the Florence Mall Transactions, including without limitation
the costs specified in Sections 3 and 4 of Schedule 7.1-2 of the Existing
Operating Agreement (collectively, the "Florence Mall Costs"), and the payment
of the Florence Mall Costs shall be deemed to have been approved by the Board.

                                       -2-

<PAGE>

     (f) Notwithstanding anything to the contrary contained in the Existing
Operating Agreement, the provisions of Section 6.2(e)(xvi) of the Existing
Operating Agreement shall not apply to the modifications described in Schedule
A.

     (g) Notwithstanding anything to the contrary contained in the Existing
Operating Agreement, no portion of the Florence Mall Loan shall constitute
Retained Debt and no adjustment in the existing Retained Debt or the existing
allocation thereof shall occur on account of the incurrence of the Florence Mall
Loan.

     (h) Notwithstanding anything to the contrary contained in the Existing
Operating Agreement, the Managing Member shall submit the portions of the 2003
Proposed Annual Business Plan and the 2003/2004 Projections that pertain to
Florence Mall on or before March 31, 2003 (instead of the earlier dates, if any,
specified in the Existing Operating Agreement) (but nothing contained herein
shall extend the due date for delivery of the remainder of the 2003 Proposed
Annual Business Plan, the remainder of the 2003/2004 Projections or any other
Proposed Annual Business Plan or projections). Notwithstanding anything to the
contrary contained herein, until there is an Annual Business Plan that pertains
to Florence Mall, the Company shall cause Florence Mall L.L.C. to operate
Florence Mall in a manner which is consistent with the operation by GGPLP of its
properties generally and Florence Mall L.L.C. may make such expenditures as are
consistent with the operation of Florence Mall in such manner without the
consent of the Board (but the making of capital expenditures during such period
in respect of Florence Mall shall require the approval of the Board unless they
are in connection with tenant leasing or constitute Nondiscretionary Items).

     (i) GGPLP represents and warrants to TRS that, as of the date hereof and
except for matters set forth in written materials furnished to TRS or
Commonwealth Realty Advisors, Inc. prior to the execution and delivery hereof,
GGPLP has no Knowledge of inaccuracies in the Florence Mall Seller
Representations (without regard to the knowledge qualifications contained
therein) that individually or in the aggregate would have a material adverse
effect on Florence Mall. For purposes of this paragraph, "Knowledge" means the
actual knowledge (excluding any constructive or imputed knowledge) of Joel
Bayer. The representation and warranty contained in this Section 2(i) shall be
subject to the same limitations on survival as are contained in Section 5.3 of
the Florence Mall Purchase Agreement.

     3. AMENDMENT TO SCHEDULE I. Schedule I of the Existing Operating Agreement
is hereby amended by deleting the reference to Piper Rudnick and its address and
inserting the following in lieu thereof:

     "Gardner, Carton & Douglas
     191 North Wacker Drive, Suite 3700
     Chicago, Illinois 60606
     Attn: Steven L. Loren
     Telephone: 312/569-1337
     Facsimile: 312/569-3337"

     4. NO OTHER CHANGES; ETC. Except as specifically set forth herein, the
Existing Operating Agreement shall remain in full force and effect. Any
references in the Existing

                                       -3-

<PAGE>

Operating Agreement to "hereunder" or "herein" or other terms of similar import
shall mean the Existing Operating Agreement, as amended hereby.

     5. GOVERNING LAW. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware (without regard to its conflicts of law
principles).

     6. COUNTERPARTS. This Amendment may be executed in counterparts, each of
which shall be an original and all of which together shall constitute the same
document.

     7. BINDING EFFECT. This Amendment shall be binding upon, and inure to the
benefit of, the parties and their respective successors and assigns.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -4-

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Amendment on the date
first written above.

                                        GGP LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: General Growth Properties, Inc.,
                                            a Delaware corporation, its general
                                            partner

                                        By: /s/ Joel Bayer
                                            ------------------------------------
                                            Joel Bayer, Senior Vice President

                                        TEACHERS' RETIREMENT SYSTEM OF THE STATE
                                        OF ILLINOIS

                                        By: Commonwealth Realty Advisors, Inc.,
                                            as attorney-in-fact under power of
                                            attorney

                                        By: /s/ Mark Kirincich
                                            ------------------------------------
                                            Mark Kirincich, President

                                        GGP-TRS 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 general
                                            partner

                                        By: /s/ Joel Bayer
                                            ------------------------------------
                                            Joel Bayer,
                                            Senior Vice President<PAGE>

                                                                   EXHIBIT 10.26

                         SECOND AMENDMENT TO AMENDED AND
            RESTATED OPERATING AGREEMENT OF GGP-TRS L.L.C. AND FIRST
              AMENDMENT TO OPERATING AGREEMENT OF GGP-TRS II L.L.C.

     Amendment, dated November 1, 2005 (the "Amendment"), among GGP Limited
Partnership, a Delaware limited partnership ("GGPLP"), Teachers' Retirement
System of the State of Illinois ("TRS" and, together with GGPLP, the "Members"),
GGP-TRS L.L.C., a Delaware limited liability company (the "Company"), and
GGP-TRS II L.L.C., a Delaware limited liability company ("GGP-TRS II").

                                    RECITALS:

     WHEREAS, the Members are all of the members of the Company;

     WHEREAS, the Company and the Members have entered into that certain Amended
and Restated Operating Agreement dated August 26, 2002, as amended (the
"Existing Operating Agreement"), relating to, among other things, the management
of the Company and the transfer of units of membership interest therein;

     WHEREAS, the Members also are all of the members of GGP-TRS II;

     WHEREAS, GGP-TRS II and the Members have entered into that certain
Operating Agreement dated November 29, 2004, as amended (the "Existing GGP-TRS
II Operating Agreement"), relating to, among other things, the management of
GGP-TRS II and the transfer of units of membership interest therein;

     WHEREAS, GGP-TRS II and Campbell Hawaii Investor, LLC ("Seller") have
entered into that certain Disposition Agreement, dated November 29, 2004 (as the
same may be amended from time to time, the "WV Purchase Agreement"), pursuant to
which GGP-TRS II agreed to purchase Whalers Village in Lahaina, Maui, Hawaii
("Whalers Village");

     WHEREAS, each Member has delivered a guaranty to Seller with respect to the
WV Purchase Agreement (each, a "WV Guaranty");

     WHEREAS, the Company is the sole member of WV Sub, LLC, a Delaware limited
liability company ("WV Sub");

     WHEREAS, the parties hereto desire that:

          (a) GGP-TRS II convey to WV Sub all of the right, title and interest
     of GGP-TRS II under the WV Purchase Agreement;

          (b) WV Sub assume all obligations of GGP-TRS II under the WV Purchase
     Agreement;

          (c) WV Sub obtain a loan (the "WV Loan") upon the terms described in
     that certain Loan Agreement dated the date hereof, between WV Sub, as
     borrower, and

<PAGE>

     Archon Financial L.P. and Commerzbank AG, New York Branch, as lenders
     (collectively, the "WV Lender"), a portion of which will be Retained Debt
     (as defined in the Existing Operating Agreement) and the remainder of which
     (net of amounts deducted by WV Lender and other costs and expenses) will be
     used by WV Sub to pay a portion of the purchase price for Whalers Village
     (the "WV Purchase Price");

          (d) GGPLP and TRS make additional capital contributions to the Company
     which will be used to pay the remainder of the WV Purchase Price and the
     acquisition costs for Whalers Village and establish a reserve for working
     capital;

          (e) WV Sub acquire Whalers Village pursuant to the WV Purchase
     Agreement (the "WV Acquisition" and, together with the WV Loan and the
     other transactions described in clauses (a)-(d) above and this clause (e),
     the "WV Transactions"); and

          (f) the parties make certain other modifications to the Existing
     Operating Agreement; and

     WHEREAS, the parties desire that the Company amend the Existing Operating
Agreement as hereinafter set forth to reflect their understandings regarding the
foregoing.

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

     1. DEFINED TERMS. Capitalized terms used but not defined herein shall have
the meanings set forth in the Existing Operating Agreement, as amended hereby.

     2. MATTERS RELATING TO WV TRANSACTIONS. Notwithstanding anything to the
contrary contained in the Existing Operating Agreement or the Existing GGP-TRS
II Operating Agreement:

          (a) Prior to the closing of the WV Acquisition, the parties shall
cause GGP-TRS II to assign and convey to WV Sub all of GGP-TRS II's right, title
and interest under the WV Purchase Agreement, and the Company shall cause WV Sub
to assume all of the obligations of GGP-TRS II under the WV Purchase Agreement,
pursuant to an Assignment and Assumption Agreement substantially in the form
attached hereto as Exhibit A. The Company shall indemnify, defend and hold
harmless GGP-TRS II from and against any and all losses, claims, damages, debts,
liabilities, costs and expenses (including without limitation reasonable
attorneys' fees), whether known or unknown, liquidated or unliquidated, fixed or
contingent or direct or indirect and whether based on contract, tort, statute or
other legal theory of recovery, which relate to or arise out of the WV Purchase
Agreement.

          (b) The parties hereby approve the WV Transactions, which shall be
deemed to have been approved by the Board of the Company and the Board of
GGP-TRS II. Joel Bayer may execute and deliver any and all closing documents
relating to the WV Acquisition that are consistent with the terms and conditions
of the WV Purchase Agreement.

                                      -2-

<PAGE>

          (c) Concurrently with the closing of the WV Acquisition, each Member
shall pay $44,834,000.00 to the Company as an additional capital contribution
thereto. The additional capital contributions to be made pursuant to this
Section 2(c) shall be paid in immediately available funds. No additional Units
shall be issued to GGPLP or TRS on account of the additional capital
contributions referred to in this Section 2(c).

          (d) $25,000,000 of the WV Loan shall constitute Retained Debt (the "WV
Retained Debt"), regardless of whether the Managing Member would be entitled to
make such designation under Section 10.1(a) of the Existing Operating Agreement.
The amount of the WV Retained Debt (i.e., $25,000,000) shall be paid directly to
GGPLP (or remitted by WV Sub to GGPLP) and used by GGPLP to pay a portion of its
capital contribution obligation under Section 2(c) hereof. No adjustment to the
Retained Debt shall be made pursuant to the last sentence of Section 10.1(a) of
the Existing Operating Agreement as a result of the WV Loan. The last sentence
of Section 10.1(a) of the Existing Operating Agreement shall in no event require
any future adjustment to Retained Debt which would reduce the WV Retained Debt,
and any such adjustment that would reduce the WV Retained Debt if this sentence
did not apply shall be determined without regard to (i) the WV Retained Debt and
Property Indebtedness of WV Sub and (ii) any other Retained Debt to which a
similar provision applies and the Property Indebtedness related thereto (and,
for clarity, any such similar provision is to be applied in the same manner as
is described in this sentence). Except as specifically set forth in this Section
2, all provisions of the Existing Operating Agreement shall apply to the WV
Retained Debt in the same manner as they apply to all other Retained Debt. TRS
shall have the right to review the loan documents relating to the WV Loan in
accordance with the last sentence of Section 6.2 of the Existing Operating
Agreement.

          (e) In the event that either Member is required to pay any amount
pursuant to its WV Guaranty, the other Member shall, upon demand by such Member,
reimburse such Member for one-half of such amount.

          (f) The Company shall pay (and/or cause WV Sub to pay) the costs of
the types shown on Exhibit B and/or Schedule 6.2 of the Existing Operating
Agreement that are or were incurred by the Company, WV Sub, GGPLP and/or GGP-TRS
II in connection with the WV Transactions, including without limitation the
financing fee required pursuant to Section 3 of Schedule 7.1-2 of the Existing
Operating Agreement and the acquisition fee required pursuant to Section 4 of
such schedule (collectively, the "Costs"); and, to the extent GGPLP and/or
GGP-TRS II has paid any of such costs, the Company shall reimburse (or cause WV
Sub) to reimburse them therefor. The payment of the Costs shall be deemed to
have been approved by the Board of the Company. Notwithstanding the foregoing,
(i) the financing fee referred to above shall be $850,000 (i.e., 1% of
$85,000,000 (the original principal amount of the WV Loan less the portion
thereof that constitutes Retained Debt)), (ii) except as shown on Exhibit B, the
Company or WV Sub shall pay the entire amount of all other costs and fees owing
in connection with the WV Loan (notwithstanding that a portion of the WV Loan is
Retained Debt) and (iii) such financing fee and the acquisition fee referred to
above shall be paid to GGMI at closing under the WV Purchase Agreement.

          (g) The Managing Member shall submit the portions of the 2006 Proposed
Annual Business Plan that pertain to Whalers Village to the Board of the Company
for approval

                                      -3-

<PAGE>

promptly after the date of this Amendment (instead of the earlier date, if any,
specified in the Existing Operating Agreement). During the portion of 2006 until
there is an Annual Business Plan that pertains to Whalers Village and during the
remainder of 2005, the Company shall cause WV Sub to operate Whalers Village in
a manner which is consistent with the operation by GGPLP of its properties
generally and WV Sub may make such expenditures as are consistent with the
operation of Whalers Village in such manner without the consent of the Board of
the Company (but the making of capital expenditures during such period in
respect of Whalers Village shall require the approval of such Board unless they
are in connection with tenant leasing or constitute Nondiscretionary Items).

          (h) GGPLP represents and warrants to TRS that, as of the date hereof
and except for matters set forth in written materials furnished to TRS or
Commonwealth Realty Advisors, Inc. prior to the execution and delivery hereof,
GGPLP has no knowledge of inaccuracies in the representations made by Seller
under the WV Purchase Agreement (without regard to the knowledge qualifications
contained therein) that individually or in the aggregate would have a material
adverse effect on Whalers Village. For purposes of this paragraph, "Knowledge"
means the actual knowledge (excluding any constructive or imputed knowledge) of
Joel Bayer. The representation and warranty contained in this Section 2(h) shall
be subject to the same limitations on survival as are contained in Section 5.3
of the WV Purchase Agreement.

          (i) The indemnification provisions contained in Section 6.6 of the
Existing Operating Agreement shall apply to GGPLP and its affiliates with
respect to their activities as managing member of, and provider of other
services to, GGP-TRS II.

          (j) For purposes of calculating the Annual Administrative Services
Fee, the acquisition cost of the WV Property shall be determined without regard
to any market value adjustment for leases that would otherwise be required by
FAS 141-142.

          (k) The parties acknowledge that the provisions of the Existing
Operating Agreement regarding Extended Term Financing (including without
limitation Schedule 6.2(e)(iv)) apply to Whalers Village. The financing fee paid
with respect to any refinancing of the WV Property prior to November 30, 2008
only shall apply to an amount of the gross proceeds thereof that equals the
excess of (i) the initial principal amount thereof (excluding any portion
thereof which constitutes Retained Debt) over (ii) the then outstanding
principal amount of the financing that is being repaid with such gross proceeds
(excluding any portion thereof that constitutes Retained Debt).

          (l) Inasmuch as Whalers Village is being acquired by a subsidiary of
the Company rather than a subsidiary of GGP-TRS II, the following provisions of
the Existing GGP-TRS II Operating Agreement shall no longer be applicable: (i)
the provisions relating to the acquisition and operation of Whalers Village
(including without limitation the provision requiring delivery of "Proposed
Annual Business Plans" and the provisions regarding the provision of property
management and other services), (ii) the provisions regarding contributions to
the capital of GGP-TRS II, (iii) the last sentence of Section 3.1(d) regarding
reimbursement by TRS for amounts paid by GGPLP under the GGPLP Guaranty, (iv)
the provisions regarding delivery of reports and financial statements, (v) the
provision regarding confidentiality and nonuse of information as it pertains to
information about the WV Property and (vi) the

                                      -4-

<PAGE>

provisions regarding the Unit Contribution (as defined in the Existing GGP-TRS
II Operating Agreement).

     3. AMENDMENT TO SCHEDULE I. Schedule I of the Existing Operating Agreement
is hereby amended by deleting the reference to Gardner, Carton & Douglas and its
address and inserting the following in lieu thereof:

     "Holland & Knight LLP
     131 South Dearborn Street
     30th Floor
     Chicago, Illinois 60603
     Attn: James T. Mayer
     Telephone: 312/715-5841
     Facsimile: 312/578-6666"

     4. NO OTHER CHANGES; ETC. Except as specifically set forth herein, the
Existing Operating Agreement and Existing GGP-TRS II Operating Agreement shall
remain in full force and effect (it being understood that the parties intend to
dissolve and terminate GGP-TRS II shortly after the date hereof). Any references
in either such document to "hereunder" or "herein" or other terms of similar
import shall mean such document, as amended hereby.

     5. GOVERNING LAW. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware (without regard to its conflicts of law
principles).

     6. COUNTERPARTS. This Amendment may be executed in counterparts, each of
which shall be an original and all of which together shall constitute the same
document.

     7. BINDING EFFECT. This Amendment shall be binding upon, and inure to the
benefit of, the parties and their respective successors and assigns.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -5-

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Amendment on the
date first written above.

                                        GGP LIMITED PARTNERSHIP,
                                        a Delaware limited partnership

                                        By: General Growth Properties, Inc.,
                                            a Delaware corporation, its general
                                            partner

                                        By: /s/ Linda J. Wight
                                            ------------------------------------
                                            Linda J. Wight, Assistant Secretary

                                        TEACHERS' RETIREMENT SYSTEM OF THE STATE
                                        OF ILLINOIS

                                        By: Commonwealth Realty Advisors, Inc.,
                                            as attorney-in-fact under power of
                                            attorney

                                        By: /s/ Mark Kirincich
                                            ------------------------------------
                                            Mark Kirincich, President

                                        GGP-TRS 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 general
                                            partner

                                        By: /s/ Linda J. Wight
                                            ------------------------------------
                                            Linda J. Wight, Assistant Secretary

<PAGE>

                                        GGP-TRS II 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 general
                                            partner

                                        By: /s/ Linda J. Wight
                                            ------------------------------------
                                            Linda J. Wight, Assistant Secretary

                                      -2-

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