Document:

<PAGE>   1
                                                                EXHIBIT 10.11(d)

                       FIRST AMENDMENT TO CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT is made and dated as of
September 29, 2000 (this "Amendment") among CINEMARK MEXICO (USA), INC., a
Delaware corporation ("Borrower"), the several financial institutions party
hereto (collectively, the "Banks" and individually, a "Bank"), and Bank of
America, N.A. (f/k/a Bank of America National Trust and Savings Association), as
administrative agent for the Banks (the "Administrative Agent"), and amends that
certain Credit Agreement dated as of November 16, 1998, among Borrower, the
Banks and the Administrative Agent (the "Agreement").

                                     RECITAL

         Borrower, the Banks and the Administrative Agent desire to amend the
Agreement to extend the Maturity Date and provide for partial amortization of
the Aggregate Commitment on the term and conditions set forth herein.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereby agree as follows:

         1. TERMS. All terms used herein shall have the same meanings as in the
Agreement unless otherwise defined herein. All references to the Agreement shall
mean the Agreement as hereby amended.

         2. AMENDMENTS TO AGREEMENT. Borrower, the Banks and the Administrative
Agent hereby agree to amend the Agreement as follows:

         2.01 The first paragraph and chart in the definition of "Applicable
Amount" in Section 1.01 of the Agreement (Defined Terms) are amended and
restated in their entirety as follows:

                  "`Applicable Amount' means the basis points per annum
         specified below opposite the applicable Cinemark USA Senior Leverage
         Ratio, as set forth in the most recent certificate received by the
         Administrative Agent pursuant to Section 6.02(a):

<TABLE>
<CAPTION>
         CINEMARK USA                OFFSHORE RATE         BASE RATE         COMMITMENT
            SENIOR                      LOANS               LOANS               FEE
        LEVERAGE RATIO
<S>                                  <C>                  <C>                <C>
        x> or = to 2.50                 300.00              150.00             37.50
            x<2.50                      250.00              100.00
</TABLE>

         2.02 The definition of "Interest Period" in Section 1.01 of the
Agreement (Defined Terms) is amended by deleting "and" at the end of subsection
(b); deleting the period at the end of subsection (c) and inserting "; and" in
lieu thereof, and

                                       1
<PAGE>   2

inserting the following new subsection (d) immediately following subsection (c)
as follows:

         "(d) no Interest Period may be specified that extends beyond the next
Reduction Date unless the sum of the aggregate principal amount of the Offshore
Rate Loans having an Interest Period ending after such Reduction Date does not
exceed the Aggregate Commitment after giving effect to any reduction thereto
scheduled to be made on such Reduction Date."

         2.03 The definition of "Maturity Date" in Section 1.01 of the Agreement
is amended to read in its entirety as follows:

         "`Maturity Date' means the earlier to occur of (a) January 15, 2003;
and (b) the date on which the Aggregate Commitment shall terminate in accordance
with the provisions of this Agreement."

         2.04 The following new definitions are inserted in proper alphabetical
order in Section 1.01 of the Agreement as follows:

         "`Reduction Amount' means, with respect to each Reduction Date, the
amount set forth below opposite that Reduction Date (subject to the last
sentence of Section 2.06(a)):

<TABLE>
<CAPTION>
                                                              AGGREGATE
                                                             COMMITMENT
                 REDUCTION DATES                          REDUCTION AMOUNT
<S>                                                       <C>
       September 30, 2001, December 31, 2001                  $500,000
March 31, 2002, June 30, 2002, September 30, 2002,           $1,500,000
                 December 31, 2002
                   Maturity Date                         Remaining Aggregate
                                                             Commitment
</TABLE>

                  "`Reduction Date' means each date specified in the definition
         of "Reduction Amount" on which a reduction in the Commitments is
         scheduled to occur pursuant to Section 2.06(c)."

         2.05 Section 2.06 of the Agreement (Termination or Reduction of
Aggregate Commitment) is amended and restated in its entirety as follows:

                  "2.06 TERMINATION OR REDUCTION OF AGGREGATE COMMITMENT.

                  "(a) VOLUNTARY TERMINATION OR REDUCTION. Borrower may, upon
         not less than one Business Day's prior written notice to the
         Administrative Agent, terminate the Aggregate Commitment or permanently
         reduce the Aggregate Commitment by an

                                       2
<PAGE>   3

         aggregate minimum amount of $1,000,000 or any multiple thereof;
         provided that no such reduction or termination shall be permitted if,
         after giving effect thereto and to any prepayments of the Loans made on
         the effective date thereof, the then outstanding principal amount of
         the Loans would exceed the Aggregate Commitment then in effect and,
         provided, further, that once reduced in accordance with this Section
         2.06, the Aggregate Commitment may not be increased. Any voluntary
         reduction of the Aggregate Commitment under this Section shall be
         applied to reduce the Reduction Amount for the next following Reduction
         Date (to the extent of such reduction) and thereafter to subsequent
         Reduction Dates (to the extent not previously applied) in the order of
         their occurrence.

                  "(b) AUTOMATIC TERMINATION OF AGGREGATE COMMITMENT UPON CHANGE
         IN CONTROL. Upon a Change of Control, the Aggregate Commitment shall be
         automatically and concurrently reduced to zero.

                  "(c) AUTOMATIC REDUCTION OF AGGREGATE COMMITMENT ON EACH
         REDUCTION DATE. Subject to the last sentence of Section 2.06(a), on
         each Reduction Date, the Aggregate Commitment shall automatically be
         reduced by the applicable Reduction Amount.

                  "(d) GENERAL. Borrower shall prepay all Loans outstanding in
         excess of the Aggregate Commitment as from time to time reduced
         pursuant to this Section. All accrued commitment fees on the amount of
         such reduction to, but not including the effective date of the
         reduction or termination of the Aggregate Commitment, shall be paid on
         the effective date of the reduction or termination. Any reduction of
         the Aggregate Commitment shall be applied to each Bank's Commitment in
         accordance with such Bank's Pro Rata Share."

         2.06 Section 7.12 of the Agreement (Borrower Leverage Ratio) is hereby
amended and restated to read in its entirety as follows:

                  "7.12 BORROWER LEVERAGE RATIO. Borrower shall not permit
         Borrower Leverage Ratio to exceed 2.75 to 1 at any time."

         3. REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to
the Banks and Administrative Agent that, on and as of the date hereof, and after
giving effect to this Amendment:

         3.01 AUTHORIZATION. The execution, delivery and performance of this
Amendment have been duly authorized by all necessary corporate action by
Borrower and this Amendment has been duly executed and delivered by Borrower.

         3.02 BINDING OBLIGATION. This Amendment is the legal, valid and binding
obligation of Borrower, enforceable against Borrower in accordance with its
terms, except as enforceability

                                       3
<PAGE>   4

may be limited by applicable bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally or by equitable principles
relating to enforceability.

         3.03 NO LEGAL OBSTACLE TO AGREEMENT. The execution, delivery and
performance of this Amendment will not (a) contravene the terms of Borrower's
certificate of incorporation, by-laws or other organization document; (b)
conflict with or result in any breach or contravention of the provisions of any
contract to which Borrower is a party, or the violation of any law, judgment,
decree or governmental order, rule or regulation applicable to Borrower, or
result in the creation under any agreement or instrument of any security
interest, lien, charge, or encumbrance upon any of the assets of Borrower. No
approval or authorization of any governmental authority is required to permit
the execution, delivery or performance by Borrower of this Amendment, or the
transactions contemplated hereby.

         3.04 INCORPORATION OF CERTAIN REPRESENTATIONS. The representations and
warranties of Borrower set forth in Section 5 of the Agreement are true and
correct in all respects on and as of the date hereof as though made on and as of
the date hereof, except as to such representations made as of an earlier
specified date.

         3.05 DEFAULT. No Default or Event of Default under the Agreement has
occurred and is continuing.

         4. CONDITIONS, EFFECTIVENESS. The effectiveness of this Amendment shall
be subject to the compliance by Borrower with its agreements herein contained,
and to the delivery of the following to the Administrative Agent in form and
substance satisfactory to the Administrative Agent:

         4.01 CORPORATE RESOLUTIONS. A copy of a resolution or resolutions
passed by the Board of Directors of Borrower, certified by the Secretary or an
Assistant Secretary of Borrower as being in full force and effect on the date
hereof, authorizing the amendments to the Agreement herein provided for and the
execution, delivery and performance of this Amendment and any note or other
instrument or agreement required hereunder.

         4.02 AUTHORIZED SIGNATORIES. A certificate, signed by the Secretary or
an Assistant Secretary of Borrower dated the date hereof, as to the incumbency
of the person or persons authorized to execute and deliver this Amendment and
any instrument or agreement required hereunder on behalf of Borrower.

         4.03 AMENDMENT FEE. An amendment fee payable to the Administrative
Agent for the account of each Bank equal to 50 basis points on such Bank's
Commitment.

         4.04 OTHER EVIDENCE. Such other evidence with respect to Borrower or
any other person as the Administrative Agent or any Bank may reasonably request
to establish the consummation of the transactions contemplated hereby, the
taking of all corporate action in connection with this Amendment and the
compliance with the conditions set forth herein.

                                       4
<PAGE>   5

         5. MISCELLANEOUS.

         5.01 EFFECTIVENESS OF THE AGREEMENT AND THE LOAN DOCUMENTS. Except as
hereby expressly amended, the Agreement and each other Loan Document shall each
remain in full force and effect, and are hereby ratified and confirmed in all
respects on and as of the date hereof.

         5.02 WAIVERS. This Amendment is specific in time and in intent and does
not constitute, nor should it be construed as, a waiver of any other right,
power or privilege under the Agreement, or under any agreement, contract,
indenture, document or instrument mentioned in the Agreement; nor does it
preclude any exercise thereof or the exercise of any other right, power or
privilege, nor shall any future waiver of any right, power, privilege or default
hereunder, or under the Agreement or any agreement, contract, indenture,
document or instrument mentioned in the Agreement, constitute a waiver of any
other default of the same or of any other term or provision.

         5.03 COUNTERPARTS. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. This Amendment shall not become
effective until Borrower, the Administrative Agent and the Banks shall have
signed a copy hereof, and Cinemark, USA shall have consented hereto, whether the
same or counterparts, and the same shall have been delivered to the
Administrative Agent.

         5.04 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
UNDER THE LAWS OF THE STATE OF NEW YORK.

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

                                CINEMARK MEXICO (USA), INC.

                                By:
                                              Robert Copple
                                        Chief Financial Officer

                                BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT

                                By:
                                              David Price
                                            Vice President

                                       5
<PAGE>   6

                                BANK OF AMERICA, N.A., AS A BANK

                                By:
                                              Matthew Koenig
                                            Managing Director

                                FLEET NATIONAL BANK

                                By:
                                Name:
                                Title:

                                       6
<PAGE>   7

                          CONSENT OF CINEMARK USA, INC.

         The undersigned Cinemark, USA, Inc., guarantor under the Cinemark USA
Guaranty (Guaranty of Cinemark Mexico (USA)) dated as of November 16, 1998 and
subordinated creditor under the Intercompany Subordination Agreement dated as of
November 16, 1998, hereby consents to the foregoing amendment dated as of the
date first written above to the Credit Agreement dated as of November 16, 1998,
among Cinemark Mexico (USA), Inc., the Banks named therein and Bank of America,
N.A., as Administrative Agent, and represents and warrants to the Administrative
Agent and the Banks that there is no defense, counterclaim or offset of any type
or nature under such guaranty, and that the same remains in full force and
effect after giving effect hereto and thereto. All terms used herein shall have
the same meanings as in the Credit Agreement referred to above unless otherwise
defined herein.

                                     CINEMARK USA, INC.

                                     By:
                                                    Robert Copple
                                              Chief Financial Officer

                                       7<PAGE>   1
                                                                EXHIBIT 10.15(a)

================================================================================

                      CINEMA PROPERTIES, INC., as Borrower

                                       and

                            LEHMAN BROTHERS BANK FSB,
              individually and as Agent for one ore more Co-Lenders

                           --------------------------
                                 LOAN AGREEMENT
                           --------------------------

                         Dated: As of December 15, 2000

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                         <C>
Section 1.   THE NOTE AND THE SECURITY INSTRUMENTS............................1
Section 2.   LOAN DOCUMENTS...................................................1
Section 3.   PROPERTY RELEASES................................................2
Section 4.   INTEREST RATE CAP AGREEMENT......................................3
Section 5.   INTEREST COVERAGE RATIO..........................................3
Section 6.   [INTENTIONALLY OMITTED...........................................5
Section 7.   EVENTS OF DEFAULT................................................5
Section 8.   SYNDICATION......................................................6
Section 9.   INCORPORATION OF PROVISIONS.....................................11
Section 10.  FURTHER ASSURANCES..............................................11
Section 11.  REPRESENTATIONS AND WARRANTIES..................................11
Section 12.  CONSTRUCTION OF AGREEMENT.......................................11
Section 13.  PARTIES BOUND, ETC..............................................11
Section 14.  WAIVERS.........................................................12
Section 15.  GOVERNING LAW...................................................12
Section 16.  SEVERABILITY....................................................12
Section 17.  NOTICES.........................................................12
Section 18.  FEES AND EXPENSES...............................................12
Section 19.  MODIFICATION....................................................13
Section 20.  NO ORAL AGREEMENTS..............................................13
Section 21.  DEFINITIONS.....................................................13
Section 22.  RECOURSE........................................................13
Section 23.  OUT PARCEL RELEASE..............................................13
</TABLE>

                                  -i-
<PAGE>   3

                  THIS LOAN AGREEMENT made as of the 15th day of December, 2000
between CINEMA PROPERTIES, INC., a Delaware corporation, with its principal
place of business at c/o Cinemark, 3900 Dallas Parkway, Suite 500, Plano, Texas
75093 ("Borrower") and LEHMAN BROTHERS BANK FSB, a federal stock savings bank,
having an office at 921 North Orange Street, Wilmington, Delaware 19801,
individually and as agent for one or more Co-Lenders (hereinafter referred to as
"Lender");

                                   WITNESSETH:

                  WHEREAS, at the request of Borrower, Lender has agreed to fund
to Borrower a cross-collateralized loan in the principal amount of $77,000,000
(the "Loan") pursuant to the terms of this Agreement;

                  WHEREAS, the Loan is evidenced by that certain note of even
date herewith made by Borrower to Lender in the original principal amount of
$77,000,000, (as the same may be amended, modified, restated, replaced, split or
severed, the "Notes") and secured by those first mortgages, deeds of trust and
other real estate security instruments, each of even date herewith, made by
Borrower and each in the amount of $77,000,000 (collectively, as the same may be
amended, modified, restated, replaced, split or severed, the "Security
Instruments"), as more fully described on Schedule 1 hereto, covering six (6)
parcels of land and improvements and equipment or equipment leases thereon, as
described on Schedule 2 hereto, and more fully described in the Security
Instruments (the "Parcels", each a "Parcel");

                  NOW, THEREFORE, in consideration of ten dollars ($10) and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Lender and Borrower hereby covenant and agree as follows:

         1.       THE NOTE AND THE SECURITY INSTRUMENTS. The indebtedness of
Borrower shall be: (i) evidenced by the Note, and (ii) secured by collateral
(the "Collateral") which includes, among other things, (a) the Security
Instruments made by Borrower covering the fee estate of Borrower, in each
Parcel, the Improvements (as such term is defined in the Security Instruments)
located on each Parcel, the Equipment Leases (as defined in the Security
Instruments) and other property, rights and interests of Borrower in the same
(individually, a "Property" and collectively, the "Properties"), (b) assignments
of leases and rents each given by Borrower to Lender dated the date hereof and
covering the Properties (the "Assignments of Rents"), (c) conditional
assignments of management agreement given by Borrower to Lender security dated
the date hereof (the "Assignment of Management Agreements"), (d) assignments and
grants of a security interest in the Equipment Leases to Lender pursuant to the
assignments and security agreements from Borrower to Lender dated the date
hereof (the "Security Agreements"), and (e) the Assignment of Rights Under
Contribution Agreement dated as of the date hereof by Borrower to Lender (the
"Assignment of Contribution Agreement").

         2.       LOAN DOCUMENTS. The term "Loan Documents" as used in this
Agreement shall collectively mean the Note, the Security Instruments, the
Assignments of Rents, the Environmental Indemnity Agreement (as defined in the
Security Instruments), the Assignment of Management

                                        1
<PAGE>   4

Agreements, the Security Agreements, the Assignment of Contribution Agreement,
the Other Security Documents (as defined in the Security Instruments), this
Agreement and all other documents and instruments of any nature whatsoever
executed or delivered in connection with the Loan.

         3.       PROPERTY RELEASES. Subject to the terms and conditions set
forth herein, a Borrower shall have the right, from time to time, on any Payment
Date (as defined in the Notes), or on any Business Day provided that a payment
of the Interest Shortfall (as defined in the Note) is made, to obtain a release
(a "Property Release") of a Property (other than the Properties identified as
property 00231 and property 00251 on Schedule 2 (the "Plano Properties")) from
the lien of the related Security Instruments (i) provided that no Event of
Default has occurred and is continuing, (ii) subject to compliance with the
provisions set forth below in this Section 3; (iii) provided that the Release
Premises is no longer subject to the Management Agreement (as defined in the
Security Instrument); and (iv) provided that, legal, record, economic and
beneficial ownership of the Property for which a Property Release is being
requested (the "Release Premises") is simultaneously with the granting of the
Property Release transferred (a "Release Premises Transfer") to and shall be
owned immediately after such Property Release by a person(s), party(ies) or
entity(ies) other than Borrower. In the event that Borrower seeks to release a
Property from the lien of the related Security Instruments, Lender shall release
such Property from the lien of the related Security Instrument and the Loan
Documents, but only upon compliance with all of the following conditions:

                  (a) Receipt by Lender, at least thirty (30) days but no more
         than sixty (60) days of prior written notice of Borrower's request to
         obtain a release of the Release Premises;

                  (b) Receipt by Lender of a certificate of Borrower certifying
         the requirements set forth in Paragraphs 3(f) of this Agreement shall
         be true after giving effect to such transfer;

                  (c) Receipt by Lender of a wire transfer of immediately
         available federal funds in an amount equal to the release price for the
         Release Premises as set forth on Schedule 3 attached hereto and made a
         part hereof 125% of the Allocated Loan Amount (the "Release Price"),
         together with (i) all accrued and unpaid interest on the amount of
         principal being prepaid, (ii) if such payment is not made on a Payment
         Date, the Interest Shortfall with respect to the amount prepaid, (iii)
         Breakage Costs (as defined in the Note); and (iv) all other sums due
         under the Note in connection with a partial prepayment;

                  (d) If applicable, receipt by Lender of evidence to confirm
         that the Release Premises is simultaneously with the Property Release
         being transferred to a party other than Borrower;

                  (e) Payment of all Lender's reasonable costs and expenses,
         including costs and reasonable counsel fees and disbursements incurred
         in connection with the release of the Property from the lien of the
         related Security Instruments and the review and approval of the
         documents and information required to be delivered in connection
         therewith ("Property Release Expenses");

                  (f) Receipt by Lender of evidence satisfactory to Lender that
         the Interest Coverage Ratio (as defined below) for the Interest
         Coverage Ratio Determination Date

                                        2
<PAGE>   5

         (defined below) immediately preceding the Property Release with respect
         to the Properties remaining encumbered by the liens of the Security
         Instruments after giving effect to the Property Release shall be equal
         to or greater than the greater of (i) 1.60 to 1 or (ii) the Interest
         Coverage Ratio with respect to the Properties then encumbered by the
         liens of the Security Instruments immediately prior to such release,
         for the Interest Coverage Ratio Determination Date immediately
         preceding the date of the proposed Property Release; and

                  (g) Notwithstanding anything to the contrary contained herein,
         Borrower shall not have the right to release either of the Plano
         Properties from the liens of the related Security Instruments.

                  4.  INTEREST RATE CAP AGREEMENT. Borrower shall deliver
to Lender on the date hereof and maintain until the Maturity Date (as defined in
the Notes) an interest rate cap agreement (the "Cap Agreement") that complies
with each of the following conditions:

                  (i) the Cap Agreement shall be issued by a counterparty (the
"Cap Seller") with a long-term unsecured debt rating of not less than "AAA" (or
the equivalent) from the Rating Agencies (as defined in the Cash Management
Agreement dated the date hereof between Borrower and Lender (the "Cash
Management Agreement"));

                  (ii) the Cap Agreement shall be drawn on standard ISDA
documentation and otherwise be satisfactory to Lender;

                  (iii) the Cap Agreement shall be in a notional amount equal to
$77,000,000.00 and have a strike price of 6.58% per annum (the "Strike Price");

                  (iv) the Cap Agreement shall have an expiration date of
December 31, 2005;

                  (v) the Cap Agreement shall obligate the Cap Seller to make
quarterly payments equal to the excess of 3 month LIBOR over the Strike Price,
calculated on the notional amount; and

                  (vi) the Cap Agreement shall be assigned by Borrower to Lender
pursuant to that certain assignment of interest rate cap agreement (the "Cap
Assignment") from Borrower to Lender and acknowledged and agreed to in writing
by Cap Seller, which provides, among other things, for the direct payment of all
sums due under the Cap Agreement from the Cap Seller to be made directly to
Lender.

                  5.  INTEREST COVERAGE RATIO.

                  (a) Within forty-five (45) days after each Interest Coverage
Ratio Determination Date, Borrower shall determine and certify in writing to
Lender the Interest Coverage Ratio (defined below) as of March 31, 2001 and on
the last day of each calendar quarter thereafter, through and including the
Maturity Date (each an "Interest Coverage Ratio Determination Date").

                  (b) The term "Interest Coverage Ratio" shall mean the ratio of
(i) the NOI (hereinafter defined) produced by the operation of the Properties on
an aggregate basis during the

                                        3
<PAGE>   6

twelve (12) month period ending on each Interest Coverage Ratio Determination
Date to (ii) the sum of the monthly payments of interest required to be made on
each Payment Date pursuant to the terms of the Notes, calculated at an interest
rate equal to (A) prior to the occurrence of a Triggering Event, the lesser of
(I) the Applicable Interest Rate (as defined in the Notes) and (II) (A) the
Strike Price plus 5.75% per annum, but in no event less than the Strike Price
plus 5.25% per annum, or (B) after the occurrence of a Triggering Event, (X) the
Strike Price plus 5.75% per annum, for the period through and including the
Initial Maturity Date, (Y) the Strike Price plus 6.25% per annum during the
fourth Loan Year (as defined in the Notes) and (Z) the Strike Price plus 6.75%
per annum during the fifth Loan Year, for the twelve (12) calendar month period
immediately following such Interest Coverage Ratio Determination Date.

                  (c) The term "NOI" as used herein shall mean, with respect to
the Property, the gross income derived from the operation of the Property, less
Expenses (hereinafter defined) attributable to the Property. NOI shall include
Rents actually received and earned in accordance with GAAP and such other
income, including but not limited to ticket sales, any rent loss or business
interruption insurance proceeds, parking, vending or concession income, late
fees, forfeited security deposits and other miscellaneous tenant charges and
Expenses actually paid or payable on an accrual basis attributable to the
Property on an annualized basis during the twelve (12) month period ending on
each Interest Coverage Ratio Determination Date, as set forth on operating
statements satisfactory to Lender.

                  Notwithstanding the foregoing, NOI shall not include (a)
condemnation or insurance proceeds (excluding rent or business interruption
insurance proceeds); or (b) any proceeds from the sale, exchange, transfer,
financing or refinancing of all or any portion of the Property.

                  (d) The term "Expenses" as used herein shall mean, with
respect to the Property, for any given period (and shall include the pro rata
portion for such period of all such expenses attributable to, but not paid
during, such period), all expenses to be paid or payable, as determined in
accordance with GAAP, by Borrower during that period in connection with the
operation of the Property for which it is to be determined, including without
limitation:

                           (i) expenses for cleaning, repair, maintenance,
         decoration and painting of the Property (including, without limitation,
         parking lots and roadways), net of any insurance proceeds in respect of
         any of the foregoing;

                           (ii) wages (including overtime payments), benefits,
         payroll taxes and all other related expenses for Borrower's on-site
         personnel, up to and including (but not above) the level of the on-site
         manager, engaged in the repair, operation and maintenance of the
         Property and service to tenants and on-site personnel engaged in audit
         and accounting functions performed by Borrower;

                           (iii) base management fees approved by Lender and
         equal to the greater of (A) four percent (4%) of the gross income
         derived from the operation of the Property or (B) the actual base
         management fees incurred by Borrower. Such fees shall include all base
         fees for management services whether such services are performed at
         such Property or

                                        4
<PAGE>   7
         off-site, but shall not include any Incentive Management Fees (as
         defined in the Cash Management Agreement);

                           (iv) the cost of all electricity, oil, gas, water,
         steam, heat, ventilation, air conditioning and any other energy,
         utility or similar item and the cost of building and cleaning supplies;

                           (v) the cost of any leasing commissions and tenant
         concessions and improvements payable by Borrower pursuant to any Leases
         which are in effect for the Property for such period as such amounts
         are recognized in accordance with GAAP, provided however that in no
         event less than on a straight line basis during the remaining
         respective base term (excluding extension, renewal or other option);

                           (vi) Insurance Premiums;

                           (vii) all Equipment Lease Payments (as defined in the
         Cash Management Agreement);

                           (viii) the cost of all equipment to be used in the
         ordinary course of business, which is not capitalized in accordance
         with GAAP;

                           (ix) Taxes and Other Charges;

                           (x) advertising and other marketing costs and
         expenses;

                           (xi) casualty losses to the extent not reimbursed by
         a third party or covered by insurance; and

                           (xii) film rentals, concession supplies, salaries and
         wages.

         Notwithstanding the foregoing, Expenses shall not include (A)
depreciation or amortization or any other non-cash item of expense; (B)
interest, fees, costs and expense reimbursements of Lender or its agents in
originating or administering the Loan but not in exercising any of its rights
under the Loan Documents or the Other Security Documents, or any fees, expenses
or premiums associated with or arising from the Cap Agreement; (C) any
expenditure (other than leasing commissions, tenant concessions and improvements
and replacement reserves) which is properly treatable as a capital item under
GAAP; (D) income taxes or franchise taxes; (E) costs, expenses or fees related
to a Syndication (defined below) of the Loan; or (F) legal, accounting or other
professional fees and expenses.

         6.       [INTENTIONALLY OMITTED]

         7.       EVENTS OF DEFAULT. The term "Event of Default" as used in this
Agreement shall have the meaning ascribed to such term in the Note and the
Security Instruments.

                                        5
<PAGE>   8

         Upon the occurrence of an Event of Default or a default beyond
applicable notice and grace periods, if any, under this Agreement and, if Lender
shall not have exercised its option under clause (i) below, during the
continuance thereof, Lender (i) may, at its option and in its sole discretion,
declare the Debt immediately due and payable, and (ii) may pursue any and all
remedies provided for in the Loan Documents, or otherwise available.

         8.       SYNDICATION.

                  (a) Syndication. The provisions of this Section 8 shall only
apply in the event that the Loan is syndicated in accordance with the provisions
of this Section 8 set forth below.

                  (b) Sale of Loan, Co-Lenders, Participations and Servicing.

                  (i) Lender and any Co-Lender may, at their option, without
                  Borrower's consent (but with notice to Borrower), sell with
                  novation all or any part of their right, title and interest
                  in, and to, and under the Loan, to one or more additional
                  Co-Lenders (the "Syndication"). Each additional Co-Lender
                  shall enter into an assignment and assumption agreement (the
                  "Assignment and Assumption") assigning a portion of Lender's
                  or Co-Lender's rights and obligations under the Loan, and
                  pursuant to which the additional Co-Lender accepts such
                  assignment and assumes the assigned obligations. From and
                  after the effective date specified in the Assignment and
                  Assumption (i) each Co-Lender shall be a party hereto and to
                  each Loan Document to the extent of the applicable percentage
                  or percentages set forth in the Assignment and Assumption and,
                  except as specified otherwise herein, shall succeed to the
                  rights and obligations of Lender and the Co-Lenders hereunder
                  and thereunder in respect of the Loan, and (ii) Lender, as
                  lender and each Co-Lender, as applicable, shall, to the extent
                  such rights and obligations have been assigned by it pursuant
                  to such Assignment and Assumption, relinquish its rights and
                  be released from its obligations hereunder and under the Loan
                  Documents.

                  (ii) The liabilities of Lender and each of the Co-Lenders
                  shall be several and not joint, and Lender's and each
                  Co-Lender's obligations to Borrower under this Agreement shall
                  be reduced by the amount of each such Assignment and
                  Assumption. Neither Lender nor any Co-Lender shall be
                  responsible for the obligations of any other Co-Lender. Lender
                  and each Co-Lender shall be liable to Borrower only for their
                  respective proportionate shares of the Loan. If for any reason
                  any of the Co-Lenders shall fail or refuse to abide by their
                  obligations under this Agreement, Lender and the other
                  Co-Lenders shall not be relieved of their obligations, if any,
                  hereunder, including their obligations to make their pro rata
                  share of any advance; notwithstanding the foregoing, Lender
                  and the Co-Lenders shall have the right, but not the
                  obligation, at their sole option, to make the defaulting
                  Co-Lender's pro rata share of such advance pursuant to an
                  intercreditor agreement that may be entered into between
                  Lender, individually as a Co-Lender and as Agent, and the
                  Co-Lenders, as same be further supplemented, amended and
                  modified (the "Intercreditor Agreement").

                                        6
<PAGE>   9

                  (iii) Borrower agrees that it shall, in connection with any
                  sale of all or any portion of the Loan, whether in whole or to
                  an additional Co-Lender or Participant, within ten (10)
                  business days after requested by Agent, furnish Agent with the
                  certificates required under Section 7.4 of the Security
                  Instrument and such other information as reasonably requested
                  by any additional Co-Lender or Participant in performing its
                  due diligence in connection with its purchase of an interest
                  in the Loan.

                  (iv) Lender (or an Affiliate of Lender) shall act as
                  administrative agent for itself and the Co-Lenders (together
                  with any successor administrative agent, the "Agent") pursuant
                  to this Section 7(b). Borrower acknowledges that Lender, as
                  Agent, shall have the sole and exclusive authority to execute
                  and perform this Agreement and each Loan Document on behalf of
                  itself, as Lender and as agent for itself and the Co-Lenders
                  subject to the terms of the Intercreditor Agreement. Lender
                  acknowledges that Lender, as Agent, shall retain the exclusive
                  right to grant approvals and give consents with respect to the
                  operating budgets required to be delivered hereunder and with
                  respect to matters concerning the establishment and
                  administration of the Lockbox Account and the other Accounts
                  described in the Cash Management Agreement. Except as
                  otherwise provided herein, Borrower shall have no obligation
                  to recognize or deal directly with any Co-Lender, and no
                  Co-Lender shall have any right to deal directly with Borrower
                  with respect to the rights, benefits and obligations of
                  Borrower under this Agreement, the Loan Documents or any one
                  or more documents or instruments in respect thereof. Borrower
                  may rely conclusively on the actions of Lender as Agent to
                  bind Lender and the Co-Lenders, notwithstanding that the
                  particular action in question may, pursuant to this Agreement
                  or the Intercreditor Agreement be subject to the consent or
                  direction of the Co-Lenders. Lender may resign as Agent of the
                  Co-Lenders, in its sole discretion, without the consent of
                  Borrower; provided however, that Lender may only resign as
                  Agent (i) after an Event of Default has occurred or (ii) if
                  required to by the Co-Lenders. Upon any such resignation, a
                  successor Agent shall be determined pursuant to the terms of
                  the Intercreditor Agreement. The term Agent shall mean any
                  successor Agent.

                  Notwithstanding any provision to the contrary in this
                  Agreement, the Agent shall not have any duties or
                  responsibilities except those expressly set forth herein (and
                  in the Intercreditor Agreement) and no covenants, functions,
                  responsibilities, duties, obligations or liabilities of Agent
                  shall be implied by or inferred from this Agreement, the
                  Intercreditor Agreement, or any other Loan Document, or
                  otherwise exist against Agent.

                  (v) Except to the extent its obligations hereunder and its
                  interest in the Loan have been assigned pursuant to one or
                  more Assignments and Assumption, Lehman Savings Bank FSB, as
                  Agent, shall have the same rights and powers under this
                  Agreement as any other Co-Lender and may exercise the same as
                  though it were not Agent, respectively. The term "Co-Lender"
                  or "Co-Lenders" shall, unless otherwise expressly indicated,
                  include Lehman Savings Bank FSB in its individual capacity.
                  Lender and the other Co-Lenders and their respective
                  affiliates may accept deposits

                                        7
<PAGE>   10

                  from, lend money to, act as trustee under indentures of, and
                  generally engage in any kind of business with, Borrower, or
                  any Affiliate of Borrower and any person or entity who may do
                  business with or own securities of Borrower or any Affiliate
                  of Borrower or any Affiliate thereof, all as if they were not
                  serving in such capacities hereunder and without any duty to
                  account therefor to each other.

                  (vi) If required by any Co-Lender, each Borrower hereby agrees
                  to execute supplemental notes in the principal amount of such
                  Co-Lender's pro rata share of the Loan substantially in the
                  form of the Note, and such supplemental note shall (i) be
                  payable to order of such Co-Lender, (ii) be dated as of the
                  Closing Date, and (iii) mature on the Maturity Date. Such
                  supplemental note shall provide that it evidences a portion of
                  the existing indebtedness hereunder and under the Note and not
                  any new or additional indebtedness of Borrower. The term
                  "Note" as used in this Agreement and in all the other Loan
                  Documents shall include all such supplemental notes.

                  (vii) Lender, as Agent, shall maintain at its domestic lending
                  office or at such other location as Lender, as Agent, shall
                  designate in writing to each Co-Lender and Borrower a copy of
                  each Assignment and Assumption delivered to and accepted by it
                  and a register for the recordation of the names and addresses
                  of the Co-Lenders, the amount of each Co-Lender's
                  proportionate share of the Loan and the name and address of
                  each Co-Lender's agent for service of process (the
                  "Register"). The entries in the Register shall be conclusive
                  and binding for all purposes, absent manifest error, and
                  Borrower, Lender, as Agent, and the Co-Lenders may treat each
                  person or entity whose name is recorded in the Register as a
                  Co-Lender hereunder for all purposes of this Agreement. The
                  Register shall be available for inspection and copying by
                  Borrower or any Co-Lender during normal business hours upon
                  reasonable prior notice to the Agent. A Co-Lender may change
                  its address and its agent for service of process upon written
                  notice to Lender, as Agent, which notice shall only be
                  effective upon actual receipt by Lender, as Agent, which
                  receipt will be acknowledged by Lender, as Agent, upon
                  request.

                  (viii) Notwithstanding anything herein to the contrary, any
                  financial institution or other entity may be sold a
                  participation interest in the Loan by Lender or any Co-Lender
                  without Borrower's consent (such financial institution or
                  entity, a "Participant") (x) if such sale is without novation
                  and (y) if the other conditions set forth in this paragraph
                  are met. No Participant shall be considered a Co-Lender
                  hereunder or under the Note or the Loan Documents. No
                  Participant shall have any rights under this Agreement, the
                  Note or any of the Loan Documents and the Participant's rights
                  in respect of such participation shall be solely against
                  Lender or Co-Lender, as the case may be, as set forth in the
                  participation agreement executed by and between Lender or
                  Co-Lender, as the case may be, and such Participant. No
                  participation shall relieve Lender or Co-Lender, as the case
                  may be, from its obligations hereunder or under the Note or
                  the Loan Documents and Lender or Co-Lender, as the case may
                  be, shall remain solely responsible for the performance of its
                  obligations hereunder.

                                        8
<PAGE>   11

                  (ix) Notwithstanding any other provision set forth in this
                  Agreement, the Lender or any Co-Lender may at any time create
                  a security interest in all or any portion of its rights under
                  this Agreement (including, without limitation, amounts owing
                  to it in favor of any Federal Reserve Bank in accordance with
                  Regulation A of the Board of Governors of the Federal Reserve
                  System), provided that no such security interest or the
                  exercise by the secured party of any of its rights thereunder
                  shall release Lender or Co-Lender from its funding obligations
                  hereunder.

                  (c) Borrower's Assignment. Borrower may not assign its rights
or obligations hereunder without the prior written consent of Agent and all of
the Co-Lenders.

                  (d) Payment of Agent's, and Co-Lender's Expenses, Indemnity,
etc. Borrower shall:

                  (i) whether or not the transactions hereby contemplated are
                  consummated, pay all reasonable out-of-pocket costs and
                  expenses (A) of Agent's reasonable counsel fees and expenses
                  relating to the negotiation, preparation, execution and
                  delivery of the Note, this Agreement, the Security
                  Instruments, and the other Loan Documents and the documents
                  and instruments referred to therein, the creation, perfection
                  or protection of Lender's and Co-Lender's liens on the
                  Property (including, without limitation, fees and expenses for
                  title insurance, property inspections, appraisals, if required
                  for syndication, surveys, lien searches, filing and recording
                  fees, and escrow fees and expenses), and any amendment, waiver
                  or consent relating to any of the Loan Documents including
                  releases, and the addition of new mortgaged properties (but
                  Agent and the Co-Lender's shall pay their own respective
                  counsel fees) and (B) of Agent and Co-Lenders in connection
                  with the preservation of rights under, any amendment, waiver
                  or consent relating to, and enforcement of, the Loan Documents
                  and the documents and instruments referred to therein or in
                  connection with any restructuring or rescheduling of the
                  Obligations (including, without limitation, the reasonable
                  fees and disbursements of counsel for Agent and the
                  Co-Lenders);

                  (ii) pay, and hold Agent and each Co-Lender harmless from and
                  against, any and all present and future stamp, excise and
                  other similar taxes with respect to the foregoing matters and
                  hold Agent and each Co-Lender harmless from and against any
                  and all liabilities with respect to or resulting from any
                  delay or omission (other than to the extent attributable to
                  Agent or such Co-Lender) to pay such taxes; and

                  (iii) indemnify Agent, (in its capacity as Lender and as
                  Agent), and each Co-Lender, its officers, directors,
                  employees, representatives and agents and any persons or
                  entities owned or Controlled by, owning or Controlling, or
                  under common Control or Affiliated with Agent, Agent, or each
                  Co-Lender (each an "Indemnitee") from, and hold each of them
                  harmless against, any and all losses, liabilities, claims,
                  damages, expenses, obligations, penalties, actions, judgments,
                  suits, costs or disbursements of any kind or nature whatsoever
                  (including, without limitation, the reasonable fees and
                  disbursements of counsel for such Indemnitee in connection
                  with any investigative, administrative or judicial proceeding
                  commenced or threatened, whether or not such

                                        9
<PAGE>   12

                  Indemnitee shall be designated a party thereto) that may at
                  any time (including, without limitation, at any time following
                  the payment of the Obligations) be imposed on, asserted
                  against or incurred by any Indemnitee as a result of, or
                  arising in any manner out of, or in any way related to or by
                  reason of, (i) the execution, delivery or performance of any
                  Loan Document, (ii) the breach of any of Borrower's
                  representations and warranties or of any of Borrower's
                  Obligations, (iii) a default under Section 13.5 of the
                  Security Instrument, including, without limitation, attorneys'
                  fees and costs incurred in the investigation, defense, and
                  settlement of losses incurred in correcting any prohibited
                  transaction or in the sale of a prohibited loan, and in
                  obtaining any individual prohibited transaction exemption
                  under ERISA that may be required, and (iv) the exercise by
                  Agent and the Co-Lenders of their rights and remedies
                  (including, without limitation, foreclosure) under any Loan
                  Documents (but excluding, as to any Indemnitee, any such
                  losses, liabilities, claims, damages, expenses, obligations,
                  penalties, actions, judgments, suits, costs or disbursements
                  incurred solely by reason of the gross negligence or willful
                  misconduct of such Indemnitee as finally determined by a court
                  of competent jurisdiction) (collectively, "Indemnified
                  Liabilities"). Borrower further agrees that, without Agent's
                  or the Co-Lenders' prior written consent, it will not enter
                  into any settlement of a lawsuit, claim or other proceeding
                  arising or relating to any Indemnified Liability unless such
                  settlement includes an explicit and unconditional release from
                  the party bringing such lawsuit, claim or other proceeding of
                  each Indemnitee. Borrower's obligations under this Section
                  shall survive the termination of this Agreement and the
                  payment of the Obligations. Borrower shall have the right to
                  undertake, conduct and control through counsel of its own
                  choosing (which counsel shall be acceptable to the Indemnitee
                  acting reasonably), the conduct and settlement of the
                  Indemnified Liabilities, and the Indemnitee shall cooperate
                  with Borrower in connection therewith; provided that Borrower
                  shall permit the Indemnitee to participate in such conduct and
                  settlement through counsel chosen by the Indemnitee, but fees
                  and expenses of such counsel shall be borne by the Indemnitee.
                  Notwithstanding the foregoing, the Indemnitee shall have the
                  right to employ its own counsel, and the reasonable fees and
                  expenses of such counsel shall be at Borrower's cost and
                  expense if the Indemnitee reasonably determines that (i)
                  Borrower's counsel are not defending any claim or proceeding
                  in a manner reasonably acceptable to the Indemnitee, or (ii)
                  the interests of Borrower and the Indemnitee have become
                  adverse in any such claim or course of action; provided,
                  however Borrower, in such event, shall only be liable for the
                  reasonable legal expenses of one counsel for all such
                  Indemnitees. If clause (ii) of the immediately preceding
                  sentence is applicable, at the option of the Indemnitee, its
                  attorneys shall control the resolution of any claim or
                  proceeding. None of Borrower nor any Indemnitee shall be
                  liable for any settlement of any Indemnified Liability
                  effected without its prior written consent, such consent not
                  to be unreasonably withheld. No Indemnitee shall be liable for
                  any indirect or consequential damages in connection with its
                  activities related to the Loan, the Securitization or the
                  Syndication.

                                       10
<PAGE>   13

                  (iv) Borrower shall pay to Lender the Administrative Fee, as
                  defined in and in accordance with the terms of the
                  Administrative Fee Letter dated as of the date hereof and any
                  amendment or replacement thereof.

                  (e) Limitation of Liability. No claim may be made by Borrower,
or any other Person against Agent, or any Co-Lenders or the Affiliates,
directors, officers, employees, attorneys or agent of any of such Persons for
any special, indirect, consequential or punitive damages in respect of any claim
for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by this Agreement or any act, omission
or event occurring in connection therewith; and Borrower hereby waives, releases
and agrees not to sue upon any claim for any such damages, whether or not
accrued and whether or not known or suspected to exist in its favor.

                  (f) No Joint Venture. Notwithstanding anything to the contrary
herein contained, neither Agent, nor any Co-Lender by entering into this
Agreement or by taking any action pursuant hereto, will not be deemed a partner
or joint venturer with Borrower.

         9. INCORPORATION OF PROVISIONS. The Note, the Security Instruments and
the Loan Documents are subject to the conditions, stipulations, agreements and
covenants contained herein to the same extent and effect as if fully set forth
therein until this Agreement is terminated by the payment in full of the Debt.

         10. FURTHER ASSURANCES. Borrower shall on demand of Lender do any act
or execute any additional documents reasonably required by Lender to confirm the
lien of the Security Instruments.

         11. REPRESENTATIONS AND WARRANTIES. Borrower, represents and warrants
to Lender as follows:

                  (a) Borrower is duly qualified to do business in the States in
         which the Properties are located unless such qualification is not
         necessary pursuant to the applicable laws of the States.

                  (b) Borrower (and the undersigned representative, if any, of
         Borrower) has the full power and authority to execute and deliver this
         Agreement and the Loan Documents, and the same constitute the legal,
         valid and binding obligations of Borrower.

         12. CONSTRUCTION OF AGREEMENT. The titles and headings of the
paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter
of such paragraphs and shall not be given any consideration in the construction
of this Agreement.

         13. PARTIES BOUND, ETC. The provisions of this Agreement shall be
binding upon and inure to the benefit of Borrower, Lender, each Co-Lender and
their respective heirs, executors, legal representatives, successors and assigns
(except as otherwise prohibited by this Agreement).

                                       11
<PAGE>   14

         14. WAIVERS. Lender may at any time and from time to time waive any one
or more of the conditions contained herein, but any such waiver shall be deemed
to be made in pursuance hereof and not in modification thereof, and any such
waiver in any instance or under any particular circumstance shall not be
considered a waiver of such condition in any other instance or any other
circumstance.

         15. GOVERNING LAW. (i) This Agreement shall be deemed to be a contract
entered into pursuant to the laws of the State of New York and shall in all
respects be governed, construed, applied and enforced in accordance with the
laws of the State of New York, provided however, that with respect to the
creation, perfection, priority and enforcement of the lien of the Security
Instruments, and the determination of deficiency judgments, the laws of the
State where the related Property is located shall apply.

                  (ii) Any legal action or proceeding with respect to this
Agreement or any other Loan Document and any action for enforcement of any
judgment in respect thereof may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, Borrower hereby accept, each
for itself and in respect of its property, generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts and appellate courts from any
thereof. Borrower irrevocably consents to the service of process out of any of
the aforementioned courts in any such action or proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, to Borrower at
its address set forth in Article 16 of the Security Instruments or its
registered agent. Borrower hereby irrevocably waives any objection which it may
now or hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement or any other
Loan Document brought in the courts referred to above and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any
such action or proceeding brought in any such court has been brought in an
inconvenient forum. Nothing herein shall affect the right of Lender, to serve
process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against Borrower in any other jurisdiction.

         16. SEVERABILITY. If any term, covenant or provision of this Agreement
shall be held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be construed without such term, covenant or provision.

         17. NOTICES. All notices required to be given under the terms of this
Agreement shall be given in accordance with and to the addresses set forth in
Article 15 of the Security Instruments.

         18. FEES AND EXPENSES. Borrower shall pay to Lender, upon demand, all
reasonable expenses incurred by Lender in connection with the collection of the
Debt, the enforcement of the Loan Documents, and in curing any defaults under
the Loan Documents (including, without limitation, reasonable attorneys' fees,
which shall include attorney's fees incurred in any trial, appellate or
bankruptcy proceeding), which, if any such expenses are past due, interest
thereon at a rate per annum equal to the rate of interest payable pursuant to
the Note, provided that such interest rate shall in no event exceed the maximum
interest rate which Borrower may by law pay, from the date of payment by Lender
to the date of payment to Lender, which sums and interest shall be secured by
the Security Instruments.

                                       12
<PAGE>   15

         19. MODIFICATION. This Agreement may not be modified, amended or
terminated, except by an agreement in writing executed by the parties hereto.

         20. NO ORAL AGREEMENTS. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING
PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT YOU
(BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH
IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS
WE MAY AGREE IN WRITING TO MODIFY IT.

         21. DEFINITIONS. Capitalized terms not defined herein shall have the
meaning set forth in the Security Instruments.

         22. RECOURSE. The obligations of Borrower hereunder shall be limited to
the same extent as provided for in Article 14 of the Note.

         23. OUT PARCEL RELEASE. With respect to the Property known as Lancaster
in Los Angeles County, California, upon delivery to Lender of the items listed
below, Lender shall release from the lien of the Security Instruments the parcel
(the "Out Parcel") identified on Schedule 3 attached hereto: one or more
endorsements (at Borrower's sole cost and expense) to the Title Policy (as
defined in the Security Instruments) with respect to the Lancaster Property that
(i) down date the effective date of the such Title Policy to the date of the
release of the Out Parcel, (ii) insure that the Property remaining after the
release of the Out Parcel constitutes a legal subdivision and a separate tax
parcel and (c) payment of all reasonable costs and expenses of Lender (including
reasonable counsel fees and expenses) in connection with the release of the Out
Parcel.

                         [NO FURTHER TEXT ON THIS PAGE]

                                       13
<PAGE>   16

                  IN WITNESS WHEREOF, Borrower and Lender have duly executed
this Agreement the day and year first above written.

                                       CINEMA PROPERTIES, INC.,
                                       a Delaware corporation

                                       By:    /s/  ROBERT COPPLE
                                           -------------------------------------
                                           Name:   Robert Copple
                                           Title:  Vice President

                                       LEHMAN BROTHERS BANK FSB, a federal
                                       savings bank, individually and as agent
                                       for the Co-Lenders

                                       By:    /s/  GARY T. TAYLOR
                                           -------------------------------------
                                           Name:   Gary T. Taylor
                                           Title:  VP

<PAGE>   17

                                   SCHEDULE 1
                              Security Instruments

1.       Deed of Trust, Assignment of Leases and Rents, Security Agreement, and
         Fixture Filing (California), dated December 15, 2000 between Lehman
         Brothers Bank FSB (as Lender), and Cinema Properties, Inc. (as
         Borrower);

2.       Mortgage, Assignment of Leases and Rents, Security Agreement, and
         Fixture Filing (Louisiana), dated December 15, 2000 between Lehman
         Brothers Bank FSB (as Lender), and Cinema Properties, Inc. (as
         Borrower); and

3.       Deed of Trust and Security Agreement (Texas), dated December 15, 2000
         between Lehman Brothers Bank FSB (as Lender), and Cinema Properties,
         Inc. (as Borrower).

<PAGE>   18

                                   SCHEDULE 2

                                  THE PROPERTY

1.   00231 Plano, Tx 20
     3800 Dallas, Pkwy., Plano, Tx 75093

2.   00251 Plano Legacy, Tx 24
     7201 Central Expressway, Plano Tx 75025

3.   00280 Lancaster, Ca 22
     2600 West Avenue I, Lancaster, Ca 93536

4.   00206 Grapevine, Tx 17
     911 State Hwy. 114 West, Grapevine, Tx 76051

5.   00182 College Station, Tx 16
     1401 E. Bypass, College Station, Tx 77845

6.   00252 Shreveport, La 17
     8400 Millicent Way, Shreveport, La 71105

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