Document:

<PAGE>

                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                           SIMON PROPERTY GROUP, L.P.

                                     ISSUER

                                       TO

                            THE CHASE MANHATTAN BANK

                                     TRUSTEE

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

                          EIGHTH SUPPLEMENTAL INDENTURE

                          DATED AS OF JANUARY 18, 2001

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

                       $300,000,000 7 3/8% NOTES DUE 2006

                       $200,000,000 7 3/4% NOTES DUE 2011

                            SUPPLEMENT TO INDENTURE,
                         DATED AS OF NOVEMBER 26, 1996,
                                     BETWEEN
                           SIMON PROPERTY GROUP, L.P.
                                       AND
                            THE CHASE MANHATTAN BANK,
                                   AS TRUSTEE

<PAGE>

       EIGHTH SUPPLEMENTAL INDENTURE, dated as of January 18, 2001 (the "Eighth
Supplemental Indenture"), between SIMON PROPERTY GROUP, L.P. (formerly known as
Simon DeBartolo Group, L.P.), a Delaware limited partnership (the "Issuer" or
the "Operating Partnership"), having its principal offices at National City
Center, 115 West Washington Street, Suite 15 East, Indianapolis, Indiana 46204,
and THE CHASE MANHATTAN BANK, a New York banking corporation, as trustee (the
"Trustee"), having its Corporate Trust Office at 450 West 33rd Street, 15th
Floor, New York, New York 10001.

                                    RECITALS

       WHEREAS, the Issuer and Simon Property Group, L.P., a Delaware limited
partnership acting as a guarantor (the "Guarantor"), executed and delivered an
Indenture (the "Original Indenture"), dated as of November 26, 1996, to the
Trustee providing for the issuance from time to time of debt securities
evidencing unsecured and unsubordinated indebtedness of the Issuer; and

       WHEREAS, on December 31, 1997 the Guarantor was merged into the Issuer as
contemplated under the Indenture; and

       WHEREAS, the Issuer changed its name from "Simon DeBartolo Group, L.P."
to "Simon Property Group, L.P." effective as of September 24, 1998; and

       WHEREAS, the Original Indenture provides that by means of a supplemental
indenture, the Issuer may create one or more series of its debt securities and
establish the form and terms and conditions thereof; and

       WHEREAS, the Issuer intends by this Eighth Supplemental Indenture to
create and provide for the following series of debt securities (the "Initial
Notes"):

       (i)    Simon Property Group, L.P. 7 3/8% Notes due 2006 (the "Initial
2006 Notes") in an aggregate principal amount of $300,000,000; and

       (ii)   Simon Property Group, L.P. 7 3/4% Notes due 2011 (the "Initial
2011 Notes") in an aggregate principal amount of $200,000,000;

       WHEREAS, the Issuer further intends by this Eighth Supplemental Indenture
to create and provide for, if and when issued in exchange for the Initial Notes
pursuant to this Eighth Supplemental Indenture and the Registration Rights
Agreement (defined below), the following additional series of debt securities
(the "Exchange Notes"):

       (i)    Simon Property Group, L.P. 7 3/8% Notes due 2006 (the "Exchange
2006 Notes," and together with the Initial 2006 Notes, the "2006 Notes"), in an
aggregate principal amount of up to $300,000,000; and

       (ii)   Simon Property Group, L.P. 7 3/4% Notes due 2011 (the "Exchange
2011 Notes," and together with the Initial 2011 Notes, the "2011 Notes"), in an
aggregate principal amount of up to $200,000,000;

       WHEREAS, the Board of Directors of Simon Property Group, Inc., the
managing general partner of the Issuer, has approved the creation of the Notes
and the forms, terms and conditions thereof pursuant to Sections 301 and 1701 of
the Original Indenture; and

<PAGE>

       WHEREAS, all actions required to be taken under the Original Indenture
with respect to this Eighth Supplemental Indenture have been taken.

       NOW, THEREFORE, IT IS AGREED:

                                   ARTICLE I

                   DEFINITIONS, CREATION, FORMS AND TERMS AND
                          CONDITIONS OF THE SECURITIES

       SECTION 1.01. DEFINITIONS. Capitalized terms used in this Eighth
Supplemental Indenture and not otherwise defined shall have the meanings
ascribed to them in the Original Indenture. Certain terms, used principally in
Article Two of this Eighth Supplemental Indenture, are defined in that Article.
In addition, the following terms shall have the following meanings to be equally
applicable to both the singular and the plural forms of the terms defined:

       "BUSINESS DAY" means any day, other than a Saturday or Sunday, on which
banking institutions in New York, New York are open for business.

       "CLEARSTREAM BANKING" means Clearstream Banking, societe anonyme, its
successors and assigns.

       "CLOSING DATE" means January 18, 2001.

       "DTC" means The Depository Trust Company, its nominees and their
successors and assigns.

       "EUROCLEAR" means the Euroclear System, its successors and assigns.

       "EXCHANGE CERTIFICATED NOTE" means a note in definitive, fully registered
form, without coupons, substantially in the forms set forth on Exhibits E-1 and
E-2 hereto.

       "EXCHANGE NOTES" has the meaning set forth in the Recitals hereto.

       "EXCHANGE OFFER" means the offer by the Operating Partnership to exchange
all of the Initial Notes of a series for Exchange Notes of the same series.

       "EXCHANGE GLOBAL NOTE" has the meaning set forth in Section 1.03(c).

       "EXCHANGE OFFER REGISTRATION STATEMENT" has the meaning set forth in
Section 3.01(a).

       "GLOBAL NOTE" means the Initial Global Note and the Exchange Global Note.

       "INDENTURE" means the Original Indenture as supplemented by this Eighth
Supplemental Indenture.

       "INITIAL CERTIFICATED NOTES" has the meaning set forth in Section
1.03(b).

       "INITIAL GLOBAL NOTE" has the meaning set forth in Section 1.03(b).

       "INITIAL NOTES" has the meaning set forth in the Recitals hereto.

                                       2
<PAGE>

       "INITIAL PURCHASERS" means Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Chase Securities, Inc., Banc of America Securities
LLC, Salomon Smith Barney Inc. and UBS Warburg LLC.

       "INITIAL REGULATION S GLOBAL NOTE" means a single fully registered global
note in book-entry form, substantially in the form of Exhibits B-1 and B-2
attached hereto.

       "INITIAL RESTRICTED GLOBAL NOTE" means a single fully registered global
note in book-entry form, substantially in the form of Exhibits A-1 and A-2
attached hereto.

       "INITIAL 2006 NOTES" has the meaning set forth in the Recitals hereto.

       "INITIAL 2011 NOTES" has the meaning set forth in the Recitals hereto.

       "INSTITUTIONAL ACCREDITED INVESTOR" means an institutional "accredited
investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.

       "ISSUER" has the meaning set forth in the Recitals hereto.

       "MAKE-WHOLE AMOUNT" means, in connection with any optional redemption or
accelerated payment of any Notes, the excess, if any, of (i) the aggregate
present value, as of the date of such redemption or accelerated payment, of each
dollar of principal being redeemed or paid and the amount of interest (exclusive
of interest accrued to the date of redemption or accelerated payment) that would
have been payable in respect of each such dollar if such redemption or
accelerated payment had not been made, determined by discounting, on a
semiannual basis, such principal and interest at the Reinvestment Rate,
determined on the third Business Day preceding the date notice of such
redemption or accelerated payment is given, from the respective dates on which
such principal and interest would have been payable if such redemption or
accelerated payment had not been made, to the date of redemption or accelerated
payment, over (ii) the aggregate principal amount of the Notes being redeemed or
accelerated.

       "NON-U.S. PERSON" means a Person that is not a U.S. Person as defined in
Regulation S, and includes dealers or other professional fiduciaries in the
United States acting on a discretionary basis for foreign beneficial owners
(other than an estate or trust) in offshore transactions meeting the
requirements of Rule 904 of Regulation S.

       "NOTES" means the Initial Notes and the Exchange Notes.

       "OPERATING PARTNERSHIP" has the meaning set forth in the Recitals hereto.

       "ORIGINAL INDENTURE" has the meaning set forth in the Recitals hereto.

       "PURCHASE AGREEMENT" means the Purchase Agreement dated January 11, 2001
between the Operating Partnership and the Initial Purchasers.

       "QIB" means a qualified institutional buyer, as defined in Rule 144A
under the Securities Act.

       "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated January 18, 2001, between the Operating Partnership and the Initial
Purchasers.

       "REGULATION S" means Regulation S under the Securities Act.

                                       3
<PAGE>

       "REINVESTMENT RATE" means, in connection with any optional redemption or
accelerated payment of any Notes, the yield on treasury securities at a constant
maturity corresponding to the remaining life (as of the date of redemption, and
rounded to the nearest month) to Stated Maturity of the principal being redeemed
(the "Treasury Yield"), plus .25%. For purposes hereof, the Treasury Yield shall
be equal to the arithmetic mean of the yields published in the Statistical
Release under the heading "Week Ending" for "U.S. Government Securities --
Treasury Constant Maturities" with a maturity equal to such remaining life;
provided, that if no published maturity exactly corresponds to such remaining
life, then the Treasury Yield shall be interpolated or extrapolated on a
straight-line basis from the arithmetic means of the yields for the next
shortest and next longest published maturities, rounding each of such relevant
periods to the nearest month. For purposes of calculating the Reinvestment Rate,
the most recent Statistical Release published prior to the date of determination
of the Make-Whole Amount shall be used. If the format or content of the
Statistical Release changes in a manner that precludes determination of the
Treasury Yield in the above manner, then the Treasury Yield shall be determined
in the manner that most closely approximates the above manner, as reasonably
determined by the Operating Partnership.

       "RULE 144A" means Rule 144A under the Securities Act.

       "SECURITIES ACT" means the Securities Act of 1933, as amended from time
to time.

       "SHELF REGISTRATION STATEMENT" has the meaning set forth in Section
3.01(c).

       "SPECIAL INTEREST PREMIUM" has the meaning set forth in Section 3.02.

       "STATISTICAL RELEASE" means the statistical release designated
"H.15(519)" or any successor publication which is published weekly by the
Federal Reserve System and which reports yields on actively traded United States
government securities adjusted to constant maturities, or, if such statistical
release is not published at the time of any determination, then such other
reasonably comparable index which shall be designated by the Operating
Partnership.

       "TRUSTEE" has the meaning set forth in the Recitals hereto.

       "2006 INTEREST PAYMENT DATE" has the meaning set forth in Section
1.04(b).

       "2011 INTEREST PAYMENT DATE" has the meaning set forth in Section
1.05(b).

       "2006 NOTES" has the meaning set forth in the Recitals hereto.

       "2011 NOTES" has the meaning set forth in the Recitals hereto.

       "2006 REDEMPTION PRICE" has the meaning set forth in Section 1.04(f).

       "2011 REDEMPTION PRICE" has the meaning set forth in Section 1.05(f).

       "2006 REGULAR RECORD DATE" has the meaning set forth in Section 1.04(b).

       "2011 REGULAR RECORD DATE" has the meaning set forth in Section 1.05(b).

       SECTION 1.02. CREATION OF THE NOTES.

              (a)    INITIAL NOTES. In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates each of the Initial 2006 Notes and
the Initial 2011 Notes, as a separate series of its securities issued pursuant
to the Indenture. The Initial 2006 Notes shall be initially issued in an
aggregate

                                       4
<PAGE>

principal amount of $300,000,000 and the Initial 2011 Notes shall be
initially issued in an aggregate principal amount of $200,000,000, except as
permitted by Sections 304, 305 or 306 of the Original Indenture.

              (b)    EXCHANGE NOTES. In accordance with Section 301 of the
Original Indenture, the Issuer hereby creates each of the Exchange 2006 Notes
and the Exchange 2011 Notes as a separate series of its securities issued
pursuant to the Indenture. Each series of the Exchange Notes is to be issued in
exchange for the corresponding series of the Initial Notes as provided in this
Eighth Supplemental Indenture and the Registration Rights Agreement. The
Exchange 2006 Notes may be initially issued in an aggregate principal amount of
up to $300,000,000 (but in no event in excess of the principal amount of the
Initial 2006 Notes tendered in exchange therefor in an Exchange Offer). The
Exchange 2011 Notes may be initially issued in an aggregate principal amount of
up to $200,000,000 (but in no event in excess of the principal amount of the
Initial 2011 Notes tendered in exchange therefor in an Exchange Offer, except as
permitted by Sections 304, 305 or 306 of the Original Indenture).

       SECTION 1.03. FORM OF THE NOTES.

              (a)    The Initial 2006 Notes shall be in the form of Exhibit A-1,
B-1 or C-1 hereto, as applicable, and the Exchange 2006 Notes shall be in the
form of Exhibit D-1 or E-1 hereto, as applicable. The Initial 2011 Notes shall
be in the form of Exhibit A-2, B-2 or C-2 hereto, as applicable, and the
Exchange 2011 Notes shall be in the form of Exhibit D-2 or E-2 hereto, as
applicable.

              (b)    Initial 2006 Notes and Initial 2011 Notes offered and sold
to QIBs in reliance on Rule 144A as provided in the Purchase Agreement shall be
issued in book-entry form and will be represented by a single, permanent global
note in fully registered form, without coupons, substantially in the form set
forth in Exhibit A-1 or A-2, as applicable, and shall bear the legends set forth
in Section 5.01(a) and (b) (each such Note, an "Initial Restricted Global
Note"). Upon issuance, each Initial Restricted Global Note shall be registered
in the name of "Cede & Co.," as nominee of DTC, duly executed by the Operating
Partnership and authenticated by the Trustee and deposited with or on behalf of
DTC. Initial 2006 Notes and Initial 2011 Notes offered and sold to Non-U.S.
Persons in reliance on Regulation S as provided in the Purchase Agreement shall
be issued in book-entry form and will be represented by a single, permanent
global note in definitive, fully registered form, without coupons, substantially
in the form set forth in Exhibit B-1 or B-2 hereto, as applicable, and shall
bear the legends set forth in Section 5.01(a) and (b) (each such Note, an
"Initial Regulation S Global Note," and together with the Initial Restricted
Global Note," the "Initial Global Notes"). Upon issuance, the Initial Regulation
S Global Note shall be registered in the name of "Cede & Co.," as nominee for
DTC, duly executed by the Operating Partnership and authenticated by the Trustee
and deposited with or on behalf of DTC for the accounts of Euroclear or
Clearstream Banking. Interests in the Initial Regulation S Global Note may only
be held through Euroclear or Clearstream Banking. Initial 2006 Notes and Initial
2011 Notes offered and sold to Institutional Accredited Investors that are not
QIBS or Non-U.S. Persons as provided in the Purchase Agreement shall be issued
in definitive, fully registered certificated form, without coupons,
substantially in the forms set forth in Exhibit C-1 or C-2 hereto, as
applicable, and shall bear the legends set forth in Section 5.01(a) hereof (the
"Initial Certificated Notes"). Upon issuance, any such Initial Certificated Note
or the transfer thereof shall be duly executed by the Operating Partnership and
authenticated by the Trustee. Upon the registration of the transfer of any
Initial Certificated Note to a QIB or Non-U.S. Person, such Initial Certificated
Note shall be exchanged for a beneficial interest in the applicable Initial
Global Note. Except as provided in Section 4.01(b), interests in an Initial
Global Note may not be exchanged for Initial Certificated Notes and the
Operating Partnership waives any discretionary right it may otherwise have to
cause the Notes to be issued in certificated form.

                                       5
<PAGE>

              (c)    In the event all or a portion of the Initial Notes of any
series are tendered in an Exchange Offer, such Notes or the portions thereof
being exchanged shall be exchanged for a single, permanent global note in
definitive, fully registered form, without coupons, substantially in the form
set forth in Exhibit D-1 hereto, in the case of the 2006 Notes, and Exhibit D-2
hereto, in the case of the 2011 Notes (the "Exchange Global Notes") and shall
bear the legends set forth in Section 5.01(c) hereof. Upon issuance, each
Exchange Global Note shall be registered in the name of "Cede & Co.," as nominee
of DTC, duly executed by the Operating Partnership and authenticated by the
Trustee and deposited with or on behalf of DTC. Except as provided in Section
4.01(b), Exchange Certificated Notes shall not be issued and the Operating
Partnership waives any discretionary right it may otherwise have to cause the
Notes to be issued in certificated form.

       SECTION 1.04. TERMS AND CONDITIONS OF THE 2006 NOTES. The 2006 Notes
shall be governed by all the terms and conditions of the Original Indenture, as
supplemented by this Eighth Supplemental Indenture, and in particular, the
following provisions shall be terms of the 2006 Notes:

              (a)    TITLE AND AGGREGATE PRINCIPAL AMOUNT. The title of the
       Initial 2006 Notes and the Exchange 2006 Notes shall be as specified in
       the Recitals; and the aggregate principal amount of the Initial 2006
       Notes and the Exchange 2006 Notes shall be as specified in Section 1.02
       of this Eighth Supplemental Indenture, except as permitted by Sections
       304, 305 or 306 of the Original Indenture.

              (b)    STATED MATURITY. The 2006 Notes shall mature, and the
       unpaid principal thereon shall be payable, on January 20, 2006, subject
       to the provisions of the Original Indenture.

              (c)    INTEREST. The rate per annum at which interest shall be
       payable on the 2006 Notes shall be 7 3/8%. Interest on the 2006 Notes
       shall be payable semiannually in arrears on each January 20 and July 20,
       commencing July 20, 2001 (each a "2006 Interest Payment Date"), and on
       the Stated Maturity as specified in Section 1.04(b) of this Eighth
       Supplemental Indenture, to the Persons in whose names the applicable 2006
       Notes are registered in the Security Register applicable to the 2006
       Notes at the close of business 15 calendar days prior to such payment
       date regardless of whether such day is a Business Day (each, a "2006
       Regular Record Date"). Interest on the 2006 Notes will be computed on the
       basis of a 360-day year of twelve 30-day months. Interest on the 2006
       Notes shall accrue from January 18, 2001.

              If an Initial 2006 Note is exchanged in an Exchange Offer prior to
       the 2006 Regular Record Date for the first 2006 Interest Payment Date
       following such exchange, accrued and unpaid interest, if any, on such
       2006 Note, up to but not including the date of issuance of the Exchange
       Note(s) issued in exchange for such Initial 2006 Note, shall be paid on
       the first 2006 Interest Payment Date for such Exchange 2006 Note(s) to
       the Holder or Holders of such Exchange 2006 Note(s) on the first 2006
       Regular Record Date with respect to such Exchange 2006 Note(s). If such
       Initial 2006 Note is exchanged in an Exchange Offer subsequent to the
       2006 Regular Record Date for the first 2006 Interest Payment Date
       following such exchange but on or prior to such 2006 Interest Payment
       Date, then any such accrued and unpaid interest with respect to such
       Initial 2006 Note and any accrued and unpaid interest on the Exchange
       2006 Note(s) issued in exchange for such Initial 2006 Note, through the
       day before such 2006 Interest Payment Date, shall be paid on such 2006
       Interest Payment Date to the Holder of such Initial 2006 Note on such
       2006 Regular Record Date.

              (d)    REGISTRATION RIGHTS. The Holders of the Initial 2006 Notes
       shall be entitled to the benefits of the Registration Rights Agreement,
       as described in Article Three hereof.

                                       6
<PAGE>

              (e)    SPECIAL INTEREST PREMIUM. If the Operating Partnership
       fails to comply with certain provisions of the Registration Rights
       Agreement, then a Special Interest Premium shall become payable in
       respect of the 2006 Notes as provided in Article Three hereof.

              (f)    SINKING FUND, REDEMPTION OR REPAYMENT. No sinking fund
       shall be provided for the 2006 Notes and the 2006 Notes shall not be
       repayable at the option of the Holders thereof prior to Stated Maturity.
       The 2006 Notes may be redeemed at any time at the option of the Issuer,
       in whole or from time to time in part, at a Redemption Price equal to the
       sum of (i) the principal amount of the 2006 Notes being redeemed plus
       accrued interest thereon to the Redemption Date and (ii) the Make-Whole
       Amount, if any, with respect to such 2006 Notes (collectively, the "2006
       Redemption Price"), all in accordance with the provisions of Article
       Eleven of the Original Indenture.

              If notice of redemption has been given as provided in the Original
       Indenture and funds for the redemption of any 2006 Notes called for
       redemption shall have been made available on the Redemption Date referred
       to in such notice, such 2006 Notes will cease to bear interest on the
       Redemption Date and the only right of the Holders of the 2006 Notes from
       and after the Redemption Date will be to receive payment of the 2006
       Redemption Price upon surrender of such 2006 Notes in accordance with
       such notice.

              (g)    REGISTRATION AND FORM. The 2006 Notes shall be issuable as
       Registered Securities as provided in Section 1.03 of this Eighth
       Supplemental Indenture. Initial 2006 Notes shall be issued and may be
       transferred only in minimum denominations of $1,000 ($100,000 for
       Institutional Accredited Investors) and integral multiples of $1,000 in
       excess thereof. Exchange 2006 Notes shall be issued in minimum
       denominations of $1,000 ($100,000 for Institutional Accredited Investors)
       and integral multiples of $1,000 in excess thereof. All payments of
       principal and interest in respect of the 2006 Notes will be made by the
       Issuer in immediately available funds.

              (h)    DEFEASANCE AND COVENANT DEFEASANCE. The provisions for
       defeasance in Section 1402 of the Original Indenture, and the provisions
       for covenant defeasance (which provisions shall apply, without
       limitation, to the covenants set forth in Article Two of this Eighth
       Supplemental Indenture) in Section 1403 of the Original Indenture, shall
       be applicable to the 2006 Notes.

              (i)    MAKE-WHOLE AMOUNT PAYABLE UPON ACCELERATION. Upon any
       acceleration of the Stated Maturity of the 2006 Notes in accordance with
       Section 502 of the Original Indenture, the Make-Whole Amount on the 2006
       Notes shall become immediately due and payable, subject to the terms and
       conditions of the Indenture.

              (j)    OTHER TERMS AND CONDITIONS. The 2006 Notes shall have such
       other terms and conditions as provided in the forms thereof attached as
       Exhibits A-1, B-1, C-1, D-1 and E-1 hereto.

              (k)    FURTHER ISSUES. The Issuer may, from time to time, without
       the consent of the Holders, create and issue further securities having
       the same terms and conditions as the 2006 Notes in all respects, except
       for issue date, issue price and the first payment of interest thereon.
       Additional Notes issued in this manner will be consolidated with and will
       form a single series with the previously outstanding 2006 Notes. Notice
       of any such issuance will be given to the Trustee and a new supplemental
       indenture will be executed in connection with the issuance of such
       securities.

                                       7
<PAGE>

       SECTION 1.05. TERMS AND CONDITIONS OF THE 2011 NOTES. The 2011 Notes
shall be governed by all the terms and conditions of the Original Indenture, as
supplemented by this Eighth Supplemental Indenture, and in particular, the
following provisions shall be terms of the 2011 Notes:

              (a)    TITLE AND AGGREGATE PRINCIPAL AMOUNT. The title of the
       Initial 2011 Notes and the Exchange 2011 Notes shall be as specified in
       the Recitals; and the aggregate principal amount of the Initial 2011
       Notes and the Exchange 2011 Notes shall be as specified in Section 1.02
       of this Eighth Supplemental Indenture, except as permitted by Sections
       304, 305 or 306 of the Original Indenture.

              (b)    STATED MATURITY. The 2011 Notes shall mature, and the
       unpaid principal thereon shall be payable, on January 20, 2011, subject
       to the provisions of the Original Indenture.

              (c)    INTEREST. The rate per annum at which interest shall be
       payable on the 2011 Notes shall be 7 3/4%. Interest on the 2011 Notes
       shall be payable semiannually in arrears on each January 20 and July 20,
       commencing July 20, 2001 (each a "2011 Interest Payment Date"), and on
       the Stated Maturity as specified in Section 1.04(b) of this Eighth
       Supplemental Indenture, to the Persons in whose names the applicable 2011
       Notes are registered in the Security Register applicable to the 2011
       Notes at the close of business 15 calendar days prior to such payment
       date regardless of whether such day is a Business Day (each, a "2011
       Regular Record Date"). Interest on the 2011 Notes will be computed on the
       basis of a 360-day year of twelve 30-day months. Interest on the 2011
       Notes shall accrue from January 18, 2001.

              If an Initial 2011 Note is exchanged in an Exchange Offer prior to
       the 2011 Regular Record Date for the first 2011 Interest Payment Date
       following such exchange, accrued and unpaid interest, if any, on such
       2011 Note, up to but not including the date of issuance of the Exchange
       2011 Note(s) issued in exchange for such Initial 2011 Note, shall be paid
       on the first 2011 Interest Payment Date for such Exchange 2011 Note(s) to
       the Holder or Holders of such Exchange 2011 Note(s) on the first 2011
       Regular Record Date with respect to such Exchange 2011 Note(s). If such
       Initial 2011 Note is exchanged in an Exchange Offer subsequent to the
       2011 Regular Record Date for the first 2011 Interest Payment Date
       following such exchange but on or prior to such 2011 Interest Payment
       Date, then any such accrued and unpaid interest with respect to such
       Initial 2011 Note and any accrued and unpaid interest on the Exchange
       2011 Note(s) issued in exchange for such Initial 2011 Note, through the
       day before such 2011 Interest Payment Date, shall be paid on such 2011
       Interest Payment Date to the Holder of such Initial 2011 Note on such
       2011 Regular Record Date.

              (d)    REGISTRATION RIGHTS. The Holders of the Initial 2011 Notes
       shall be entitled to the benefits of the Registration Rights Agreement,
       as described in Article Three hereof.

              (e)    SPECIAL INTEREST PREMIUM. If the Operating Partnership
       fails to comply with certain provisions of the Registration Rights
       Agreement, then a Special Interest Premium shall become payable in
       respect of the 2011 Notes as provided in Article Three hereof.

              (f)    SINKING FUND, REDEMPTION OR REPAYMENT. No sinking fund
       shall be provided for the 2011 Notes and the 2011 Notes shall not be
       repayable at the option of the Holders thereof prior to Stated Maturity.
       The 2011 Notes may be redeemed at any time at the option of the Issuer,
       in whole or from time to time in part, at a Redemption Price equal to the
       sum of (i) the principal amount of the 2011 Notes being redeemed plus
       accrued interest thereon to the Redemption Date and (ii) the Make-Whole
       Amount, if any, with respect to such 2011 Notes

                                       8
<PAGE>

       (collectively, the "2011 Redemption Price"), all in accordance with the
       provisions of Article Eleven of the Original Indenture.

              If notice of redemption has been given as provided in the Original
       Indenture and funds for the redemption of any 2011 Notes called for
       redemption shall have been made available on the Redemption Date referred
       to in such notice, such 2011 Notes will cease to bear interest on the
       Redemption Date and the only right of the Holders of the 2011 Notes from
       and after the Redemption Date will be to receive payment of the 2011
       Redemption Price upon surrender of such 2011 Notes in accordance with
       such notice.

              (g)    REGISTRATION AND FORM. The 2011 Notes shall be issuable as
       Registered Securities as provided in Section 1.03 of this Eighth
       Supplemental Indenture. Initial 2011 Notes shall be issued and may be
       transferred only in minimum denominations of $1,000 ($100,000 for
       Institutional Accredited Investors) and integral multiples of $1,000 in
       excess thereof. Exchange 2011 Notes shall be issued in minimum
       denominations of $1,000 ($100,000 for Institutional Accredited Investors)
       and integral multiples of $1,000 in excess thereof. All payments of
       principal and interest in respect of the 2011 Notes will be made by the
       Issuer in immediately available funds.

              (h)    DEFEASANCE AND COVENANT DEFEASANCE. The provisions for
       defeasance in Section 1402 of the Original Indenture, and the provisions
       for covenant defeasance (which provisions shall apply, without
       limitation, to the covenants set forth in Article Two of this Eighth
       Supplemental Indenture) in Section 1403 of the Original Indenture, shall
       be applicable to the 2011 Notes.

              (i)    MAKE-WHOLE AMOUNT PAYABLE UPON ACCELERATION. Upon any
       acceleration of the Stated Maturity of the 2011 Notes in accordance with
       Section 502 of the Original Indenture, the Make-Whole Amount on the 2011
       Notes shall become immediately due and payable, subject to the terms and
       conditions of the Indenture.

              (j)    OTHER TERMS AND CONDITIONS. The 2011 Notes shall have such
       other terms and conditions as provided in the forms thereof attached as
       Exhibits A-2, B-2, C-2, D-2 and E-2 hereto.

              (k)    FURTHER ISSUES. The Issuer may, from time to time, without
       the consent of the Holders, create and issue further securities having
       the same terms and conditions as the 2011 Notes in all respects, except
       for issue date, issue price and the first payment of interest thereon.
       Additional Notes issued in this manner will be consolidated with and will
       form a single series with the previously outstanding 2011 Notes. Notice
       of any such issuance will be given to the Trustee and a new supplemental
       indenture will be executed in connection with the issuance of such
       securities.

                                   ARTICLE II

                    Covenants for Benefit of Holders of Notes

       SECTION 2.01. COVENANTS FOR BENEFIT OF HOLDERS OF NOTES. The Operating
Partnership covenants and agrees, for the benefit of the Holders of the Notes,
as follows:

       (a)    LIMITATIONS ON INCURRENCE OF DEBT. The Operating Partnership will
not, and will not permit any Subsidiary (as defined in the Original Indenture)
to, incur any Debt (as defined below),

                                       9
<PAGE>

other than intercompany debt (representing Debt to which the only parties are
the Company (as defined below), the Operating Partnership and any of their
Subsidiaries (but only so long as such Debt is held solely by any of the
Company, the Operating Partnership and any Subsidiary) that is subordinate in
right of payment to the Notes), if, immediately after giving effect to the
incurrence of such additional Debt, the aggregate principal amount of all
outstanding Debt would be greater than 60% of the sum of (i) the Operating
Partnership's Adjusted Total Assets (as defined below) as of the end of the
fiscal quarter prior to the incurrence of such additional Debt and (ii) any
increase in Adjusted Total Assets from the end of such quarter including,
without limitation, any pro forma increase from the application of the proceeds
of such additional Debt.

              In addition, the Operating Partnership will not, and will not
permit any Subsidiary to, incur any Debt secured by any mortgage, lien, pledge,
encumbrance or security interest of any kind upon any of the property of the
Operating Partnership or any Subsidiary ("Secured Debt"), whether owned at the
date of the Original Indenture or thereafter acquired, if, immediately after
giving effect to the incurrence of such additional Secured Debt, the aggregate
principal amount of all outstanding Secured Debt is greater than 55% of the sum
of (i) the Operating Partnership's Adjusted Total Assets as of the end of the
fiscal quarter prior to the incurrence of such additional Secured Debt and (ii)
any increase in Adjusted Total Assets from the end of such quarter including,
without limitation, any pro forma increase from the application of the proceeds
of such additional Secured Debt.

              In addition, the Operating Partnership will not, and will not
permit any Subsidiary to, incur any Debt if the ratio of Annualized EBITDA After
Minority Interest to Interest Expense (in each case as defined below) for the
period consisting of the four consecutive fiscal quarters most recently ended
prior to the date on which such additional Debt is to be incurred shall have
been less than 1.75 to 1 on a pro forma basis after giving effect to the
incurrence of such Debt and to the application of the proceeds therefrom, and
calculated on the assumption that (i) such Debt and any other Debt incurred
since the first day of such four-quarter period had been incurred, and the
proceeds therefrom had been applied (to whatever purposes such proceeds had been
applied as of the date of calculation of such ratio), at the beginning of such
period, (ii) any other Debt that has been repaid or retired since the first day
of such four-quarter period had been repaid or retired at the beginning of such
period (except that, in making such computation, the amount of Debt under any
revolving credit facility shall be computed based upon the average daily balance
of such Debt during such period), (iii) any income earned as a result of any
assets having been placed in service since the end of such four-quarter period
had been earned, on an annualized basis, during such period, and (iv) in the
case of any acquisition or disposition by the Operating Partnership, any
Subsidiary or any unconsolidated joint venture in which the Operating
Partnership or any Subsidiary owns an interest, of any assets since the first
day of such four-quarter period, including, without limitation, by merger, stock
purchase or sale, or asset purchase or sale, such acquisition or disposition and
any related repayment of Debt had occurred as of the first day of such period
with the appropriate adjustments with respect to such acquisition or disposition
being included in such pro forma calculation.

              For purposes of the foregoing provisions regarding the limitation
on the incurrence of Debt, Debt shall be deemed to be "incurred" by the
Operating Partnership, its Subsidiaries and by any unconsolidated joint venture,
whenever the Operating Partnership, any Subsidiary or any unconsolidated joint
venture, as the case may be, shall create, assume, guarantee or otherwise become
liable in respect thereof.

       (b)    MAINTENANCE OF UNENCUMBERED ASSETS. The Operating Partnership is
required to maintain Unencumbered Assets (as defined below) of not less than
150% of the aggregate outstanding principal amount of the Unsecured Debt (as
defined below) of the Operating Partnership.

                                       10
<PAGE>

SECTION 2.02. DEFINITIONS.  As used herein:

       "ADJUSTED TOTAL ASSETS" as of any date means the sum of (i) the amount
determined by multiplying the sum of the shares of common stock of SPG
Properties, Inc., a Maryland corporation ("SPG") issued in the initial public
offering of SPG (the "IPO") and the units of the Operating Partnership not held
by SPG outstanding on the date of the IPO, by $22.25 (the "IPO Price"), (ii) the
principal amount of the outstanding consolidated debt of SPG on the date of the
IPO, less any portion applicable to minority interests, (iii) the Operating
Partnership's allocable portion, based on its ownership interest, of outstanding
indebtedness of unconsolidated joint ventures on the date of the IPO, (iv) the
purchase price or cost of any real estate assets acquired (including the value,
at the time of such acquisition, of any units of the Operating Partnership or
shares of common stock of the Company or SPG issued in connection therewith) or
developed after the IPO by the Operating Partnership or any Subsidiary, less any
portion attributable to minority interests, plus the Operating Partnership's
allocable portion, based on its ownership interest, of the purchase price or
cost of any real estate assets acquired or developed after the IPO by any
unconsolidated joint venture, (v) the value of the Merger (as defined in the
Original Indenture) compiled as the sum of (a) the purchase price including all
related closing costs and (b) the value of all outstanding indebtedness assumed
in the Merger less any portion attributable to minority interests, including the
Operating Partnership's allocable portion, based on its ownership interest, of
outstanding indebtedness assumed in the Merger of unconsolidated joint ventures
assumed in the Merger at the Merger date, and (vi) working capital of the
Operating Partnership; subject, however, to reduction by the amount of the
proceeds of any real estate assets disposed of after the IPO by the Operating
Partnership or any Subsidiary, less any portion applicable to minority
interests, and by the Operating Partnership's allocable portion, based on its
ownership interest, of the proceeds of any real estate assets disposed of after
the IPO by unconsolidated joint ventures.

       "ANNUALIZED EBITDA" means earnings before interest, taxes, depreciation
and amortization for all properties with other adjustments as are necessary to
exclude the effect of items classified as extraordinary items in accordance with
generally accepted accounting principles, adjusted to reflect the assumption
that (i) any income earned as a result of any assets having been placed in
service since the end of such period had been earned, on an annualized basis,
during such period, and (ii) in the case of any acquisition or disposition by
the Operating Partnership, any Subsidiary or any unconsolidated joint venture in
which the Operating Partnership or any Subsidiary owns an interest, of any
assets since the first day of such period, such acquisition or disposition and
any related repayment of Debt had occurred as of the first day of such period
with the appropriate adjustments with respect to such acquisition or
disposition.

       "ANNUALIZED EBITDA AFTER MINORITY INTEREST" means Annualized EBITDA after
distributions to third party joint venture partners.

       "COMPANY" means Simon Property Group, Inc., a Delaware corporation and
the managing general partner of the Operating Partnership.

       "DEBT" means any indebtedness of the Operating Partnership and its
Subsidiaries on a consolidated basis, less any portion attributable to minority
interests, plus the Operating Partnership's allocable portion, based on its
ownership interest, of indebtedness of unconsolidated joint ventures, in respect
of (i) borrowed money evidenced by bonds, notes, debentures or similar
instruments, as determined in accordance with generally accepted accounting
principles, (ii) indebtedness secured by any mortgage, pledge, lien, charge,
encumbrance or any security interest existing on property owned by the Operating
Partnership or any Subsidiary directly, or indirectly through unconsolidated
joint ventures, as determined in accordance with generally accepted accounting
principles, (iii) reimbursement obligations, contingent or otherwise, in
connection with any letters of credit actually issued or amounts representing

                                       11
<PAGE>

the balance deferred and unpaid of the purchase price of any property, except
any such balance that constitutes an accrued expense or trade payable and (iv)
any lease of property by the Operating Partnership or any Subsidiary as lessee
which is reflected in the Operating Partnership's consolidated balance sheet as
a capitalized lease or any lease of property by an unconsolidated joint venture
as lessee which is reflected in such joint venture's balance sheet as a
capitalized lease, in each case, in accordance with generally accepted
accounting principles; provided, that Debt also includes, to the extent not
otherwise included, any obligation by the Operating Partnership or any
Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise,
items of indebtedness of another Person (other than the Operating Partnership or
any Subsidiary) described in clauses (i) through (iv) above (or, in the case of
any such obligation made jointly with another Person, the Operating
Partnership's or Subsidiary's allocable portion of such obligation based on its
ownership interest in the related real estate assets).

       "INTEREST EXPENSE" includes the Operating Partnership's pro rata share of
joint venture interest expense and is reduced by amortization of debt issuance
costs.

       "UNENCUMBERED ANNUALIZED EBITDA AFTER MINORITY INTEREST" means Annualized
EBITDA After Minority Interest less any portion thereof attributable to assets
serving as collateral for Secured Debt (as defined above).

       "UNENCUMBERED ASSETS" as of any date shall be equal to Adjusted Total
Assets as of such date multiplied by a fraction, the numerator of which is
Unencumbered Annualized EBITDA After Minority Interest and the denominator of
which is Annualized EBITDA After Minority Interest.

       "UNSECURED DEBT" means Debt which is not secured by any mortgage, lien,
pledge, encumbrance or security interest of any kind.

                                  ARTICLE III

                               REGISTRATION RIGHTS

SECTION 3.01. REGISTRATION RIGHTS AGREEMENT.

       (a)    The Operating Partnership will enter into the Registration Rights
Agreement with the Initial Purchasers for the benefit of the Holders of the
Notes wherein the Operating Partnership will agree, for the benefit of the
Holders of the Notes, to use its reasonable best efforts (i) to file with the
Commission within 90 calendar days after the date on which the Operating
Partnership delivers the Notes to the Initial Purchasers (the "Closing Date") a
registration statement (the "Exchange Offer Registration Statement") with
respect to the Exchange Notes and (ii) to cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act within 135 calendar
days after the Closing Date. Promptly after the Exchange Offer Registration
Statement has been declared effective, the Operating Partnership will offer to
Holders the opportunity to exchange all their Notes of a series for Exchange
Notes of the same series pursuant to the Exchange Offer. The Operating
Partnership will keep the Exchange Offer open for not less than 30 calendar days
(or longer if required by applicable law) after the date notice of the Exchange
Offer is mailed to the Holders of the Notes but will, in any event, use its
reasonable best efforts to cause the Exchange Offer to be consummated within 180
days of the Closing Date. For each Note validly tendered to the Operating
Partnership pursuant to the Exchange Offer, the Holder of such Note will receive
an Exchange Note of the same series having a principal amount equal to the
principal amount of the tendered Note.

       (b)    Each Holder of the Notes (other than certain specified Holders)
wishing to exchange the Notes for Exchange Notes in the Exchange Offer will be
required to represent that (i) it is

                                       12
<PAGE>

not an Affiliate of the Operating Partnership, (ii) the Exchange Notes to be
received by it were acquired in the ordinary course of its business and (iii) at
the time of the Exchange Offer, it has no arrangement with any Person to
participate in the distribution (within the meaning of the Securities Act) of
the Exchange Notes.

       (c)    The Registration Rights Agreement also will provide that if, (i)
because of any change in law or in currently prevailing interpretations of the
staff of the Securities and Exchange Commission, the Operating Partnership is
not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not
consummated within 180 days of the Closing Date, or (iii) in the case of any
Holder that participates in the Exchange Offer, such Holder does not receive
Exchange Notes on the date of the exchange that may be sold without restriction
under state and federal securities laws (other than due solely to the status of
such Holder as an affiliate of the Operating Partnership within the meaning of
the Securities Act or as a broker-dealer), then in each case, the Operating
Partnership will (x) promptly deliver to the Holders written notice thereof and
(y) at the Operating Partnership's sole expense (a) as promptly as practicable
(but in no event more than 60 days after so required or requested pursuant to
the Registration Rights Agreement), file a shelf registration statement covering
resales of the Notes (the "Shelf Registration Statement"), (b) use its
reasonable best efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act and (c) use its reasonable best efforts to
keep effective the Shelf Registration Statement until the earlier of two years
(or, if Rule 144(k) is amended to provide a shorter restrictive period, the end
of such shorter period) after the Closing Date or such time as all of the
applicable Notes have been sold thereunder. The Operating Partnership will, if a
Shelf Registration Statement is filed, provide to each Holder of the Notes
copies of the prospectus that is a part of the Shelf Registration Statement,
notify each such Holder when the Shelf Registration Statement for the Notes has
become effective and take certain other actions as are required to permit
unrestricted resales of the Notes. A Holder that sells Notes pursuant to the
Shelf Registration Statement will be required to be named as a selling security
Holder in the related prospectus, to provide information related thereto and to
deliver such prospectus to purchasers, will be subject to certain of the civil
liability provisions under the Securities Act in connection with such sales and
will be bound by the provisions of the Registration Rights Agreement that are
applicable to such a Holder (including certain indemnification rights and
obligations).

SECTION 3.02. SPECIAL INTEREST PREMIUM. If the Operating Partnership fails to
comply with certain provisions of the Registration Rights Agreement, in each
case as described below, then a special interest premium (the "Special Interest
Premium") shall become payable in respect of the Notes as follows:

              (a)    If (i) the Exchange Offer Registration Statement is not
       filed with the Commission on or prior to the 90th day following the
       Closing Date, (ii) the Exchange Offer Registration Statement is not
       declared effective on or prior to the 135th day following the Closing
       Date or (iii) the Exchange Offer is not consummated or the Shelf
       Registration Statement is not declared effective on or prior to the 180th
       day following the Closing Date, the Special Interest Premium shall accrue
       from and including the next day following each of (a) such 90-day period
       in the case of clause (i) above, (b) such 135-day period in the case of
       clause (ii) above and (c) such 180-day period in the case of clause (iii)
       above, in each case at a rate equal to 0.50% per annum. The aggregate
       amount of the Special Interest Premium payable pursuant to the above
       provisions will in no event exceed 0.50% per annum. If the Exchange Offer
       Registration Statement is not declared effective on or prior to the 135th
       day following the Closing Date and the Operating Partnership shall
       request Holders of Notes to provide the information called for by the
       Registration Rights Agreement for inclusion in the Shelf Registration
       Statement, the Notes owned by Holders who do not deliver such information
       to the Operating Partnership when required pursuant to the Registration
       Rights Agreement will not be entitled to any such increase in the

                                       13
<PAGE>

       interest rate for any day after the 180th day following the Closing Date.
       Upon (1) the filing of the Exchange Offer Registration Statement after
       the 90-day period described in clause (i), (2) the effectiveness of the
       Exchange Offer Registration Statement after the 135-day period described
       in clause (ii) above or (3) the consummation of the Exchange Offer or the
       effectiveness of a Shelf Registration Statement, as the case may be,
       after the 180-day period described in clause (iii) above, the interest
       rate on each series of Notes from the date of such effectiveness or
       consummation, as the case may be, will be reduced to the original
       interest rate provided for herein for such series of Notes.

              (b)    If a Shelf Registration Statement is declared effective,
       and if the Operating Partnership fails to keep such Shelf Registration
       Statement continuously (x) effective or (y) useable for resales for the
       period required by the Registration Rights Agreement due to certain
       circumstances relating to pending corporate developments, public filings
       with the Commission and similar events, or because the prospectus
       contains an untrue statement of a material fact or omits to state a
       material fact required to be stated therein or necessary in order to make
       the statements therein not misleading, and such failure continues for
       more than 60 days (whether or not consecutive) in any 12-month period
       (the 61st day being referred to as the "Default Day"), then from the
       Default Day until the earlier of (i) the date that the Shelf Registration
       Statement is again deemed effective or is useable, (ii) the date that is
       the second anniversary of the Closing Date (or, if Rule 144(k) is amended
       to provide a shorter restrictive period, the end of such shorter period)
       or (iii) the date as of which all of the Notes are sold pursuant to the
       Shelf Registration Statement, the Special Interest Premium shall accrue
       at a rate equal to 0.50% per annum.

       SECTION 3.03. LEGEND. Each Note will contain a legend to the effect that
the Holder thereof, by its acceptance thereof, will be deemed to have agreed to
be bound by the provisions of the Registration Rights Agreement. Such legend
shall be in the form set forth in Article 5.01(a) hereof.

                                   ARTICLE IV

                              TRANSFER AND EXCHANGE

       SECTION 4.01. TRANSFER AND EXCHANGE.

       (a)    By its acceptance of any Initial Note represented by a certificate
bearing the legend set forth in Section 5.01(a) hereof (the "Private Placement
Legend"), each Holder of, and beneficial bearer of an interest in, such Initial
Note acknowledges the restrictions on transfer of such Initial Note and agrees
that it will transfer such Initial Note only in accordance with such
restrictions. Each purchaser (other than the Initial Purchasers) of the Notes
and each Person to whom the Notes are transferred shall, prior to the Resale
Restriction Termination Date (as defined in the Private Placement Legend), be
deemed to have acknowledged, represented and agreed to the matters and
restrictions on transfer described under the heading "Notice to Investors" in
the Offering Memorandum of the Operating Partnership, dated January 11, 2001,
relating to the Initial Notes. Upon the registration of transfer, exchange or
replacement of an Initial Note not bearing the Private Placement Legend, the
Trustee shall deliver an Initial Note or Initial Notes that do not bear the
Private Placement Legend. Upon the registration of transfer, exchange or
replacement of an Initial Note bearing the Private Placement Legend, the Trustee
shall deliver an Initial Note or Initial Notes bearing the Private Placement
Legend, unless such legend may be removed from such Note as provided in this
Section 4.01(a). If the Private Placement Legend has been removed from an
Initial Note, as provided herein, no other Initial Note issued in exchange for
all or any part of such Initial Note shall bear such legend, unless the
Operating Partnership has reasonable cause to believe that such other Initial
Note represents a "restricted security" within the

                                       14
<PAGE>

meaning of Rule 144 under the Securities Act and instructs the Trustee in
writing to cause a legend to appear thereon. Each Initial Note shall bear the
Private Placement Legend unless and until:

              (i)    a transfer of such Initial Note is made pursuant to an
       effective Shelf Registration Statement, in which case the Private
       Placement Legend shall be removed from such Initial Note so transferred
       at the request of the Holder; or

              (ii)   there is delivered to the Company such satisfactory
       evidence, which may include an opinion of independent counsel licensed to
       practice law in the State of New York, as may reasonably be requested by
       the Operating Partnership confirming that neither such legend nor the
       restrictions on transfer set forth therein are required to ensure that
       transfers of such Initial Note will not violate the registration and
       prospectus delivery requirements of the Securities Act; provided that the
       Trustee shall not be required to determine (but may rely on a
       determination made by the Operating Partnership with respect to) the
       sufficiency of any such evidence; and upon written direction of the
       Operating Partnership, the Trustee shall authenticate and deliver in
       exchange for such Initial Note, an Initial Note or Initial Notes
       representing the same aggregate principal amount of the Initial Note
       being exchanged) without such legend.

       (b)    The Initial Global Note or Exchange Global Note, as the case may
be, shall be exchanged by the Company for one or more Initial Certificated Notes
or Exchange Certificated Notes, as applicable, if (a) DTC (i) has notified the
Operating Partnership that it is unwilling or unable to continue as, or ceases
to be, a clearing agency registered under Section 17A of the Exchange Act and
(ii) a successor to DTC registered as a clearing agency under Section 17A of the
Exchange Act is not able to be appointed by the Operating Partnership within 90
calendar days or (b) DTC is at any time unwilling or unable to continue as
depositary and a successor to DTC is not able to be appointed by the Operating
Partnership within 90 calendar days. If an Event of Default occurs and is
continuing, the Operating Partnership shall, at the request of the Trustee or
the Holder thereof, exchange all or part of the Initial Global Note or Exchange
Global Note, as the case may be, for one or more Initial Certificated Notes or
Exchange Certificated Notes, as applicable. Whenever a Global Note is exchanged
for one or more Initial Certificated Notes or Exchange Certificated Notes, as
the case may be, it shall be surrendered by the Holder thereof to the Trustee
and cancelled by the Trustee. All Initial Certificated Notes or Exchange
Certificated Notes issued in exchange for a Global Note or a portion thereof
shall be registered in such names, and delivered, as DTC shall instruct the
Trustee. Any Initial Certificated Notes issued pursuant to this Section 4.1(b)
shall include the Private Placement Legend, except as set forth in Section
4.1(a) hereof.

       (c)    Any Initial Notes that are presented to the Trustee for exchange
pursuant to an Exchange Offer shall be exchanged for Exchange Notes of equal
principal amount upon surrender to the Trustee in accordance with the terms of
the Exchange Offer. Whenever any Initial Notes are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver to the
surrendering Holder thereof, Exchange Notes in the same aggregate principal
amount as the Initial Notes so surrendered.

       (d)    Any Holder of a Global Note shall, by acceptance of such Global
Note, agree that transfers of beneficial interests in such Global Note may be
effected only through a book-entry maintained by such Holder (or its agent), and
that ownership of a beneficial interest in the Notes represented thereby shall
be required to be reflected in book-entry form. Transfers of a Global Note shall
be limited to transfers in whole and not in part, to DTC, its successors and
their respective nominees. Interests of beneficial owners in a Global Note shall
be transferred in accordance with the rules and procedures of DTC (or its
successors).

                                       15
<PAGE>

                                   ARTICLE V

                                     LEGENDS

       SECTION 5.01. LEGENDS. The following legends shall appear on each Initial
Note and each Exchange Note.

              (a)    Except as provided in Section 4.01(a) hereof, each Initial
       Note shall bear the following legends on the face thereof:

       THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
       AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR
       OTHER JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE
       REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
       DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
       TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THIS NOTE
       WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF
       $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED INVESTORS) AND INTEGRAL
       MULTIPLES OF $1,000 IN EXCESS THEREOF.

       THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL
       OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
       TERMINATION DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL
       ISSUE DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING
       PARTNERSHIP OR ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER
       OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING
       PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A
       TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT TO A
       REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
       SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
       PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
       INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
       THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
       INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
       MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN
       INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2),
       (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS
       OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO
       BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
       ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
       DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS
       AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS
       NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A
       U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
       OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
       REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING
       CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
       SIDE OF THIS NOTE

                                       16
<PAGE>

       BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE
       TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST
       OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

       THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY
       THE PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES
       OF THE SERIES.

              (b)    In addition to the legends set forth in Section 4.01(a),
       each Initial Global Note shall also bear the following legends on the
       face thereof:

       UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
       THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
       ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND
       ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
       OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY
       PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
       AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE
       HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
       THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR
       NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED
       EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO
       DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
       SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

              (c)    The Exchange Global Note shall bear the following legends
       on the face thereof:

       UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
       THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
       ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND
       ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
       OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY
       PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
       AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE
       HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
       THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR
       NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED
       EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO
       DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
       SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

                                       17
<PAGE>

                                   ARTICLE VI

                                     TRUSTEE

       SECTION 6.01. CORPORATE TRUST OFFICE. The Trustee is appointed as the
principal paying agent, transfer agent and registrar for the Notes and for the
purposes of Section 1002 of the Indenture. The Notes may be presented for
payment at the Corporate Trust Office of the Trustee or at any other agency as
may be appointed from time to time by the Operating Partnership in The City of
New York.

       SECTION 6.02. RECITALS. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Eighth Supplemental Indenture or the due execution thereof by the Issuer. The
recitals of fact contained herein shall be taken as the statements solely of the
Issuer and the Trustee assumes no responsibility for the correctness thereof.

                                  ARTICLE VII

                            MISCELLANEOUS PROVISIONS

       SECTION 7.01. RATIFICATION OF ORIGINAL INDENTURE. This Eighth
Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Original Indenture, and as supplemented and modified hereby,
the Original Indenture is in all respects ratified and confirmed, and the
Original Indenture and this Eighth Supplemental Indenture shall be read, taken
and construed as one and the same instrument.

       SECTION 7.02. EFFECT OF HEADINGS. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof.

       SECTION 7.03. SUCCESSORS AND ASSIGNS. All covenants and agreements in
this Eighth Supplemental Indenture by the Issuer shall bind its successors and
assigns, whether so expressed or not.

       SECTION 7.04. SEPARABILITY CLAUSE. In case any one or more of the
provisions contained in this Eighth Supplemental Indenture shall for any reason
be held to be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

       SECTION 7.05. GOVERNING LAW. This Eighth Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York.
This Eighth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Eighth Supplemental Indenture
and shall, to the extent applicable, be governed by such provisions.

       SECTION 7.06. COUNTERPARTS. This Eighth Supplemental Indenture may be
executed in any number of counterparts, and each of such counterparts shall for
all purposes be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument.

                                       18
<PAGE>

                                     * * * *

       IN WITNESS WHEREOF, the parties hereto have caused this Eighth
Supplemental Indenture to be duly executed, and their respective corporate seals
to be hereunto affixed and attested, all as of the date first above written.

                                          SIMON PROPERTY GROUP, L.P.

                                          By:      Simon Property Group, Inc.,
                                                   its managing general partner

                                          By:  /s/ David Simon
                                               ---------------------------------
                                                Name:  David Simon
                                                Title:  Chief Executive Officer

Attest:

By:  /s/ James M. Barkley
     ----------------------
     Name:  James M. Barkley
     Title:  Secretary

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  /s/ Joanne Adamis
                                               ---------------------------------
                                                Name:  Joanne Adamis
                                                Title:  Vice President

Attest:

By:  /s/ Gregory P. Shea
     -------------------------------
     Name:  Gregory P. Shea
     Title:  Assistant Vice President

<PAGE>

                                                                     EXHIBIT A-1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON), OR
(f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE
OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED
AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE
TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE &

                                     A-1-1
<PAGE>

CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [  ]                                                        PRINCIPAL AMOUNT
CUSIP NO. 828807 AC 1                                               $300,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 300,000,000 dollars on January 20, 2006 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001, and on the Maturity Date,
at the rate of 7 3/8% per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note

                                     A-1-2

<PAGE>

(each a "Payment Date") falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date will be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or
a Sunday on which banking institutions in New York, New York are open for
business.

       If this Note is exchanged in an Exchange Offer prior to the Record Date
for the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions will in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note will not be entitled
to any such increase in the interest rate for any day after the 180th day
following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, will be reduced to the original interest rate provided for herein.

                                     A-1-3
<PAGE>

       If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     A-1-4
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
Attest:                                         Title:

By:  ______________________________
      Name:
      Title:

                                     A-1-5
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     A-1-6
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee', which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/8% Notes due 2006, initially limited in aggregate principal
amount to $300,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     A-1-7
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     A-1-8
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     A-1-9
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - _________ Custodian _________  (Cust) ______
(minor) under Uniform Gifts to Minors Act _________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                             _____________________

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

    PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Note and all rights thereunder hereby irrevocably constituting and
appointing Attorney to transfer this Note on the books of the Trustee, with full
power of substitution in the premises.

Dated: ____________________________ ____________________________________________

                                    Notice: The signature(s) on this Assignment
                                    must correspond with the name(s) as written
                                    upon the face of this Note in every
                                    particular, without alteration or
                                    enlargement or any change whatsoever.

                                     A-1-10

<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/_/    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/_/    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/_/    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

                                     A-1-11
<PAGE>

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any Person other than the registered holder thereof and until the conditions
to any such registration of transfer set forth in this Note and in the Indenture
shall have been satisfied.

Dated:______________              _____________________________________________
                                  [Type or print name of transferee]

                                  By:__________________________________________

                                   The signature of the registered holder must
                                   correspond with the name as written upon the
                                   face of this Note in every particular,
                                   without alteration or enlargement or any
                                   change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________              _____________________________________________
                                  [Type or print name of Registered holder]

                                  By:__________________________________________
                                                Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may

                                     A-1-12
<PAGE>

not be transferred except in accordance with the resale and other transfer
restrictions set forth in the legend on the face thereof.

Dated:______________              _____________________________________________
                                  [Type or print name of Registered holder]

                                  By:__________________________________________
                                                 Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may
not be transferred except in accordance with the resale and other transfer
restrictions set forth in the legend on the face thereof.

Dated:______________              _____________________________________________
                                  [Type or print name of Registered holder]

                                  By:__________________________________________
                                                  Executive Officer

                                     A-1-13
<PAGE>

                                                                     EXHIBIT A-2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON), OR
(f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE
OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED
AND DELIVERED BY THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE
TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE &

                                     A-2-1
<PAGE>

CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC AND ANY PAYMENT IS MADE TO CEDE & OC. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [  ]                                                        PRINCIPAL AMOUNT
CUSIP NO. 828807 AD 9                                               $200,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 200,000,000 dollars on January 20, 2011 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001, and on the Maturity Date,
at the rate of 7 3/4% per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note

                                     A-2-2
<PAGE>

(each a "Payment Date") falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date will be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or
a Sunday on which banking institutions in New York, New York are open for
business.

       If this Note is exchanged in an Exchange Offer prior to the Record Date
for the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions will in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note will not be entitled
to any such increase in the interest rate for any day after the 180th day
following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, will be reduced to the original interest rate provided for herein.

                                     A-2-3
<PAGE>

       If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     A-2-4
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
Attest:                                         Title:

By:  ______________________________
      Name:
      Title:

                                     A-2-5
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     A-2-6
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee', which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/4% Notes due 2011, initially limited in aggregate principal
amount to $200,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     A-2-7
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     A-2-8
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     A-2-9
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ____ Custodian _____ (Cust) ___ (minor) under Uniform Gifts
to Minors Act ______________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Note and all rights thereunder hereby irrevocably constituting and
appointing Attorney to transfer this Note on the books of the Trustee, with full
power of substitution in the premises.

Dated: ____________________        _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Note in every
                                   particular, without alteration or enlargement
                                   or any change whatsoever.

                                     A-2-10
<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                  [CHECK ONE]

/ /    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/ /    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/ /    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

                                     A-2-11
<PAGE>

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any Person other than the registered holder thereof and until the conditions
to any such registration of transfer set forth in this Note and in the Indenture
shall have been satisfied.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________

                           The signature of the registered holder must
                           correspond with the name as written upon the face of
                           this Note in every particular, without alteration or
                           enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of Registered holder]

                           By:__________________________________________________
                                           Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may

                                     A-2-12
<PAGE>

not be transferred except in accordance with the resale and other transfer
restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of Registered holder]

                           By:__________________________________________________
                                             Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of Registered holder]

                           By:__________________________________________________
                                            Executive Officer

                                     A-2-13
<PAGE>

                                                                     EXHIBIT B-1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON)
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE
FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY
THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR

                                     B-1-1
<PAGE>

PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. U82731 AA 5                                               $300,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer',
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 300,000,000 dollars on January 20, 2006 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001 and on the Maturity Date,
at the rate of 7 3/8 % per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note

                                     B-1-2
<PAGE>

(each a "Payment Date") falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date will be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or
a Sunday, that is neither a legal holiday nor a day on which banking
institutions in New York, New York are open for business.

       If this Note is exchanged in an Exchange Offer prior to a Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for the Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before the
Interest Payment Date, shall be paid on the Interest Payment Date to the Holder
of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or a
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions will in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the holder of this Note will not be entitled
to any such increase in the interest rate for any day after the 180th day
following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, will be reduced to the original interest rate provided for herein.

                                     B-1-3
<PAGE>

       If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by the Registration Rights Agreement due to certain
circumstances relating to pending corporate developments, public filings with
the Commission and similar events, or because the prospectus contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein not
misleading, and such failure continues for more than 60 days (whether or not
consecutive) in any 12-month period (the 61st day being referred to as the
"Default Day"), then from the Default Day until the earlier of (i) the date that
is the second anniversary of the Closing Date (or, if Rule 144(k) of the
Securities Act is amended to provide a shorter restrictive period, the end of
such shorter period) or (ii) the date as of which this Note is sold pursuant to
the Shelf Registration Statement, the Special Interest Premium shall accrue at a
rate equal to 0.50% per annum.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer or the Guarantor in respect of the Notes
or the Indenture referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     B-1-4
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated:  January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
                                                Title:

Attest:

By:  ______________________________
      Name:
      Title:

                                     B-1-5
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     B-1-6
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer, to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee', which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Note is one of a series designated as the Simon Property Group,
L.P. 7 3/8% Notes due 2006, initially limited in aggregate principal amount to
$300,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     B-1-7
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     B-1-8
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     B-1-9
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Definitive Security, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - _____ Custodian _____ (Cust) _____
(minor) under Uniform Gifts to Minors Act______________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Definitive Security and all rights thereunder hereby irrevocably
constituting and appointing Attorney to transfer this Definitive Security on the
books of the Trustee, with full power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Definitive Security in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

                                     B-1-10
<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THE NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/ /    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/ /    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/ /    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

                                     B-1-11
<PAGE>

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any person other than the registered holder thereof and until the conditions
to any such transfer of registration set forth in this Note and in the Indenture
shall have been satisfied.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________

                           The signature of the registered holder must
                           correspond with the name as written upon the face of
                           this Note in every particular, without alteration or
                           enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of Registered holder]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may

                                     B-1-12
<PAGE>

not be transferred except in accordance with the resale and other transfer
restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________
                                             Executive Officer

                                     B-1-13
<PAGE>

                                                                     EXHIBIT B-2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON)
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE
FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY
THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR

                                     B-2-1
<PAGE>

PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. U82731 AB 3                                               $200,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer',
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 200,000,000 dollars on January 20, 2011 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001 and on the Maturity Date,
at the rate of 7 3/4% per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note

                                     B-2-2
<PAGE>

(each a "Payment Date") falls on a day that is not a Business Day, the
principal, premium, if any, or interest payable with respect to such Payment
Date will be made on the next succeeding Business Day with the same force and
effect as if made on such Payment Date, and no interest shall accrue on the
amount so payable for the period from and after such Payment Date to such next
succeeding Business Day. "Business Day" means any day, other than a Saturday or
a Sunday, that is neither a legal holiday nor a day on which banking
institutions in New York, New York are open for business.

       If this Note is exchanged in an Exchange Offer prior to a Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for the Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before the
Interest Payment Date, shall be paid on the Interest Payment Date to the Holder
of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or a
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions will in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the holder of this Note will not be entitled
to any such increase in the interest rate for any day after the 180th day
following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, will be reduced to the original interest rate provided for herein.

                                     B-2-3
<PAGE>

       If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by the Registration Rights Agreement due to certain
circumstances relating to pending corporate developments, public filings with
the Commission and similar events, or because the prospectus contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein not
misleading, and such failure continues for more than 60 days (whether or not
consecutive) in any 12-month period (the 61st day being referred to as the
"Default Day"), then from the Default Day until the earlier of (i) the date that
is the second anniversary of the Closing Date (or, if Rule 144(k) of the
Securities Act is amended to provide a shorter restrictive period, the end of
such shorter period) or (ii) the date as of which this Note is sold pursuant to
the Shelf Registration Statement, the Special Interest Premium shall accrue at a
rate equal to 0.50% per annum.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer or the Guarantor in respect of the Notes
or the Indenture referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     B-2-4
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated:  January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
                                                Title:

Attest:

By:  ______________________________
      Name:
      Title:

                                     B-2-5
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated herein referred
to in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     B-2-6
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer, to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee', which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Note is one of a series designated as the Simon Property Group,
L.P. 7 3/4% Notes due 2011, initially limited in aggregate principal amount to
$200,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     B-2-7
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     B-2-8
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     B-2-9
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Definitive Security, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ___Custodian __(Cust)___
(minor) under Uniform Gifts to Minors Act ____ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Definitive Security and all rights thereunder hereby irrevocably
constituting and appointing Attorney to transfer this Definitive Security on the
books of the Trustee, with full power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Definitive Security in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

                                     B-2-10
<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/_/    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/_/    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/_/    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

                                     B-2-11
<PAGE>

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any person other than the registered holder thereof and until the conditions
to any such transfer of registration set forth in this Note and in the Indenture
shall have been satisfied.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________

                           The signature of the registered holder must
                           correspond with the name as written upon the face of
                           this Note in every particular, without alteration or
                           enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of Registered holder]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

                                     B-2-12
<PAGE>

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________
                                          Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name of transferee]

                           By:__________________________________________________
                                            Executive Officer

                                     B-2-13

<PAGE>

                                                                     EXHIBIT C-1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS
THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON)
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE
FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY
THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

                                     C-1-1
<PAGE>

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. 828807 AE 7                                               $300,000,000

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to _______, or registered assigns,
the principal sum of 300,000,000 dollars on January 20, 2001 (the "Maturity
Date"), and to pay interest thereon from January 18, 2001, semiannually in
arrears on January 20 and July 20 of each year (each, an "Interest Payment
Date"), commencing on July 20, 2001, and on the Maturity Date, at the rate of 7
3/8% per annum, until payment of said principal sum has been made or duly
provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday, that is neither a legal holiday nor a
day on which banking institutions in New York, New York are open for business.

       If this Note is exchanged in an Exchange Offer prior to a Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note"), shall be paid on the first
Interest Payment Date for the Exchange Note(s) to the Holder or Holders of such
Exchange Note(s) on the Record Date with respect to the Exchange Note(s). If
this Note is exchanged in an Exchange Offer subsequent to the Record Date for
the first Interest Payment Date following such

                                     C-1-2
<PAGE>

exchange but on or prior to the Interest Payment Date, then any such accrued and
unpaid interest with respect to this Note and any accrued and unpaid interest on
the Exchange Note(s) issued in exchange for such Initial Note, through the day
before the Interest Payment Date, shall be paid on this Interest Payment Date to
the Holder of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Notes (the "Exchange
Offer Registration Statement") is not filed with the Commission on or prior to
the 90th day following the Closing Date, (ii) the Exchange Offer Registration
Statement is not declared effective on or prior to the 135th day following the
Closing Date or (iii) the Exchange Offer is not consummated or a shelf
registration statement covering resales of the Notes (the "Shelf Registration
Statement") is not declared effective on or prior to the 180th day following the
Closing Date, the Special Interest Premium shall accrue from and including the
next day following each of (a) such 90-day period in the case of clause (i)
above, (b) such 135-day period in the case of clause (ii) above and (c) such
180-day period in the cause of clause (iii) above, in each case at a rate equal
to 0.50% per annum. The aggregate amount of the Special Interest Premium payable
pursuant to the above provisions will in no event exceed 0.50% per annum. If the
Exchange Offer Registration Statement is not declared effective on or prior to
the 135th day following the Closing Date and the Operating Partnership shall
request the holder of this Note to provide the information called for by the
Registration Rights Agreement for inclusion in the Shelf Registration Statement,
and the holder of this Note does not deliver such information to the Operating
Partnership when required pursuant to the Registration Rights Agreement, then
the holder of this Note will not be entitled to any such increase in the
interest rate for any day after the 180th day following the Closing Date. Upon
(1) the filing of the Exchange Offer Registration statement after the 90-day
period described in clause (i), (2) the effectiveness of the Exchange Offer
Registration Statement after the 135-day period described in clause (ii) above
or (3) the consummation of the Exchange Offer or the effectiveness of a Shelf
Registration Statement, as the case may be, after the 180-day period described
in clause (iii) above, the interest rate on this Note from the date of such
effectiveness or consummation, as the case may be, will be reduced to the
original interest rate provided for herein.

       If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by the Registration Rights Agreement due to certain
circumstances relating to pending corporate developments, public filings with
the Commission and similar events, or because the prospectus contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein not
misleading, and such failure continues for more than 60 days (whether or not
consecutive) in any 12-month period (the 61st day being referred to as the
"Default Day"), then from the Default Day until the earlier of (i) the date that
is the second anniversary of the Closing Date (or, if Rule 144(k) of the
Securities Act is amended to provide a shorter restrictive period, the end of
such shorter period) or (ii) the date as of which this Note is sold pursuant to
the Shelf Registration Statement, the Special Interest Premium shall accrue at a
rate equal to 0.50% per annum.

                                     C-1-3
<PAGE>

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer or the Guarantor in respect of the Notes
or the Indenture referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
                                                Title:
Attest:

By:  ______________________________
      Name:
      Title:

                                     C-1-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     C-1-5
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Note is one of a series designated as the Simon Property Group,
L.P. 7 3/8% Notes due 2006, initially limited in aggregate principal amount to
$300,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     C-1-6
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
This Note may be exchanged for a like aggregate principal amount of Notes of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     C-1-7
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     C-1-8
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Definitive Security, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ____ Custodian ___ (Cust) ___
(minor) under Uniform Gifts to Minors Act ___________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Definitive Security and all rights thereunder hereby irrevocably
constituting and appointing Attorney to transfer this Definitive Security on the
books of the Trustee, with full power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Definitive Security in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

                                     C-1-9
<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/_/    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/_/    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/_/    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any person other than the registered holder thereof and until the conditions
to any such transfer of registration set forth in this Note and in the Indenture
shall have been satisfied.

                                     C-1-10
<PAGE>

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________

                           The signature of the registered holder must
                           correspond with the name as written upon the face of
                           this Note in every particular, without alteration or
                           enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

                                     C-1-11
<PAGE>

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

         The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

                                     C-1-12
<PAGE>

                                                                     EXHIBIT C-2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS
THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE
THE UNITED STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE SECURITIES
FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST
ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH TRANSFEREE IS A BANK
ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (e) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT IS NOT A U.S.
PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON)
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (f) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT IN EACH OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE
FORM APPEARING ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY
THE TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

                                     C-2-1
<PAGE>

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. 828807 AF 4                                               $200,000,000

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to _______, or registered assigns,
the principal sum of dollars on January 20, 2011 (the "Maturity Date"), and to
pay interest thereon from January 18, 2001, semiannually in arrears on January
20 and July 20 of each year (each, an "Interest Payment Date"), commencing on
July 20, 2001, and on the Maturity Date, at the rate of 7 3/4% per annum, until
payment of said principal sum has been made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday, that is neither a legal holiday nor a
day on which banking institutions in New York, New York are open for business.

       If this Note is exchanged in an Exchange Offer prior to a Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note"), shall be paid on the first
Interest Payment Date for the Exchange Note(s) to the Holder or Holders of such
Exchange Note(s) on the Record Date with respect to the Exchange Note(s). If
this Note is exchanged in an Exchange Offer subsequent to the Record Date for
the first Interest Payment Date following such exchange but on or prior to the
Interest Payment Date, then any such accrued and unpaid interest

                                     C-2-2
<PAGE>

with respect to this Note and any accrued and unpaid interest on the Exchange
Note(s) issued in exchange for such Initial Note, through the day before the
Interest Payment Date, shall be paid on this Interest Payment Date to the Holder
of this Note on the Record Date.

       The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated January 18, 2001 (the "Registration Rights Agreement")
among the Issuer and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch"), Chase Securities Inc., Banc of America
Securities LLC, Salomon Smith Barney Inc. and UBS Warburg LLC (collectively, the
"Initial Purchasers").

       If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

       If (i) a registration statement with respect to the Notes (the "Exchange
Offer Registration Statement") is not filed with the Commission on or prior to
the 90th day following the Closing Date, (ii) the Exchange Offer Registration
Statement is not declared effective on or prior to the 135th day following the
Closing Date or (iii) the Exchange Offer is not consummated or a shelf
registration statement covering resales of the Notes (the "Shelf Registration
Statement") is not declared effective on or prior to the 180th day following the
Closing Date, the Special Interest Premium shall accrue from and including the
next day following each of (a) such 90-day period in the case of clause (i)
above, (b) such 135-day period in the case of clause (ii) above and (c) such
180-day period in the cause of clause (iii) above, in each case at a rate equal
to 0.50% per annum. The aggregate amount of the Special Interest Premium payable
pursuant to the above provisions will in no event exceed 0.50% per annum. If the
Exchange Offer Registration Statement is not declared effective on or prior to
the 135th day following the Closing Date and the Operating Partnership shall
request the holder of this Note to provide the information called for by the
Registration Rights Agreement for inclusion in the Shelf Registration Statement,
and the holder of this Note does not deliver such information to the Operating
Partnership when required pursuant to the Registration Rights Agreement, then
the holder of this Note will not be entitled to any such increase in the
interest rate for any day after the 180th day following the Closing Date. Upon
(1) the filing of the Exchange Offer Registration statement after the 90-day
period described in clause (i), (2) the effectiveness of the Exchange Offer
Registration Statement after the 135-day period described in clause (ii) above
or (3) the consummation of the Exchange Offer or the effectiveness of a Shelf
Registration Statement, as the case may be, after the 180-day period described
in clause (iii) above, the interest rate on this Note from the date of such
effectiveness or consummation, as the case may be, will be reduced to the
original interest rate provided for herein.

       If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by the Registration Rights Agreement due to certain
circumstances relating to pending corporate developments, public filings with
the Commission and similar events, or because the prospectus contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein not
misleading, and such failure continues for more than 60 days (whether or not
consecutive) in any 12-month period (the 61st day being referred to as the
"Default Day"), then from the Default Day until the earlier of (i) the date that
is the second anniversary of the Closing Date (or, if Rule 144(k) of the
Securities Act is amended to provide a shorter restrictive period, the end of
such shorter period) or (ii) the date as of which this Note is sold pursuant to
the Shelf Registration Statement, the Special Interest Premium shall accrue at a
rate equal to 0.50% per annum.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of

                                     C-2-3
<PAGE>

Manhattan, The City of New York. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee in The City of New York as the office to
be maintained by it where Notes may be presented for payment, registration of
transfer or exchange, and where notices to or demands upon the Issuer or the
Guarantor in respect of the Notes or the Indenture referred to on the reverse
hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  ______________________________
                                                Name:
                                                Title:
Attest:

By:  ______________________________
      Name:
      Title:

                                     C-2-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     C-2-5
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Note is one of a series designated as the Simon Property Group,
L.P. 7 3/4% Notes due 2011, initially limited in aggregate principal amount to
$200,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% of the principal amount of the Notes being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     C-2-6
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
This Note may be exchanged for a like aggregate principal amount of Notes of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     C-2-7
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     C-2-8
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Definitive Security, shall be construed as though they were written out in
full according to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT _______ Custodian _______ (Cust)
(minor) under Uniform Gifts to Minors Act _______ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

-------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Definitive Security and all rights thereunder hereby irrevocably
constituting and appointing Attorney to transfer this Definitive Security on the
books of the Trustee, with full power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Definitive Security in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

                                     C-2-9
<PAGE>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

       In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/_/    (a)    Such Note is being transferred by the undersigned registered
              holder to a "qualified institutional buyer," as defined in Rule
              144A under the Securities Act of 1933, as amended, pursuant to the
              exemption from registration under the Securities Act of 1933, as
              amended, provided by Rule 144A thereunder.

                                       OR

/_/    (b)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is an "accredited
              investor," as defined in Rule 501(a)(1), (2), (3) or (7) under the
              Securities Act of 1933, as amended, and that the undersigned has
              been advised by the prospective transferee that such transferee
              will hold such Note for its own account, or as a fiduciary or
              agent for others (which others are also institutional accredited
              investors, unless such transferee is a bank acting in its
              fiduciary capacity), for investment purposes and not for
              distribution, subject to any requirement of law that the
              disposition of such transferee's property shall at all times be
              and remain within its control.

                                       OR

/_/    (c)    Such Note is being transferred by the undersigned registered
              holder to an institutional investor which is a person that is not
              a "U.S. person" (or acquiring such Note for the account or benefit
              of a U.S. person) in an "offshore transaction," as such terms are
              defined in Regulation S under the Securities Act of 1933, as
              amended, pursuant to the exemption from registration under the
              Securities Act of 1933, as amended, provided by Regulation S
              thereunder.

       If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any person other than the registered holder thereof and until the conditions
to any such transfer of registration set forth in this Note and in the Indenture
shall have been satisfied.

                                     C-2-10
<PAGE>

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________

                           The signature of the registered holder must
                           correspond with the name as written upon the face of
                           this Note in every particular, without alteration or
                           enlargement or any change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges and agrees
that this Note has not been registered under the Securities Act of 1933, as
amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

                                     C-2-11
<PAGE>

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

       The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:______________       _____________________________________________________
                           [Type or print name or transferee]

                           By:__________________________________________________
                                            Executive Officer

                                     C-2-12

<PAGE>

                                                                     EXHIBIT D-1

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. 828807 AG 2                                               $300,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 300,000,000 dollars on January 20, 2006 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001 semiannually
in arrears on January 20 and July 20 of each year (each, an "Interest Payment
Date"), commencing on July 20, 2001, and on the Maturity Date, at the rate of 7
3/8% per annum, until payment of said principal sum has been made or duly
provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

                                     D-1-1
<PAGE>

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer or the Guarantor in respect of the Notes
or the Indenture referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     D-1-2
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated:   January 18, 2001

                                           SIMON PROPERTY GROUP, L.P.
                                                    as Issuer

                                           By:      SIMON PROPERTY GROUP, INC.
                                                    its Managing General Partner

                                           By:  ______________________________
                                                 Name:
                                                 Title:

Attest:

By:  ______________________________
      Name:
      Title:

                                     D-1-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     D-1-4
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/8% Notes due 2006, initially limited in aggregate principal
amount to $300,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     D-1-5
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Securities of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     D-1-6
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     D-1-7
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - _____ Custodian _____ (Cust)
(minor) under Uniform Gifts to Minors Act _____ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

-------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Note and all rights thereunder hereby irrevocably constituting and
appointing Attorney to transfer this Note on the books of the Trustee, with full
power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Note in every
                                   particular, without alteration or enlargement
                                   or any change whatsoever.

                                      D-1-8

<PAGE>

                                                                     EXHIBIT D-2

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [   ]                                                       PRINCIPAL AMOUNT
CUSIP NO. 828807 AH 0                                               $200,000,000

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 200,000,000 dollars on January 20, 2011 (the
"Maturity Date"), and to pay interest thereon from January 18, 2001 semiannually
in arrears on January 20 and July 20 of each year (each, an "Interest Payment
Date"), commencing on July 20, 2001, and on the Maturity Date, at the rate of 7
3/4% per annum, until payment of said principal sum has been made or duly
provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which will be 15 calendar days prior to such
payment date or the Maturity Date, as the case may be, regardless of whether
such day is a Business Day (as defined below). Any interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a
subsequent record date for the payment of such defaulted interest (which shall
be not less than 10 calendar days prior to the date of the payment of such
defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

                                     D-2-1
<PAGE>

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer or the Guarantor in respect of the Notes
or the Indenture referred to on the reverse hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     D-2-2
<PAGE>

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated:   January 18, 2001

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   its Managing General Partner

                                          By:  ______________________________
                                                Name:
                                                Title:

Attest:

By:  ______________________________
      Name:
      Title:

                                     D-2-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     D-2-4
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/4% Notes due 2011, initially limited in aggregate principal
amount to $200,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     D-2-5
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Securities of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     D-2-6
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     D-2-7
<PAGE>

                                  ABBREVIATIONS

       The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ____ Custodian ___(Cust)___
(minor) under Uniform Gifts to Minors Act _____(State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

       Additional abbreviations may also be used though not in the above list.

                                   ----------

                                   ASSIGNMENT

       FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

     PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

This Note and all rights thereunder hereby irrevocably constituting and
appointing Attorney to transfer this Note on the books of the Trustee, with full
power of substitution in the premises.

Dated: ___________________________ _____________________________________________

                                   Notice: The signature(s) on this Assignment
                                   must correspond with the name(s) as written
                                   upon the face of this Note in every
                                   particular, without alteration or enlargement
                                   or any change whatsoever.

                                     D-2-8
<PAGE>

                                                                     EXHIBIT E-1

REGISTERED                                                            REGISTERED
NO. [  ]                                                        PRINCIPAL AMOUNT
CUSIP NO. [    ]                                                    $300,000,000

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 300,000,000 dollars on January 18, 2001, (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001, and on the Maturity Date,
at the rate of 7 3/8% per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to the Note at the close of business on the "Record
Date" for such payment, which will be 15 calendar days prior to such payment
date or the Maturity Date, as the case may be, regardless of whether such day is
a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date, and may be paid to the Holder in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on a subsequent
record date for the payment of such defaulted interest (which shall be not less
than 10 calendar days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuer to
the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of

                                     E-1-1
<PAGE>

Manhattan, The City of New York. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee in The City of New York as the office to
be maintained by it where Notes may be presented for payment, registration of
transfer or exchange, and where notices to or demands upon the Issuer or the
Guarantor in respect of the Notes or the Indenture referred to on the reverse
hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001
                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

Attest:
                                          By:      SIMON PROPERTY GROUP, INC.
                                                   its Managing General Partner

By:  ___________________________          By:  ______________________________
      Name:                                     Name:
      Title:                                    Title:

                                     E-1-2
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     E-1-3
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/8% NOTE DUE 2006

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/8% Notes due 2006, initially limited in aggregate principal
amount to $300,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     E-1-4
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Securities of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     E-1-5
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     E-1-6
<PAGE>

                                                                     EXHIBIT E-2

REGISTERED                                                            REGISTERED
NO. [  ]                                                        PRINCIPAL AMOUNT
CUSIP NO. [    ]                                                    $200,000,000

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of 200,000,000 dollars on January 18, 2001, (the
"Maturity Date"), and to pay interest thereon from January 18, 2001,
semiannually in arrears on January 20 and July 20 of each year (each, an
"Interest Payment Date"), commencing on July 20, 2001, and on the Maturity Date,
at the rate of 7 3/4% per annum, until payment of said principal sum has been
made or duly provided for.

       The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date will be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to the Note at the close of business on the "Record
Date" for such payment, which will be 15 calendar days prior to such payment
date or the Maturity Date, as the case may be, regardless of whether such day is
a Business Day (as defined below). Any interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date, and may be paid to the Holder in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on a subsequent
record date for the payment of such defaulted interest (which shall be not less
than 10 calendar days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuer to
the Holders of the Notes not less than 10 calendar days preceding such
subsequent record date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture (as defined below). Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

       Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, will be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including January 18, 2001, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

       The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of

                                     E-2-1
<PAGE>

Manhattan, The City of New York. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee in The City of New York as the office to
be maintained by it where Notes may be presented for payment, registration of
transfer or exchange, and where notices to or demands upon the Issuer or the
Guarantor in respect of the Notes or the Indenture referred to on the reverse
hereof may be served.

       Payments of principal and interest in respect of this Note will be made
by wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

       Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

       This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

       IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: January 18, 2001
                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

Attest:
                                          By:      SIMON PROPERTY GROUP, INC.
                                                   its Managing General Partner

By:  ___________________________          By:  ______________________________
      Name:                                     Name:
      Title:                                    Title:

                                     E-2-2
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

       This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK
                                                   as Trustee

                                          By:  ______________________________
                                                   Authorized Officer

                                     E-2-3
<PAGE>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                              7 3/4% NOTE DUE 2011

       This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to The Chase Manhattan
Bank, as Trustee (herein called the "Trustee," which term includes any successor
trustee under the Indenture with respect to the series of Securities of which
this Note is a part), to which Indenture and all indentures supplemental thereto
relating to this Note (including, without limitation, the Eighth Supplemental
Indenture, dated as of January 18, 2001, between the Issuer and the Trustee)
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Issuer and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered and for the definition of capitalized
terms used hereby and not otherwise defined. The Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any), and
may otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. 7 3/4% Notes due 2011, initially limited in aggregate principal
amount to $200,000,000 (the "Notes").

       In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

       The Notes may be redeemed at any time at the option of the Issuer, in
whole or from time to time in part, at a redemption price equal to the sum of
(i) 100% the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption will be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption will specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

       The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid percentage of Securities the
Holders of which are required to consent to any such supplemental indenture, or
(iii) reduce the percentage of Securities the Holders of which are required to
consent to any waiver of

                                     E-2-4
<PAGE>

compliance with certain provisions of the Indenture or any waiver of certain
defaults and consequences thereunder or to reduce the quorum or voting
requirements set forth in the Indenture, or (iv) effect certain other changes to
the Indenture or any supplemental indenture or in the rights of Holders of the
Securities. The Indenture also permits the Holders of a majority in principal
amount of the Outstanding Securities of any series (or, in the case of certain
defaults or Events of Default, all series of Securities), on behalf of the
Holders of all the Securities of such series (or all of the Securities, as the
case may be), to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults or Events of Default under the Indenture and
their consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

       No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

       Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. and SPG
Properties, Inc. or such partner's assets or against any principal, shareholder,
officer, director, trustee or employee of such partner. It is expressly
understood that the sole remedies under the Securities and the Indenture or
under any other document with respect to the Securities, against such parties
with respect to such amounts, obligations or claims shall be against the Issuer.

       This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Securities of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

       Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Securities of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection therewith.

       The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                     E-2-5
<PAGE>

       This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise by required by mandatory provisions of law.

       Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Eighth
Supplemental Indenture hereinafter referred to.

                                     E-2-6<PAGE>

                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

                                   ----------

                          REGISTRATION RIGHTS AGREEMENT

                          DATED AS OF JANUARY 18, 2001

                                      AMONG

                           SIMON PROPERTY GROUP, L.P.

                                       AND

                               MERRILL LYNCH & CO.
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                              CHASE SECURITIES INC.
                         BANC OF AMERICA SECURITIES LLC
                            SALOMON SMITH BARNEY INC.
                                 UBS WARBURG LLC

                                   ----------

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

       This Registration Rights Agreement (the "Agreement") is made and entered
into this 18th day of January, 2001, among Simon Property Group, L.P., a
Delaware limited partnership (the "Operating Partnership"), and Merrill Lynch &
Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Chase
Securities Inc. ("Chase"), Banc of America Securities, LLC, Salomon Smith Barney
Inc. and UBS Warburg LLC (collectively, the "Initial Purchasers"). Capitalized
terms used, but not defined, herein shall have the meanings ascribed to them in
the Purchase Agreement.

       This Agreement is made pursuant to the Purchase Agreement, dated January
11, 2001, among the Operating Partnership and the Initial Purchasers (the
"Purchase Agreement"), which provides for the sale by the Operating Partnership
to the Initial Purchasers of an aggregate of $300,000,000 principal amount of
the Operating Partnership's 7 3/8% senior unsecured notes due 2006 (the "2006
Notes") and an aggregate of $200,000,000 principal amount of its 7 3/4% senior
unsecured notes due 2011 (the "2011 Notes" and, together with the 2006 Notes,
the "Securities"). In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Operating Partnership has agreed to provide to the
Initial Purchasers and their direct and indirect transferees the registration
rights set forth in this Agreement. The execution of this Agreement is a
condition to the closing under the Purchase Agreement.

       In consideration of the foregoing, the parties hereto agree as follows:

      1.  DEFINITIONS.

       As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

       "1933 ACT" shall mean the Securities Act of 1933, as amended from time to
time.

       "1934 ACT" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

       "CLOSING DATE" shall mean the Closing Time as defined in the Purchase
Agreement.

       "DEPOSITARY" shall mean The Depository Trust Company, or any other
depositary appointed by the Operating Partnership, PROVIDED, HOWEVER, that such
depositary must have an address in the Borough of Manhattan, in the City of New
York.

       "EXCHANGE OFFER" shall mean the exchange offer by the Operating
Partnership of Exchange Securities for Registrable Securities pursuant to
Section 2.1 hereof.

       "EXCHANGE OFFER REGISTRATION" shall mean a registration under the 1933
Act effected pursuant to Section 2.1 hereof.

       "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form), and all amendments and supplements to such registration statement,
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

       "EXCHANGE PERIOD" shall have the meaning set forth in Section 2.1 hereof.

       "EXCHANGE SECURITIES" shall mean the 7 3/8% senior unsecured notes due
2006 and the 7 3/4% senior unsecured notes due 2011, respectively issued by the
Operating Partnership under the Indenture containing terms identical to the
Securities in all material respects (except for references to certain interest

                                       1
<PAGE>

rate provisions, restrictions on transfers and restrictive legends), to be
offered to Holders of Securities in exchange for Registrable Securities pursuant
to the Exchange Offer.

       "HOLDER" shall mean an Initial Purchaser, for so long as it owns any
Registrable Securities, and each of its successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture and each Participating Broker-Dealer that holds Exchange
Securities for so long as such Participating Broker-Dealer is required to
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities.

       "INDENTURE" shall mean the Indenture relating to the Securities, dated as
of November 26, 1996, between the Operating Partnership, Simon Property Group,
L.P., a Delaware limited partnership (which, effective December 31, 1997, was
merged into the Operating Partnership) and The Chase Manhattan Bank, as trustee,
as the same may be amended, supplemented, waived or otherwise modified from time
to time in accordance with the terms thereof.

       "INITIAL PURCHASER" or "INITIAL PURCHASERS" shall have the meaning set
forth in the preamble.

       "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of Outstanding (as defined in the Indenture) Registrable
Securities; PROVIDED, that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Operating Partnership and other obligors or
any Affiliate (as defined in the Indenture) of the Operating Partnership shall
be disregarded in determining whether such consent or approval was given by the
Holders of such required percentage amount.

       "MERRILL LYNCH" shall have the meaning set forth in the preamble.

       "OPERATING PARTNERSHIP" shall have the meaning set forth in the preamble
and shall also include the Operating Partnership's successors.

       "PARTICIPATING BROKER-DEALER" shall mean any of Merrill Lynch and any
other broker-dealer which makes a market in the Securities and exchanges
Registrable Securities in the Exchange Offer for Exchange Securities.

       "PERSON" shall mean an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

       "PRIVATE EXCHANGE" shall have the meaning set forth in Section 2.1
hereof.

       "PRIVATE EXCHANGE SECURITIES" shall have the meaning set forth in Section
2.1 hereof.

       "PROSPECTUS" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including any such
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by a Shelf Registration Statement, and by
all other amendments and supplements to a prospectus, including post-effective
amendments, and in each case including all material incorporated by reference
therein.

       "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

       "REGISTRABLE SECURITIES" shall mean the Securities and, if issued, the
Private Exchange Securities; PROVIDED, HOWEVER, the Securities and, if issued,
the Private Exchange Securities, shall cease to be Registrable Securities when
(i) a Registration Statement with respect to such Securities shall have been
declared effective under the 1933 Act and such Securities shall have been
disposed of pursuant to such

                                       2
<PAGE>

Registration Statement, (ii) such Securities have been sold to the public
pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A)
under the 1933 Act, (iii) such Securities shall have ceased to be outstanding,
or (iv) the Exchange Offer is consummated (except in the case of Securities
purchased from the Operating Partnership and continued to be held by the Initial
Purchasers).

       "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Operating Partnership with this Agreement,
including without limitation: (i) all SEC, stock exchange or National
Association of Securities Dealers, Inc. (the "NASD") registration and filing
fees, including, if applicable, the fees and expenses of any "qualified
independent underwriter" (and its counsel) that is required to be retained by
any holder of Registrable Securities in accordance with the rules and
regulations of the NASD, (ii) all fees and expenses incurred in connection with
compliance with state securities or blue sky laws and compliance with the rules
of the NASD (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with the blue sky qualification of any of
the Exchange Securities or Registrable Securities and any filings with the
NASD), (iii) all expenses of any Persons in preparing or assisting in preparing,
word processing, printing and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements and other documents relating to the performance of
and compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing, if any, of any of the Registrable Securities on any
securities exchange or exchanges, (v) all rating agency fees, (vi) the fees and
disbursements of counsel for the Operating Partnership and of the independent
public accountants of the Operating Partnership, including the expenses of any
special audits or "cold comfort" letters required by or incident to such
performance and compliance, (vii) the fees and expenses of the Trustee, and any
escrow agent or custodian, (viii) the reasonable fees and expenses of the
Initial Purchasers in connection with the Exchange Offer, including the
reasonable fees and expenses of counsel to the Initial Purchasers in connection
therewith, (ix) the reasonable fees and disbursements of any special counsel
representing the Holders of Registrable Securities, and (x) any fees and
disbursements of the underwriters customarily required to be paid by issuers or
sellers of securities and the fees and expenses of any special experts retained
by the Operating Partnership in connection with any Registration Statement, but
excluding underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder.

       "REGISTRATION STATEMENT" shall mean any registration statement of the
Operating Partnership which covers any of the Exchange Securities or Registrable
Securities pursuant to the provisions of this Agreement, and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

       "SEC" shall mean the Securities and Exchange Commission or any successor
agency or government body performing the functions currently performed by the
United States Securities and Exchange Commission.

       "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 2.2 hereof.

       "SHELF REGISTRATION STATEMENT" shall mean a "shelf" registration
statement of the Operating Partnership pursuant to the provisions of Section 2.2
of this Agreement which covers all of the Registrable Securities or all of the
Private Exchange Securities on an appropriate form under Rule 415 under the 1933
Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

       "TIA" shall mean the Trust Indenture Act of 1939, as amended from time to
time.

                                       3
<PAGE>

       "TRUSTEE" shall mean the trustee with respect to the Securities under the
Indenture.

       2.  REGISTRATION UNDER THE 1933 ACT.

       2.1 EXCHANGE OFFER. The Operating Partnership shall, for the benefit of
the Holders, at the Operating Partnership's cost, (A) use its reasonable best
efforts to prepare and, as soon as practicable but not later than 90 days after
the Closing Date, file with the SEC an Exchange Offer Registration Statement on
an appropriate form under the 1933 Act with respect to a proposed Exchange Offer
and the issuance and delivery to the Holders, in exchange for the Registrable
Securities (other than Private Exchange Securities), of a like principal amount
of Exchange Securities, (B) use its reasonable best efforts to cause the
Exchange Offer Registration Statement to be declared effective under the 1933
Act within 135 days of the Closing Date, (C) use its reasonable best efforts to
keep the Exchange Offer Registration Statement effective until the closing of
the Exchange Offer, and (D) use its reasonable best efforts to cause the
Exchange Offer to be consummated not later than 180 days following the Closing
Date. The Exchange Securities will be issued under the Indenture. Upon the
effectiveness of the Exchange Offer Registration Statement, the Operating
Partnership shall promptly commence the Exchange Offer, it being the objective
of such Exchange Offer to enable each Holder eligible and electing to exchange
Registrable Securities for Exchange Securities (assuming that such Holder (a) is
not an affiliate of the Operating Partnership within the meaning of Rule 405
under the 1933 Act, (b) is not a broker-dealer tendering Registrable Securities
acquired directly from the Operating Partnership for its own account, (c)
acquired the Exchange Securities in the ordinary course of such Holder's
business, or (d) has no arrangements or understandings with any Person to
participate in the Exchange Offer for the purpose of distributing the Exchange
Securities) to transfer such Exchange Securities from and after their receipt
without any limitations or restrictions under the 1933 Act and under state
securities or blue sky laws.

       In connection with the Exchange Offer, the Operating Partnership shall:

       (a)    mail as promptly as practicable to each Holder a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents;

       (b)    keep the Exchange Offer open for acceptance for a period of not
less than 30 calendar days after the date notice thereof is mailed to the
Holders (or longer if required by applicable law) (such period referred to
herein as the "Exchange Period");

       (c)    utilize the services of the Depositary for the Exchange Offer;

       (d)    permit Holders to withdraw tendered Registrable Securities at any
time prior to 5:00 p.m. (Eastern Time), on the last business day of the Exchange
Period, by sending to the institution specified in the notice, a telegram,
telex, facsimile transmission or letter setting forth the name of such Holder,
the principal amount of Registrable Securities delivered for exchange, and a
statement that such Holder is withdrawing such Holder's election to have such
Securities exchanged;

       (e)    notify each Holder that any Registrable Security not tendered will
 remain outstanding and continue to accrue interest, but will not retain any
rights under this Agreement (except in the case of the Initial Purchasers and
Participating Broker-Dealers as provided herein); and

       (f)    otherwise comply in all respects with all applicable laws relating
to the Exchange Offer.
]

                                       4
<PAGE>

       If, prior to consummation of the Exchange Offer, the Initial Purchasers
hold any Securities acquired by them and having the status of an unsold
allotment in the initial distribution, the Operating Partnership upon the
request of any Initial Purchaser shall, simultaneously with the delivery of the
Exchange Securities in the Exchange Offer, issue and deliver to such Initial
Purchaser in exchange (the "Private Exchange") for the Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Operating
Partnership that are identical (except that such securities shall bear
appropriate transfer restrictions) to the Exchange Securities (the "Private
Exchange Securities").

       The Exchange Securities and the Private Exchange Securities shall be
issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture and which, in either case, has been qualified under
the TIA, or is exempt from such qualification and shall provide that the
Exchange Securities shall not be subject to the transfer restrictions set forth
in the Indenture but that the Private Exchange Securities shall be subject to
such transfer restrictions. The Indenture or such indenture shall provide that
the Exchange Securities, the Private Exchange Securities and the Securities
shall vote and consent together on all matters as one class and that none of the
Exchange Securities, the Private Exchange Securities or the Securities will have
the right to vote or consent as a separate class on any matter. The Private
Exchange Securities shall be of the same series as and the Operating Partnership
shall use all commercially reasonable efforts to have the Private Exchange
Securities bear the same CUSIP number as the Exchange Securities. The Operating
Partnership shall not have any liability under this Agreement solely as a result
of such Private Exchange Securities not bearing the same CUSIP number as the
Exchange Securities.

       As soon as practicable after the close of the Exchange Offer and/or the
Private Exchange, as the case may be, the Operating Partnership shall:

              (i)    accept for exchange all Registrable Securities duly
tendered and not validly withdrawn pursuant to the Exchange Offer in accordance
with the terms of the Exchange Offer Registration Statement and the letter of
transmittal which shall be an exhibit thereto;

              (ii)   accept for exchange all Securities properly tendered
pursuant to the Private Exchange;

              (iii)  deliver to the Trustee for cancellation all Registrable
Securities so accepted for exchange; and

              (iv)   cause the Trustee promptly to authenticate and deliver
Exchange Securities or Private Exchange Securities, as the case may be, to each
Holder of Registrable Securities so accepted for exchange in a principal amount
equal to the principal amount of the Registrable Securities of such Holder so
accepted for exchange.

       Interest on each Exchange Security and Private Exchange Security will
accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the date of original issuance. The Exchange
Offer and the Private Exchange shall not be subject to any conditions, other
than (i) that the Exchange Offer or the Private Exchange, or the making of any
exchange by a Holder, does not violate applicable law or any applicable
interpretation of the staff of the SEC, (ii) the due tendering of Registrable
Securities in accordance with the Exchange Offer and the Private Exchange, (iii)
that each Holder of Registrable Securities exchanged in the Exchange Offer shall
have represented that all Exchange Securities to be received by it shall be
acquired in the ordinary course of its business and that at the time of the
consummation of the Exchange Offer it shall have no arrangement or understanding
with any person to

                                       5
<PAGE>

participate in the distribution (within the meaning of the 1933 Act) of the
Exchange Securities and shall have made such other representations as may be
reasonably necessary under applicable SEC rules, regulations or interpretations
to render the use of Form S-4 or other appropriate form under the 1933 Act
available, and (iv) that no action or proceeding shall have been instituted or
threatened in any court or by or before any governmental agency with respect to
the Exchange Offer or the Private Exchange which, in the Operating Partnership's
judgment, would reasonably be expected to impair the ability of the Operating
Partnership to proceed with the Exchange Offer or the Private Exchange. The
Operating Partnership shall inform the Initial Purchasers of the names and
addresses of the Holders to whom the Exchange Offer is made, and the Initial
Purchasers shall have the right to contact such Holders and otherwise facilitate
the tender of Registrable Securities in the Exchange Offer.

       2.2  SHELF REGISTRATION.

       (a)    If, because of any changes in law, SEC rules or regulations or
applicable interpretations thereof by the staff of the SEC, the Operating
Partnership is not permitted to effect the Exchange Offer as contemplated by
Section 2.1 hereof, (ii) if for any other reason the Exchange Offer is not
consummated within 180 days after the original issue of the Registrable
Securities, or (iii) if a Holder is not permitted to participate in the Exchange
Offer or does not receive fully tradeable Exchange Securities pursuant to the
Exchange Offer (other than due solely to the status of such holder as an
affiliate of the Operating Partnership within the meaning of the 1933 Act or as
a broker dealer), then in case of each of clauses (i) through (iii) the
Operating Partnership shall (x) promptly deliver to the holders written notice
thereof and (y) at the Operating, Partnership's sole expense:

       (b)    As promptly as practicable, (but in no event more than 60 days
after so required or requested pursuant to this Agreement) file with the SEC,
and thereafter shall use its best efforts to cause to be declared effective as
promptly as practicable but no later than 180 days after the original issue of
the Registrable Securities, a Shelf Registration Statement relating to the offer
and sale of the Registrable Securities by the Holders from time to time in
accordance with the methods of distribution elected by the Majority Holders
participating in the Shelf Registration and set forth in such Shelf Registration
Statement.

       (c)    Use its best efforts to keep the Shelf Registration Statement
continuously effective in order to permit the Prospectus forming part thereof to
be usable by Holders for a period of two years from the date the Shelf
Registration Statement is declared effective by the SEC, or for such shorter
period that will terminate when all Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement or cease to be outstanding or otherwise to be Registrable Securities
(the "Effectiveness Period"); PROVIDED, HOWEVER, that the Effectiveness Period
in respect of the Shelf Registration Statement shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the 1933 Act and as otherwise provided herein.

       (d)    Notwithstanding any other provisions hereof, use its best efforts
to ensure that (i) any Shelf Registration Statement and any amendment thereto
and any Prospectus forming part thereof and any supplement thereto complies in
all material respects with the 1933 Act and the rules and regulations
thereunder, (ii) any Shelf Registration Statement and any amendment thereto does
not, when it becomes effective, contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and (iii) any Prospectus forming
part of any Shelf Registration Statement, and any supplement to such Prospectus
(as amended or supplemented from time to time), does not include an untrue
statement of a material fact or omit to state a

                                       6
<PAGE>

material fact necessary in order to make the statements, in light of the
circumstances under which they were made, not misleading.

       No Holder of Registrable Securities shall be entitled to include any of
its Registrable Securities in any Shelf Registration pursuant to this Agreement
unless and until such Holder agrees in writing to be bound by all of the
provisions of this Agreement applicable to such Holder and furnishes to the
Operating Partnership in writing within 15 days after receipt of a request
therefor, such information as the Operating Partnership may, after conferring
with counsel, reasonably request for inclusion in any Shelf Registration
Statement or Prospectus included therein. Each Holder as to which any Shelf
Registration is being effected agrees to furnish to the Operating Partnership
all information with respect to such Holder necessary to make the information
previously furnished to the Operating Partnership by such Holder not materially
misleading.

       The Operating Partnership shall not permit any securities other than
Registrable Securities to be included in the Shelf Registration Statement. The
Operating Partnership further agrees, if necessary, to supplement or amend the
Shelf Registration Statement, as required by Section 3(b) below, and to furnish
to the Holders of Registrable Securities copies of any such supplement or
amendment promptly after its being used or filed with the SEC.

       2.3 EXPENSES. The Operating Partnership shall pay all Registration
Expenses in connection with the registration pursuant to Section 2.1 or 2.2.
Each Holder shall pay all underwriting discounts and commissions and transfer
taxes, if any, relating to the sale or disposition of such Holder's Registrable
Securities pursuant to the Shelf Registration Statement.

       2.4 EFFECTIVENESS.

       (a)    The Operating Partnership will be deemed not to have used its best
efforts to cause the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, to become, or to remain, effective
during the requisite period if the Operating Partnership voluntarily takes any
action that would, or omits to take any action which omission would, result in
any such Registration Statement not being declared effective or in the Holders
of Registrable Securities covered thereby not being able to exchange or offer
and sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless such action is required by applicable law.

       (b)    An Exchange Offer Registration Statement pursuant to Section 2.1
hereof or a Shelf Registration Statement pursuant to Section 2.2 hereof will not
be deemed to have become effective unless it has been declared effective by the
SEC; PROVIDED, HOWEVER, that if, after it has been declared effective, the
offering of Registrable Securities pursuant to an Exchange Offer Registration
Statement or a Shelf Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement will be deemed not to
have become effective during the period of such interference, until the offering
of Registrable Securities pursuant to such Registration Statement may legally
resume.

       2.5 INTEREST. The Indenture executed in connection with the Securities
will provide that if (i) the Exchange Offer Registration Statement is not filed
with the Commission on or prior to the 90th day following the Closing Date, (ii)
the Exchange Offer Registration Statement is not declared effective on or prior
to the 135th day following the Closing Date or (iii) the Exchange Offer is not
consummated or the Shelf Registration Statement is not declared effective on or
prior to the 180th day following the Closing Date, the Special Interest Premium
shall accrue from and including the next day following each of (a) such 90 day
period in the case of clause (i) above, (b) such 135-day period in the case of
clause (ii) above

                                       7
<PAGE>

and (c) such 180-day period in the case of clause (iii) above, in each case at a
rate equal to 0.5% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions will in no event exceed 0.5%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request holders of Securities to provide the
information called for by the Registration Rights Agreement referred to herein
for inclusion in the Shelf Registration Statement, the Securities owned by
holders who do not deliver such information to the Operating Partnership when
required pursuant to the Registration Rights Agreement will not be entitled to
any such increase in the interest rate for any day after the 180th day following
the Closing Date. Upon (1) the filing of the Exchange Offer Registration
Statement after the 90-day period described in clause (i) above, (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on each series of Securities from the date of such effectiveness or
consummation, as the case may be, will be reduced to the original interest rate.

       If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by this Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the Prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that the Shelf Registration
Statement is again deemed effective or is useable, (ii) the date that is the
second anniversary of the Closing Date (or, if Rule 144(k) is amended to provide
a shorter restrictive period, the end of such shorter period) or (iii) the date
as of which all the Securities are sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.5% per
annum.

       If the Operating Partnership fails to keep the Shelf Registration
Statement continuously effective or useable for resales pursuant to the
preceding paragraph, it shall give the Holders notice to suspend the sale of the
Securities and shall extend the relevant period referred to above during which
the Operating Partnership is required to keep effective the Shelf Registration
Statement (or the period during which Participating Broker-Dealers are entitled
to use the prospectus included in the Exchange Offer Registration Statement in
connection with the resale of Exchange Securities, as the case may be) by the
number of days during the period from and including the date of the giving of
such notice to and including the date when holders shall have received copies of
the supplemental or amended prospectus necessary to permit resales of the
Securities or to and including the date on which the Operating Partnership has
given notice that the sale of Securities may be resumed, as the case may be.

       Each Note will contain a legend to the effect that the holder thereof, by
its acceptance thereof, will be deemed to have agreed to be bound by the
provisions of this Agreement.

       The Operating Partnership shall notify the Trustee within three business
days after each and every date on which an event occurs in respect of which
Additional Interest (as defined in the Indenture) is required to be paid (an
"Event Date"). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before
the applicable semiannual interest payment date, immediately available funds in
sums sufficient to pay the Additional Interest then due. The Additional Interest
due shall be payable on each interest payment date to the record Holder of
Securities entitled to receive the interest payment to be paid on such date as
set forth in the Indenture.

                                       8
<PAGE>

Each obligation to pay Additional Interest shall be deemed to accrue from and
including the day following the applicable Event Date.

       3.  REGISTRATION PROCEDURES.

       In connection with the obligations of the Operating Partnership with
respect to Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the
Operating Partnership shall:

       (a)    prepare and file with the SEC a Registration Statement, within the
relevant time period specified in Section 2, on the appropriate form under the
1933 Act, which form (i) shall be selected by the Operating Partnership, (ii)
shall, in the case of a Shelf Registration, be available for the sale of the
Registrable Securities by the selling Holders thereof, (iii) shall comply as to
form in all material respects with the requirements of the applicable form and
include or incorporate by reference all financial statements required by the SEC
to be filed therewith or incorporated by reference therein, and (iv) shall
comply in all respects with the requirements of Regulation S-T under the 1933
Act, and use its best efforts to cause such Registration Statement to become
effective and remain effective in accordance with Section 2 hereof;

       (b)    prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period; and
cause each Prospectus to be supplemented by any required prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar
provision then in force) under the 1933 Act and comply with the provisions of
the 1933 Act, the 1934 Act and the rules and regulations thereunder applicable
to them with respect to the disposition of all securities covered by each
Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the selling Holders thereof
(including sales by any Participating Broker-Dealer);

       (c)    in the case of a Shelf Registration, (i) notify each Holder of
Registrable Securities, at least five business days prior to filing, that a
Shelf Registration Statement with respect to the Registrable Securities is being
filed and advise such Holders that the distribution of Registrable Securities
will be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii) furnish to each Holder of
Registrable Securities and to each underwriter of an underwritten offering of
Registrable Securities, if any, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or underwriter may
reasonably request, including financial statements and schedules and, if the
Holder so requests, all exhibits in order to facilitate the public sale or other
disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities in connection with the offering and sale of
the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

       (d)    in the case of a Shelf Registration, use its best efforts to
register or qualify the Registrable Securities under all applicable state
securities or "blue sky" laws of such jurisdictions as any Holder of Registrable
Securities covered by a Registration Statement and each underwriter of an
underwritten offering of Registrable Securities shall reasonably request by the
time the applicable Registration Statement is declared effective by the SEC, and
do any and all other acts and things which may be reasonably necessary or
advisable to enable each such Holder and underwriter to consummate the
disposition in each such jurisdiction of such Registrable Securities owned by
such Holder; PROVIDED, HOWEVER, that the Operating Partnership shall not be
required to (i) qualify as a foreign corporation or as a

                                       9
<PAGE>

dealer in securities in any jurisdiction where it would not otherwise be
required to qualify but for this Section 3(d), or (ii) take any action which
would subject it to general service of process or taxation in any such
jurisdiction where it is not then so subject;

       (e)    notify promptly each Holder of Registrable Securities under a
Shelf Registration or any Participating Broker-Dealer who has notified the
Operating Partnership that it is utilizing the Exchange Offer Registration
Statement as provided in paragraph (f) below and, if requested by such Holder or
Participating Broker-Dealer, confirm such advice in writing promptly (i) when a
Registration Statement has become effective and when any post-effective
amendments and supplements thereto become effective, (ii) of any request by the
SEC or any state securities authority for post-effective amendments and
supplements to a Registration Statement and Prospectus or for additional
information after the Registration Statement has become effective, (iii) of the
issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (iv) in the case of a Shelf Registration, if,
between the effective date of a Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the representations and
warranties of the Operating Partnership contained in any underwriting agreement,
securities sales agreement or other similar agreement, if any, relating to the
offering cease to be true and correct in all material respects, (v) of the
happening of any event or the discovery of any facts during the period a Shelf
Registration Statement is effective which makes any statement made in such
Registration Statement or the related Prospectus untrue in any material respect
or which requires the making of any changes in such Registration Statement or
Prospectus in order to make the statements therein not misleading, (vi) of the
receipt by the Operating Partnership of any notification with respect to the
suspension of the qualification of the Registrable Securities or the Exchange
Securities, as the case may be, for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose, and (vii) of any
determination by the Operating Partnership that a post-effective amendment to
such Registration Statement would be appropriate;

       (f)    (i)    in the case of the Exchange Offer Registration Statement
(a) include in the Exchange Offer Registration Statement a section entitled
"Plan of Distribution" which section shall be reasonably acceptable to Merrill
Lynch and Chase on behalf of the Participating Broker-Dealers, and which shall
contain a summary statement of the positions taken or policies made by the staff
of the SEC with respect to the potential "underwriter" status of any
broker-dealer that holds Registrable Securities acquired for its own account as
a result of market-making activities or other trading activities and that will
be the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
Exchange Securities to be received by such broker-dealer in the Exchange Offer,
whether such positions or policies have been publicly disseminated by the staff
of the SEC or such positions or policies, in the reasonable judgment of Merrill
Lynch and Chase on behalf of the Participating Broker-Dealers and its counsel,
represent the prevailing views of the staff of the SEC, including a statement
that any such broker-dealer who receives Exchange Securities for Registrable
Securities pursuant to the Exchange Offer may be deemed a statutory underwriter
and must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (b) furnish to each
Participating Broker-Dealer who has delivered to the Operating Partnership the
notice referred to in Section 3(e), without charge, as many copies of each
Prospectus included in the Exchange Offer Registration Statement, including any
preliminary prospectus, and any amendment or supplement thereto, as such
Participating Broker-Dealer may reasonably request, (c) hereby consent to the
use of the Prospectus forming part of the Exchange Offer Registration Statement
or any amendment or supplement thereto, by any Person subject to the prospectus
delivery requirements of the SEC, including all Participating Broker-Dealers, in
connection with the sale or transfer of the Exchange Securities covered by the
Prospectus or any amendment or supplement thereto, and (d) include

                                       10
<PAGE>

in the transmittal letter or similar documentation to be executed by an exchange
offeree in order to participate in the Exchange Offer (i) the following
provision:

              "If the exchange offeree is a broker-dealer holding
              Registrable Securities acquired for its own account
              as a result of market-making activities or other
              trading activities, it will deliver a prospectus
              meeting the requirements of the 1933 Act in
              connection with any resale of Exchange Securities
              received in respect of such Registrable Securities
              pursuant to the Exchange Offer;" and

(ii) a statement to the effect that, by a broker-dealer making the
acknowledgment described in clause (i) and by delivering a Prospectus in
connection with the exchange of Registrable Securities, the broker-dealer will
not be deemed to admit that it is an underwriter within the meaning of the 1933
Act; and

              (ii)   in the case of any Exchange Offer Registration Statement,
the Operating Partnership agrees to deliver to the Initial Purchasers on behalf
of the Participating Broker-Dealers upon the effectiveness of the Exchange Offer
Registration Statement (a) an opinion of counsel or opinions of counsel
substantially in the form attached hereto as Exhibit A, (b) officers'
certificates substantially in the form customarily delivered in a public
offering of debt securities and (c) a comfort letter or comfort letters in
customary form to the extent permitted by Statement on Auditing Standards No. 72
of the American Institute of Certified Public Accountants (or if such a comfort
letter is not permitted, an agreed upon procedures letter in customary form)
from the Operating Partnership's independent certified public accountants (and,
if necessary, any other independent certified public accountants of any
subsidiary of the Operating Partnership or of any business acquired by the
Operating Partnership for which financial statements are, or are required to be,
included in the Registration Statement) at least as broad in scope and coverage
as the comfort letter or comfort letters delivered to the Initial Purchasers in
connection with the initial sale of the Securities to the Initial Purchasers;

       (g)    The Operating Partnership may require each seller of
Registrable Securities as to which any registration is being effected to
furnish to the Operating Partnership, as applicable, such information
regarding such seller as may be required by the staff of the SEC to be
included in a Registration Statement. The Operating Partnership shall have no
obligation to register under the Securities Act the Registrable Securities of
a seller who so fails to furnish such information.

       (h)    (i)    in the case of an Exchange Offer, furnish counsel for the
Initial Purchasers and (ii) in the case of a Shelf Registration, furnish counsel
for the Holders of Registrable Securities copies of any comment letters received
from the SEC or any other request by the SEC or any state securities authority
for amendments or supplements to a Registration Statement and Prospectus or for
additional information;

       (i)    make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest
possible moment;

       (j)    in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, and each underwriter, if any, without charge, at least
one conformed copy of each Registration Statement and any post-effective
amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless
requested);

       (k)    in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable

                                       11
<PAGE>

Securities to be sold and not bearing any restrictive legends; and enable such
Registrable Securities to be in such denominations (consistent with the
provisions of the Indenture) and registered in such names as the selling Holders
or the underwriters, if any, may reasonably request at least three business days
prior to the closing of any sale of Registrable Securities;

       (l)    in the case of a Shelf Registration, upon the occurrence of any
event or the discovery of any facts, each as contemplated by Sections 3(e)(v)
and 3(e)(vi) hereof, as promptly as practicable after the occurrence of such an
event, use its best efforts to prepare a supplement or post-effective amendment
to the Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Securities or
Participating Broker-Dealers, such Prospectus will not contain at the time of
such delivery any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or will remain so
qualified. At such time as such public disclosure is otherwise made or the
Operating Partnership determines that such disclosure is not necessary, in each
case to correct any misstatement of a material fact or to include any omitted
material fact, the Operating Partnership agrees promptly to notify each Holder
of such determination and to furnish each Holder such number of copies of the
Prospectus as amended or supplemented, as such Holder may reasonably request;

       (m)    in the case of a Shelf Registration, a reasonable time prior to
the filing of any Registration Statement, any Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or any
document which is to be incorporated by reference into a Registration Statement
or a Prospectus after initial filing of a Registration Statement, provide copies
of such document to the Initial Purchasers on behalf of such Holders; and make
representatives of the Operating Partnership as shall be reasonably requested by
the Holders of Registrable Securities, or the Initial Purchasers on behalf of
such Holders, available for discussion of such document;

       (n)    use its reasonable best efforts to obtain a CUSIP number for all
Exchange Securities, Private Exchange Securities or Registrable Securities, as
the case may be, not later than the effective date of a Registration Statement,
and provide the Trustee with printed certificates for the Exchange Securities,
Private Exchange Securities or the Registrable Securities, as the case may be,
in a form eligible for deposit with the Depositary;

       (o)    use its reasonable best efforts to (i) cause the Indenture
Supplement to be qualified under the TIA in connection with the registration of
the Exchange Securities or Registrable Securities, as the case may be, (ii)
cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA, and (iii) execute, and use its best efforts to cause
the Trustee to execute, all documents as may be required to effect such changes,
and all other forms and documents required to be filed with the SEC to enable
the Indenture to be so qualified in a timely manner;

       (p)    in the case of a Shelf Registration, enter into agreements
(including underwriting agreements) and take all other customary and appropriate
actions in order to expedite or facilitate the disposition of such Registrable
Securities and in such connection whether or not an underwriting agreement is
entered into and whether or not the registration is an underwritten
registration:

              (i)    make such representations and warranties to the Holders of
such Registrable Securities and the underwriters, if any, in form, substance and
scope as are customarily made by issuers to underwriters in similar underwritten
offerings as may be reasonably requested by them;

                                       12
<PAGE>

              (ii)   obtain opinions of counsel to the Operating Partnership and
updates thereof (which counsel and opinions (in form, scope and substance) shall
be reasonably satisfactory to the managing underwriters, if any, and the holders
of a majority in principal amount of the Registrable Securities being sold)
addressed to each selling Holder and the underwriters, if any, covering the
matters customarily covered in opinions requested in sales of securities or
underwritten offerings and such other matters as may be reasonably requested by
such Holders and underwriters;

              (iii)  obtain "cold comfort" letters and updates thereof from the
Operating Partnership's independent certified public accountants (and, if
necessary, any other independent certified public accountants of any subsidiary
of the Operating Partnership or of any business acquired by the Operating
Partnership for which financial statements are, or are required to be, included
in the Registration Statement) addressed to the underwriters, if any, and use
reasonable efforts to have such letter addressed to the selling Holders of
Registrable Securities (to the extent consistent with Statement on Auditing
Standards No. 72 of the American Institute of Certified Public Accounts), such
letters to be in customary form and covering matters of the type customarily
covered in "cold comfort" letters to underwriters in connection with similar
underwritten offerings;

              (iv)   enter into a securities sales agreement with the Holders
and an agent of the Holders providing for, among other things, the appointment
of such agent for the selling Holders for the purpose of soliciting purchases of
Registrable Securities, which agreement shall be in form, substance and scope
customary for similar offerings;

              (v)    if an underwriting agreement is entered into, cause the
same to set forth indemnification provisions and procedures substantially
equivalent to the indemnification provisions and procedures set forth in Section
4 hereof with respect to the underwriters and all other parties to be
indemnified pursuant to said Section or, at the request of any underwriters, in
the form customarily provided to such underwriters in similar types of
transactions; and

              (vi)   deliver such documents and certificates as may be
reasonably requested and as are customarily delivered in similar offerings to
the Holders of a majority in principal amount of the Registrable Securities
being sold and the managing underwriters, if any.

The above shall be done at (A) the effectiveness of such Registration Statement
(and each post-effective amendment thereto) and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder;

       (q)    in the case of a Shelf Registration or if a Prospectus is required
to be delivered by any Participating Broker-Dealer in the case of an Exchange
Offer, make available for inspection by representatives of the Holders of the
Registrable Securities, any underwriters participating in any disposition
pursuant to a Shelf Registration Statement, any Participating Broker-Dealer and
any counsel or accountant retained by any of the foregoing, all financial and
other records, pertinent corporate documents and properties of the Operating
Partnership reasonably requested by any such persons, and cause the respective
officers, directors, employees, and any other agents of the Operating
Partnership to supply all information reasonably requested by any such
representative, underwriter, special counsel or accountant in connection with a
Registration Statement, and make such representatives of the Operating
Partnership available for discussion of such documents as shall be reasonably
requested by the Initial Purchasers PROVIDED, HOWEVER, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
Purchasers by the Representative and on behalf of the other parties, by one
counsel designated by the Representatives and on behalf of such other parties as
described in Section 2(c) hereof. Records which the Operating Partnership
determines in good faith, to be confidential and any

                                       13
<PAGE>

records which they notify such representatives are confidential shall not be
disclosed by such representatives unless (i) the disclosure of such Records is
necessary to avoid or correct a material misstatement or omission in such
Registration Statement, (ii) the release of such Records is ordered pursuant to
a subpoena or other order from a court a competent jurisdiction or is necessary
in connection with any action, suit or proceeding or (iii) the information in
such Records has been made generally available to the public. Each selling
Holder of such Registrable Securities and each such Participating Broker-Dealer
will be required to agree in writing that information obtained by it as a result
of such inspections shall be deemed confidential, shall not be communicated to
any third-party (other than its agents and affiliates (who shall also be subject
to the confidentially requirements of this paragraph) on a "need-to-know" basis)
and shall not be used by it as the basis for market transaction in the
securities of the Operating Partnership unless and until such is made generally
available to the public. Each selling holder of such Registrable Securities and
each such Participating Broker-Dealer will be required to further agree in
writing that it will, upon learning that disclosure of such Records is sought in
a court of competent jurisdiction, give notice to the Operating Partnership and
allow the Operating Partnership at its expense to undertake appropriate action
to prevent disclosure of the Records deemed confidential;

       (r)    (i)    in the case of an Exchange Offer Registration Statement, a
reasonable time prior to the filing of any Exchange Offer Registration
Statement, any Prospectus forming a part thereof, any amendment to an Exchange
Offer Registration Statement or amendment or supplement to such Prospectus,
provide copies of such document to the Initial Purchasers and to counsel to the
Holders of Registrable Securities and make such changes in any such document
prior to the filing thereof as the Initial Purchasers or counsel to the Holders
of Registrable Securities may reasonably request and, except as otherwise
required by applicable law, not file any such document in a form to which the
Initial Purchasers on behalf of the Holders of Registrable Securities and
counsel to the Holders of Registrable Securities shall not have previously been
advised and furnished a copy of or to which the Initial Purchasers on behalf of
the Holders of Registrable Securities or counsel to the Holders of Registrable
Securities shall reasonably object, and make the representatives of the
Operating Partnership available for discussion of such documents as shall be
reasonably requested by the Initial Purchasers; and

              (ii)   in the case of a Shelf Registration, a reasonable time
prior to filing any Shelf Registration Statement, any Prospectus forming a part
thereof, any amendment to such Shelf Registration Statement or amendment or
supplement to such Prospectus, provide copies of such document to the Holders of
Registrable Securities, to the Initial Purchasers, to counsel for the Holders
and to the underwriter or underwriters of an underwritten offering of
Registrable Securities, if any, make such changes in any such document prior to
the filing thereof as the Initial Purchasers, the counsel to the Holders or the
underwriter or underwriters reasonably request and not file any such document in
a form to which the Majority Holders, the Initial Purchasers on behalf of the
Holders of Registrable Securities, counsel for the Holders of Registrable
Securities or any underwriter shall not have previously been advised and
furnished a copy of or to which the Majority Holders, the Initial Purchasers on
behalf of the Holders of Registrable Securities, counsel to the Holders of
Registrable Securities or any underwriter shall reasonably object, and make the
representatives of the Operating Partnership available for discussion of such
document as shall be reasonably requested by the Holders of Registrable
Securities, the Initial Purchasers on behalf of such Holders, counsel for the
Holders of Registrable Securities or any underwriter.

       (s)    in the case of a Shelf Registration, use its best efforts to cause
all Registrable Securities to be listed on any securities exchange on which
similar debt securities issued by the Operating Partnership are then listed if
requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any;

                                       14
<PAGE>

       (t)    in the case of a Shelf Registration, use its best efforts to cause
the Registrable Securities to be rated by the appropriate rating agencies, if so
requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any;

       (u)    otherwise comply with all applicable rules and regulations of the
SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering at least 12 months which shall
satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;

       (v)    cooperate and assist in any filings required to be made with the
NASD and, in the case of a Shelf Registration, in the performance of any due
diligence investigation by any underwriter and its counsel (including any
"qualified independent underwriter" that is required to be retained in
accordance with the rules and regulations of the NASD); and

       (w)    upon consummation of an Exchange Offer or a Private Exchange,
obtain a customary opinion of counsel to the Operating Partnership addressed to
the Trustee for the benefit of all Holders of Registrable Securities
participating in the Exchange Offer or Private Exchange, and which includes an
opinion that (i) the Operating Partnership has duly authorized, executed and
delivered the Exchange Securities and/or Private Exchange Securities, as
applicable, and the related indenture, and (ii) each of the Exchange Securities
and related indenture constitute a legal, valid and binding obligation of the
Operating Partnership, enforceable against the Operating Partnership in
accordance with its respective terms (with customary exceptions).

       In the case of a Shelf Registration Statement, the Operating Partnership
may (as a condition to such Holder's participation in the Shelf Registration)
require each Holder of Registrable Securities to furnish to the Operating
Partnership such information regarding the Holder and the proposed distribution
by such Holder of such Registrable Securities as the Operating Partnership may
from time to time reasonably request in writing.

       In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Operating Partnership of the happening of
any event or the discovery of any facts, each of the kind described in Section
3(e)(v) hereof, such Holder will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until such Holder's
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 3(k) hereof, and, if so directed by the Operating Partnership, such
Holder will deliver to the Operating Partnership (at its expense) all copies in
such Holder's possession, other than permanent file copies then in such Holder's
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice.

       In the event that the Operating Partnership fails to effect the Exchange
Offer or file any Shelf Registration Statement and maintain the effectiveness of
any Shelf Registration Statement as provided herein, the Operating Partnership
shall not file any Registration Statement with respect to any securities (within
the meaning of Section 2(1) of the 1933 Act) of the Operating Partnership other
than Registrable Securities.

       If any of the Registrable Securities covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the underwriter or
underwriters and manager or managers that will manage such offering will be
selected by the Majority Holders of such Registrable Securities included in such
offering and shall be acceptable to the Operating Partnership. No Holder of
Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting arrangements approved by
the persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of

                                       15
<PAGE>

attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

4.     INDEMNIFICATION, CONTRIBUTION.

       (a)    The Operating Partnership agrees to indemnify and hold harmless
the Initial Purchasers, each Holder, each Participating Broker-Dealer, each
Person who participates as an underwriter (any such Person being an
"Underwriter") and each Person, if any, who controls any Holder or Underwriter
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
as follows:

              (i)    against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or
any amendment or supplement thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all
documents incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus (or any
amendment or supplement thereto) or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

              (ii)   against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section 4(d) below) any such
settlement is effected with the written consent of the Operating Partnership;
and

              (iii)  against any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel chosen by any indemnified
party), reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (i) or (ii)
above;

PROVIDED, HOWEVER, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Operating
Partnership by the Holder or Underwriter expressly for use in a Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

       (b)    Each Holder severally, but not jointly, agrees to indemnify and
hold harmless the Operating Partnership, the Initial Purchasers, each
underwriter and the other selling Holders, and each of their respective
directors and officers, and each Person, if any, who controls the Operating
Partnership, the Initial Purchasers, any Underwriter or any other selling Holder
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act,
against any and all loss, liability, claim, damage and expense described in the
indemnity contained in Section 4(a) hereof, as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Shelf Registration Statement (or any amendment thereto) or any
Prospectus included therein (or any amendment or supplement thereto) in reliance
upon and in conformity with written information with respect to such

                                       16
<PAGE>

Holder furnished to the Operating Partnership by such Holder expressly for use
in the Shelf Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto); PROVIDED, HOWEVER, that no
such Holder shall be liable for any claims hereunder in excess of the amount of
net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Shelf Registration Statement.

       (c)    Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability hereunder to the extent it is not materially prejudiced as a
result thereof, and in any event shall not relieve it from any liability which
it may have otherwise than on account of this indemnity agreement. An
indemnifying party may participate at its own expense in the defense of such
action; PROVIDED, HOWEVER, that counsel to the indemnifying party shall not
(except with the consent of the indemnified party) also be counsel to the
indemnified party. In no event shall the indemnifying party or parties be liable
for the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in the
same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought
under this Section 4 (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim, and (ii)
does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of any indemnified party.

       (d)    If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

       (e)    If the indemnification provided for in this Section 4 is for any
reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, in such proportion as is appropriate to reflect
the relative fault of the Operating Partnership on the one hand and the Holders
and the Initial Purchasers on the other hand in connection with the statements
or omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

       The relative fault of the Operating Partnership on the one hand and the
Holders and the Initial Purchasers on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Operating Partnership, the Holders
or the Initial Purchasers and

                                       17
<PAGE>

the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

       The Operating Partnership, the Holders and the Initial Purchasers agree
that it would not be just and equitable if contributions pursuant to this
Section 4 were determined by pro rata allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to above in this Section 4. The aggregate amount of losses, liabilities, claims,
damages and expenses incurred by an indemnified party and referred to above in
this Section 4 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission.

       Notwithstanding the provisions of this Section 4, no Holder or Initial
Purchaser shall be required to contribute any amount in excess of the amount by
which the total price at which the Securities sold by it were offered exceeds
the amount of any damages which such Holder or Initial Purchaser has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

       No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

       For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or Holder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as such
Initial Purchaser or Holder, and each director of the Operating Partnership, and
each Person, if any, who controls the Operating Partnership within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same
rights to contribution as the Operating Partnership. The Initial Purchasers'
respective obligations to contribute pursuant to this Section 7 are several in
proportion to the principal amount of Securities set forth opposite their
respective names in Schedule A to the Purchase Agreement and not joint.

5.     MISCELLANEOUS.

       5.1 RULE 144 AND RULE 144A. For so long as the Operating Partnership is
subject to the reporting requirements of Section 13 or Section 15 of the 1934
Act, the Operating Partnership covenants that it will file the reports required
to be filed by it under the 1933 Act and Section 13(a) or Section 15(d) of the
1934 Act and the rules and regulations adopted by the SEC thereunder. If the
Operating Partnership ceases to be so required to file such reports, the
Operating Partnership covenants that it will upon the request of any Holder of
Registrable Securities (a) make publicly available such information as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver
such information to a prospective purchaser as is necessary to permit sales
pursuant to Rule 144A under the 1933 Act and it will take such further action as
any Holder of Registrable Securities may reasonably request, and (c) take such
further action that is reasonable in the circumstances, in each case, to the
extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, (ii) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (iii) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder of Registrable
Securities, the Operating Partnership will deliver to such Holder a written
statement as to whether it has complied with such requirements.

                                       18
<PAGE>

       5.2 NO INCONSISTENT AGREEMENTS. The Operating Partnership has not entered
into and the Operating Partnership will NOT after the date of this Agreement
enter into any agreement which is inconsistent with the rights granted to the
Holders of Registrable Securities in this Agreement or otherwise conflicts with
the provisions hereof. The rights granted to the Holders hereunder do not and
will not for the term of this Agreement in any way conflict with the rights
granted to the holders of the Operating Partnership's other issued and
outstanding securities under any such agreements.

       5.3 AMENDMENTS AND WAIVERS. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Operating Partnership has obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or departure.

       5.4 NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (a) if to a Holder, at the most current address given by such Holder to
the Operating Partnership by means of a notice given in accordance with the
provisions of this Section 5.4, which address initially is the address set forth
in the Purchase Agreement with respect to the Initial Purchasers; and (b) if to
the Operating Partnership, initially at the Operating Partnership's address set
forth in the Purchase Agreement, and thereafter at such other address of which
notice is given in accordance with the provisions of this Section 5.4.

       All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two business days
after being deposited in the mail, postage prepaid, if mailed; when answered
back, if telexed; when receipt is acknowledged, if telecopied; and on the next
business day if timely delivered to an air courier guaranteeing overnight
delivery.

       Copies of all such notices, demands, or other communications shall be
concurrently delivered by the person giving the same to the Trustee under the
Indenture, at the address specified in such Indenture.

       5.5 SUCCESSOR AND ASSIGNS. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; PROVIDED, that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement or the Indenture. If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement, including the restrictions on resale set forth in this Agreement and,
if applicable, the Purchase Agreement, and such person shall be entitled to
receive the benefits hereof.

       5.6 THIRD PARTY BENEFICIARIES. The Initial Purchasers (even if the
Initial Purchasers are not Holders of Registrable Securities) shall be third
party beneficiaries to the agreements made hereunder between the Operating
Partnership, on the one hand, and the Holders, on the other hand, and shall have
the right to enforce such agreements directly to the extent they deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder. Each Holder of Registrable Securities shall be a third party
beneficiary to the agreements made hereunder between the Operating Partnership,
on the one hand, and the Initial Purchasers, on the other hand, and shall have
the

                                       19
<PAGE>

right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights hereunder.

       5.7 SPECIFIC ENFORCEMENT. Without limiting the remedies available to the
Initial Purchasers and the Holders, the Operating Partnership acknowledges that
any failure by the Operating Partnership to comply with its obligations under
Sections 2.1 through 2.4 hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law,
that it would not be possible to measure damages for such injuries precisely and
that, in the event of any such failure, the Initial Purchasers or any Holder may
obtain such relief as may be required to specifically enforce the Operating
Partnership's obligations under Sections 2.1 through 2.4 hereof.

       5.8 RESTRICTION ON RESALES. Until the expiration of two years after the
original issuance of the Securities, the Operating Partnership will not, and
will cause its "affiliates" (as such term is defined in Rule 144(a)(1) under the
1933 Act) not to, resell any Securities which are "restricted securities" (as
such term is defined under Rule 144(a)(3) under the 1933 Act) that have been
reacquired by any of them and shall immediately upon any purchase of any such
Securities submit such Securities to the Trustee for cancellation.

       5.9 COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

       5.10 HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

       5.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF.

       5.12 SEVERABILITY. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                                       20
<PAGE>

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

                                          SIMON PROPERTY GROUP, L.P.
                                                   as Issuer

                                          By:      SIMON PROPERTY GROUP, INC.
                                                   as Managing General Partner

                                          By:  /s/ David Simon
                                               ---------------------------------
                                                Name:  David Simon
                                                Title:  Chief Executive Officer

CONFIRMED AND ACCEPTED
AS OF THE DATE FIRST ABOVE
WRITTEN:

MERRILL LYNCH PIERCE, FENNER & SMITH
                     INCORPORATED
CHASE SECURITIES INC.
Banc of America Securities LLC
Solomon Smith Barney Inc.
UBS Warburg LLC

By:  Merrill Lynch, Pierce, Fenner & Smith
                   Incorporated

      By: /s/ Alexander S. Rubin
         -----------------------------------
          Name:  Alexander S. Rubin
          Title:  Director and Authorized Signatory

For themselves and as a Representative of the other Initial Purchasers named
above

<PAGE>

                                                                       EXHIBIT A

                           FORM OF OPINION OF COUNSEL

Merrill Lynch & Co.
Merrill Lynch, Pierce, Fenner & Smith
               Incorporated
Chase Securities Inc.
Banc of America Securities LLC
Salomon Smith Barney Inc.
UBS Warburg LLC

c/o Merrill Lynch & Co.
Merrill Lynch, Pierce, Fenner & Smith
               Incorporated
Investment Banking Division
Merrill Lynch World Headquarters
4 World Financial Center
New York, New York 10080

Ladies and Gentlemen:

       We have acted as counsel for Simon Property Group, L.P., a Delaware
limited partnership (the "Operating Partnership"), in connection with the sale
by the Operating Partnership to the Initial Purchasers (as defined below) of
$300,000,000 aggregate principal amount of 7 3/8% senior unsecured notes due
2006 and $200,000,000 aggregate principal amount of 7 3/4% senior unsecured
notes due 2011 (collectively, the "Securities") of the Operating Partnership
pursuant to the Purchase Agreement dated January 11, 2001 (the "Purchase
Agreement") among the Operating Partnership and Merrill Lynch & Co., Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Chase Securities Inc., Banc
of America Securities LLC, Salomon Smith Barney Inc., UBS Warburg LLC,
(collectively, the "Initial Purchasers") and the filing by the Operating
Partnership of an Exchange Offer Registration Statement (the "Registration
Statement") in connection with an Exchange Offer to be effected pursuant to the
Registration Rights Agreement (the "Registration Rights Agreement"), dated
January 18, 2001, between the Operating Partnership and the Initial Purchasers.
This opinion is furnished to you pursuant to Section 3(f)(ii) of the
Registration Rights Agreement. Unless otherwise defined herein, capitalized
terms used in this opinion that are defined in the Registration Rights Agreement
are used herein as so defined.

       We have examined such documents, records and matters of law as we have
deemed necessary for purposes of this opinion. In rendering this opinion, as to
all matters of fact relevant to this opinion, we have assumed the completeness
and accuracy of, and are relying solely upon, the representations and warranties
of the Operating Partnership set forth in the Purchase Agreement and the
statements set forth in certificates of public officials and officers of the
Operating Partnership, without making any independent investigation or inquiry
with respect to the completeness or accuracy of such representations, warranties
or statements, other than a review of the certificate of incorporation, by-laws
and relevant minute books of the Operating Partnership.

       Based on and subject to the foregoing, we are of the opinion that:

                                      A-1
<PAGE>

              1.     The Exchange Offer Registration Statement and the
Prospectus (other than the financial statements, notes or schedules thereto and
other financial data and supplemental schedules included or incorporated by
reference therein or omitted therefrom and the Form T-1, as to which such
counsel need express no opinion), comply as to form in all material respects
with the requirements of the 1933 Act and the applicable rules and regulations
promulgated under the 1933 Act.

              2.     We have participated in the preparation of the Registration
Statement and the Prospectus and in the course thereof have had discussions with
representatives of the underwriters, officers and other representatives of the
Operating Partnership and Arthur Andersen LLP, the Operating Partnership's
independent public accountants, during which the contents of the Registration
Statement and the Prospectus were discussed. We have not, however, independently
verified and are not passing upon, and do not assume any responsibility for, the
accuracy, completeness or fairness of the statements contained in the
Registration Statement and the Prospectus. Based on our participation as
described above, nothing has come to our attention that would lead us to believe
that the Registration Statement (except for financial statements and schedules
and other financial data included therein as to which we make no statement)
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading or that the Prospectus or any amendment or supplement thereto
(except for financial statements and schedules and other financial data included
therein, as to which such counsel need make no statement), at the time the
Prospectus was issued, at the time any such amended or supplemented Prospectus
was issued or on the Closing Date, included or includes an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

       This opinion is being furnished to you solely for your benefit in
connection with the transactions contemplated by the Registration Rights
Agreement, and may not be used for any other purpose or relied upon by any
person other than you. Except with our prior written consent, the opinions
herein expressed are not to be used, circulated, quoted or otherwise referred to
in connection with any transactions other than those contemplated by the
Registration Rights Agreement by or to any other person.

                                          Very truly yours

                                      A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00020-of-00352.parquet"}]]