Document:

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                                                                   EXHIBIT 4.13

                   REDEMPTION RIGHTS AGREEMENT (COMMON UNITS)

         Redemption Rights Agreement, dated November 27, 2002, among GGP Limited
Partnership, a Delaware limited partnership (together with its successors and
assigns, the "Partnership"), General Growth Properties, Inc., a Delaware
corporation (together with its successors and assigns, the "General Partner"),
and JSG, LLC, a Delaware limited liability company (together with its successors
and assigns, the "Contributing Party").

                                 R E C I T A L S

         WHEREAS, the General Partner is the general partner of the Partnership;

         WHEREAS, shares of common stock, $.10 par value per share, of the
General Partner (the "Common Stock") are listed on the New York Stock Exchange;

         WHEREAS, pursuant to that certain Contribution and Sale Agreement dated
as of October 18, 2002 (as the same has been amended and may be further amended
from time to time, the "Purchase Agreement"), among the Partnership,
Contributing Partner and the other parties thereto, the Contributing Party is
being admitted as a limited partner of the Partnership and the Partnership is
issuing to it 7% Series C Cumulative Convertible Preferred Units of limited
partnership in the Partnership (such units that are being issued pursuant to the
Purchase Agreement or any other securities issued in substitution therefor
pursuant to the Series C Preferred Unit Designation, the "Series C Preferred
Units");

         WHEREAS, pursuant to the Partnership Agreement (as defined below), the
Series C Preferred Units may be converted into common units of limited
partnership in the Partnership (such units into which Series C Preferred Units
have been converted or any other securities issued in substitution therefor
(other than pursuant to this Agreement), the "Common Units"); and

         WHEREAS, the parties desire to set forth herein the terms and
conditions upon which the Contributing Party may cause the Partnership to redeem
its Common Units.

         NOW, THEREFORE, the parties hereby agree as follows:

         1. Definitions. For purposes of this Agreement, the following terms
shall have the meanings set forth below:

         "Acts" shall mean the Securities Act and the Exchange Act,
collectively.

         "Affiliates" shall mean "affiliates" as defined pursuant to the
Securities Act and the regulations promulgated thereunder.

         "Business Day" shall mean any day upon which commercial banks are open
for business in Chicago, Illinois.

         "Cash Purchase Price" shall mean, with respect to any redeemed or
purchased Common Units, an amount of cash equal to the value of the Share
Purchase Price (computed as of the
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Computation Date and equal to the Current Per Share Market Price on such
Computation Date multiplied by the number of Shares included in the Share
Purchase Price) that would be payable with respect to such Common Units assuming
the Share Purchase Price were paid in full satisfaction of the Purchase Price
for such Common Units. In the event that the Share Purchase Price includes
securities and/or other property other than Shares, then the value of such other
securities and/or property shall be determined by the General Partner acting in
good faith on the basis of the closing prices of securities if listed on a
nationally recognized exchange and otherwise on the basis of such quotations and
other information as the General Partner considers, in its reasonable judgment,
appropriate.

         "Certificate of Incorporation" shall mean the Certificate of
Incorporation of the General Partner, as the same may be amended from time to
time.

         "Claims" shall have the meaning set forth in Section 4.1(c).

         "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
successor code.

         "Common Stock" shall have the meaning set forth in the recitals.

         "Common Units" shall have the meaning set forth in the recitals.

         "Computation Date" shall mean the date on which the applicable Notice
is received by the Partnership or, if such date is not a Business Day, the first
Business Day thereafter.

         "Conversion Factor" shall mean 100%, provided that such factor shall be
adjusted in accordance with Section 6(a).

         "Current Per Share Market Price" shall have the meaning set forth in
the Partnership Agreement.

         "Demand Notice" shall have the meaning set forth in Section 4.1(c).

         "Demand Resale Registration Statement" shall have the meaning set forth
in Section 4.1(c).

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor statute.

         "Exchange Act Reporting Company" shall mean any corporation or other
entity which is subject to the reporting requirements of the Exchange Act.

         "Issuance Registration Statement" shall have the meaning set forth in
Section 4.1(a).

         "Liens" shall mean liens, pledges, security interests, mortgages,
encumbrances and other claims of any type or kind.

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         "Major Transaction Event" shall mean, with respect to the General
Partner, (a) a reclassification, capital reorganization or other similar change
regarding or affecting outstanding Shares (other than a change addressed in
Section 6(a)); (b) a merger or consolidation of the General Partner with one or
more other corporations or entities, other than a merger pursuant to which the
General Partner is the surviving corporation and the outstanding Shares are not
affected, (c) a sale, lease or exchange of all or substantially all of the
General Partner's assets or (d) the liquidation, dissolution or winding up of
the General Partner.

         "Notice" shall have the meaning set forth in Section 3.2.

         "Partnership Agreement" shall mean that certain Second Amended and
Restated Agreement of Limited Partnership of the Partnership dated April 1,
1998, as previously amended and as the same may be further amended from time to
time.

         "Person" shall mean any natural person, corporation, partnership,
association, limited liability company, trust or other entity.

         "Preferred Units" shall mean preferred units of limited partnership in
the Partnership that have been issued prior hereto or are issued hereafter.

         "Prospectus" shall mean, with respect to any Registration Statement,
the prospectus constituting a part thereof, as amended or supplemented.

         "Purchase Agreement" shall have the meaning set forth in the recitals.

         "Purchase Price" shall mean the Cash Purchase Price or the Share
Purchase Price, or a combination thereof.

         "Redemption Rights" shall have the meaning set forth in Section 2.

         "Registration Statements" shall have the meaning set forth in Section
4.1(g).

         "REIT" shall mean real estate investment trust as such term is defined
under the Code.

         "REIT Requirements" shall have the meaning set forth in the Partnership
Agreement, as the same may change from time to time.

         "Resale Registration Statement" shall have the meaning set forth in
Section 4.1(c).

         "Rights" shall have the meaning set forth in Section 6(b).

         "SEC" shall mean the Securities and Exchange Commission.

         "Section 4.1(b) Resale Registration Statement" shall have the meaning
set forth in Section 4.1(b).

         "Securities Act" shall mean the Securities Act of 1933, as amended, or
any successor statute.

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         "Series C Preferred Units" shall have the meaning set forth in the
recitals.

         "Series C Preferred Unit Designation" shall mean Schedule A to the
amendment to the Partnership Agreement that is being executed and delivered
concurrently herewith.

         "Series C Preferred Units Redemption Rights Agreement" shall mean that
certain Redemption Rights Agreement (Series C Preferred Units) dated the date
hereof, among the parties hereto.

         "Share Purchase Price" shall mean, with respect to the exercise of any
Redemption Rights and subject to the provisions of Section 6(c), a number of
Shares equal to the product of (a) the number of Common Units being redeemed or
purchased multiplied by (b) the Conversion Factor; provided, however, that, in
the event the General Partner, after the date of this Agreement, issues to all
holders of Shares rights, options, warrants or convertible or exchangeable
securities entitling the stockholders to subscribe for or purchase Shares (other
than Rights referred to in Section 6(b) that have been issued pursuant thereto)
or any other securities or property (other than distributions paid in cash),
then the Share Purchase Price also shall include such rights, options, warrants
or convertible or exchangeable securities or other securities or property that a
holder of that number of Shares would have been entitled to receive had such
holder held such Shares immediately prior to the time holders of Shares became
entitled thereto (except to the extent that provision otherwise has been made
for such holder to receive such rights, options, warrants or convertible or
exchangeable securities or other securities or property or similar rights,
options, warrants or convertible or exchangeable securities in respect of Common
Units or adjustment otherwise has been made in respect thereof).

         "Shares" shall mean shares of the Common Stock.

         "Specified Partnership Agreement Provisions" shall mean (a) Article
VIII of the Partnership Agreement and (b) restrictions with respect to Preferred
Units of the types contained in Sections 5 and/or 6 of the Series C Preferred
Unit Designation.

         "Window Period" shall mean the period consisting of the fourteen
calendar days immediately preceding the first anniversary of the date hereof and
the fourteen calendar days immediately following such first anniversary.

         2.   Grant of Redemption Rights.

         (a) Upon the terms and subject to the conditions contained herein, the
Partnership does hereby grant to the Contributing Party, and the Contributing
Party does hereby accept, the right, but without obligation on the part of the
Contributing Party, to require the Partnership to redeem from time to time part
or all of the Common Units of the Contributing Party for the Cash Purchase Price
with respect to such Common Units ("Redemption Rights").

         (b) Notwithstanding the provisions of Section 2(a), the General Partner
may, in its sole and absolute discretion, assume and satisfy the obligation of
the Partnership with respect to the Contributing Party's exercise of a
Redemption Right by paying to the Contributing Party, at the General Partner's
election (which may be exercised in the General Partner's sole discretion),
either the Cash Purchase Price or the Share Purchase Price (or a combination
thereof) with

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respect to the Common Units for which the Contributing Party exercised its
Redemption Rights. If the General Partner assumes such obligations with respect
to the exercise by the Contributing Party of a Redemption Right as to certain
Common Units and makes the required payment of the Share Purchase Price, the
Cash Purchase Price or any combination thereof, then the Partnership shall have
no obligation to pay any amount to the Contributing Party with respect to the
exercise of a Redemption Right for such Common Units, and any Common Units
purchased shall be owned by the General Partner for all purposes.

         (c) If the General Partner shall assume and satisfy the obligations of
the Partnership with respect to the exercise of a Redemption Right by the
Contributing Party, the Partnership, the Contributing Party and the General
Partner each shall treat the transaction between the General Partner and the
Contributing Party as a sale of the Contributing Party's Common Units (or a
portion thereof) to the General Partner for federal income tax purposes.

         (d) Upon the redemption or purchase of part or all of the Contributing
Party's Common Units and the payment of the Purchase Price with respect thereto,
such Person shall be deemed withdrawn as a Partner in the Partnership to the
extent of the Common Units redeemed or purchased and shall have no further
rights or obligations under this Agreement with respect to such redeemed or
purchased Common Units; provided, however, that the Contributing Party's rights
under this Agreement with regard to any other Common Units will continue in full
force and effect.

         (e) No fractional Shares shall be issued hereunder. In lieu of
fractional Shares, the General Partner shall pay cash based on the Current Per
Share Market Price on the relevant Computation Date.

         3.   Exercise of Redemption Rights.

         3.1 Time for Exercise of Redemption Rights. The Contributing Party may
exercise its Redemption Rights in whole or in part and at any time and from time
to time on or after the first anniversary of the date hereof; provided, however,
that the Redemption Rights may not be exercised at any one time by the
Contributing Party with respect to less than 1,000 Common Units (or all the
Common Units then owned by the Contributing Party if the Contributing Party owns
less than 1,000 Common Units) or in the event that such exercise of Redemption
Rights (or the assignment of Common Units or delivery of either the Cash
Purchase Price or the Share Purchase Price with respect thereto) violates the
Specified Partnership Agreement Provisions or applicable law. Once given, a
Notice shall be irrevocable subject to the payment of the Purchase Price for the
Common Units specified therein in accordance with the terms hereof.

         3.2 Method of Exercise. The Redemption Rights shall be exercised by
delivery to the Partnership of (a) written notice (the "Notice") in the form of
Exhibit A specifying the number of the Common Units to be redeemed and the name
or names (with address) in which any Shares issuable upon such exercise shall be
registered if different than the Contributing Party and (b) the certificates, if
any, representing such Common Units. Notwithstanding anything to the contrary
contained herein, in the event that the exercise of the Redemption Rights with
respect to all of the Common Units of any deceased Person or the Common Units of
any partnership, limited liability company or pass-through entity that are
allocable to a deceased partner, member or other

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Person as of the date of death shall not result in the recognition of gain for
federal income tax purposes by any party, the Partnership shall have the right
to require the Contributing Party (or its legal representative) or partnership,
limited liability company or other pass-through entity to exercise the
Redemption Rights as to all of such Common Units and to take any and all
necessary action hereunder to effect such exercise (but, in the event of any
exercise described in this sentence, the General Partner must assume and satisfy
the obligations of the Partnership with respect thereto as provided in Section
2(b) and deliver the Share Purchase Price with respect thereto).

         3.3 Closing. The closing of the redemption or purchase and sale
pursuant to an exercise of the Redemption Rights by the Contributing Party shall
occur within 30 days following the giving of the Notice. The Contributing Party
shall execute such other documents as the General Partner may reasonably require
in connection with the closing of such redemption or purchase and sale.

         3.4 Payment of Cash or Issuance of Shares. At the closing of the
redemption or purchase and sale of Common Units pursuant to an exercise of
Redemption Rights by the Contributing Party, the Partnership shall deliver to
the Contributing Party the Cash Purchase Price by check or, in the event that
the General Partner has assumed the obligations of the Partnership with respect
to such exercise of Redemption Rights, the General Partner shall deliver to the
Contributing Party, at the election of the General Partner (which may be
exercised in the General Partner's sole discretion) either (a) the Cash Purchase
Price by check or (b) certificates representing the Shares and any other
securities and/or other property constituting the Share Purchase Price, together
with cash in lieu of the issuance of any fraction of a Share as provided in
Section 2(e), or a combination thereof.

         4.   Matters Relating to Shares.

         4.1 Registration.

         (a) The General Partner shall (i) prepare, file and use reasonable best
efforts to cause to become effective as soon as practicable thereafter a
registration statement (the "Issuance Registration Statement"), which may be on
Form S-3, under the Securities Act relating to the Shares issuable by the
General Partner upon exercise of the Redemption Rights assuming full conversion
of the Series C Preferred Units into Common Units and full satisfaction of the
Redemption Rights by delivery of Shares and (ii) prepare and file with the SEC
such amendments and supplements to the Issuance Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep the Issuance
Registration Statement effective and to comply with the provisions of the
Securities Act. The General Partner shall file the Issuance Registration
Statement during the Window Period.

         (b) In the event that, for any reason, the General Partner (i) is
unable to cause the Issuance Registration Statement to be declared effective by
the SEC within ninety (90) days following the filing date thereof or (ii)
otherwise determines that it will be unable to cause the Issuance Registration
Statement to be declared effective by the SEC within such ninety (90) day period
or that it will be unable or impracticable to keep the Issuance Registration
Statement continuously effective, the General Partner shall file with the SEC,
within thirty (30) days after

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the earlier of such ninetieth day and the date of such determination, a
registration statement on Form S-3 or other appropriate registration form with
the SEC covering the resale by Contributing Party of such Shares and shall use
its reasonable best efforts to cause such registration statement (the "Section
4.1(b) Resale Registration Statement") to become effective as soon as
practicable thereafter. Following the effective date of the Section 4.1(b)
Resale Registration Statement and until the Shares covered by the Section 4.1(b)
Resale Registration Statement have been sold or are eligible for resale under
Rule 144(k) promulgated under the Securities Act, the General Partner shall keep
the Section 4.1(b) Resale Registration Statement current, effective and
available for the resale by Contributing Party of the Shares delivered to it
pursuant hereto.

         (c) If the Issuance Registration Statement is not effective for any
reason, Shares are issued to the Contributing Party without registration under
the Securities Act and a Section 4.1(b) Resale Registration Statement covering
the resale of such Shares is not effective, the General Partner shall, upon the
written request of any Contributing Party (a "Demand Notice"), cause to be filed
as soon as practicable after the date of such request by such Contributing Party
a registration statement (a "Demand Resale Registration Statement" and each of a
Demand Resale Registration Statement and a Section 4.1(b) Resale Registration
Statement is hereinafter sometimes referred to as a "Resale Registration
Statement") in accordance with Rule 415 under the Securities Act (or such other
rule as is applicable to the proposed sale) relating to the sale by such
Contributing Party of all or a portion of the Shares held by such Contributing
Party in accordance with the terms hereof, and shall use reasonable best efforts
to cause such Demand Resale Registration Statement to be declared effective by
the SEC as soon as practicable thereafter. The General Partner agrees to use its
reasonable best efforts to keep the Demand Resale Registration Statement
continuously effective, after its date of effectiveness, with respect to the
Shares of the requesting Contributing Party until the earlier of (a) the date on
which all of the Shares covered by the Demand Resale Registration Statement have
been sold and (b) the date on which all of the Shares held by such Contributing
Party have become eligible for sale pursuant to Rule 144(k) (or any successor
provision).

         (d) During the time period when a Resale Registration Statement is
required to be current, effective and available under this Section 4.1, the
General Partner also shall:

                           (i) promptly prepare and file with the SEC such
         amendments and supplements to such Resale Registration Statement and
         the Prospectus relating thereto, as may be necessary to keep such
         Resale Registration Statement effective and to comply with the
         provisions of the Securities Act with respect to the sale of the Shares
         covered by such Resale Registration Statement whenever Contributing
         Party shall desire to sell or otherwise dispose of the same but in no
         event beyond the period in which the Registration Statement is required
         to be kept in effect. Upon ten (10) business days' notice, the General
         Partner shall file any supplement or post-effective amendment to such
         Resale Registration Statement with respect to the plan of distribution
         or a Contributing Party's ownership interests in its Shares that is
         reasonably necessary to permit the sale of such Contributing Party's
         Shares pursuant to such Resale Registration Statement;

                           (ii) furnish to Contributing Party, without charge,
         such number of authorized copies of the Prospectus relating thereto,
         and any amendments or supplements to such Prospectus, in conformity
         with the requirements of the Securities Act, and such

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         other documents as Contributing Party may reasonably request in order
         to facilitate the public sale or other disposition of the Shares owned
         by Contributing Party;

                           (iii) register or qualify the securities covered by
         such Resale Registration Statement under state securities or blue sky
         laws of such jurisdictions as are reasonably required to effect a sale
         thereof and do any and all other acts and things which may be necessary
         or appropriate under such state securities or blue sky laws to enable
         Contributing Party to consummate the public sale or other disposition
         in such jurisdictions of such securities;

                           (iv) before filing any amendments or supplements to
         such Resale Registration Statement or the Prospectus relating thereto,
         furnish copies of all such documents proposed to be filed to the
         Contributing Party, who shall be afforded a reasonable opportunity to
         review and comment thereon; provided, however, that all such documents
         shall be subject to the approval of the Contributing Party insofar as
         they relate to information concerning the Contributing Party
         (including, without limitation, the proposed method of distribution of
         Contributing Party's securities);

                           (v) notify Contributing Party promptly (A) when such
         Resale Registration Statement has become effective and when any
         post-effective amendments and supplements thereto become effective, (B)
         of any request by the SEC or any state securities authority for
         amendments and supplements to such Resale Registration Statement and
         the Prospectus relating thereto or for additional information, and (C)
         of the happening of any event during the period such Resale
         Registration Statement is effective which in the judgment of the
         General Partner makes any statement made in such Resale Registration
         Statement or such Prospectus untrue in any material respect or which
         requires the making of any changes in such Resale Registration
         Statement or such Prospectus in order to make the statements therein
         not misleading;

                           (vi) cooperate with Contributing Party to facilitate
         the timely preparation and delivery of certificates representing Shares
         being sold, which certificates shall not bear any restrictive legends
         provided the Shares evidenced thereby have been sold in a manner
         permitted by the Prospectus relating to such Resale Registration
         Statement;

                           (vii) upon the occurrence of any event contemplated
         by clause (v)(C) above, promptly prepare and file a supplement or
         post-effective amendment to such Resale Registration Statement or the
         Prospectus relating thereto or any document incorporated therein by
         reference or file any other required document so that, as thereafter
         delivered to the purchasers of the Shares, such Prospectus will not
         contain 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; provided,
         however, that the obligation to prepare and file any such supplement or
         post-effective amendment shall be suspended if the General Partner,
         relying upon advice of counsel, determines that disclosure of any
         information required to be included therein would be adverse to its
         interests, but such suspension (A) shall not

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         extend beyond sixty (60) days with respect to any such specified event
         and (B) shall not occur more than twice during any period of twelve
         (12) consecutive months; and

                           (viii) promptly notify each Contributing Party of,
         and confirm in writing, (A) the issuance by the SEC or any state
         securities authority of any stop order suspending the effectiveness of
         such Resale Registration Statement or the initiation of any proceedings
         for that purpose, or (ii) if, between the effective date of any such
         Resale Registration Statement and the sale of the Shares to which it
         relates, the General Partner receives any notification with respect to
         the suspension of the qualification of the Shares or initiation of any
         proceeding for such purpose. The General Partner shall use its
         reasonable best efforts to obtain the withdrawal of any order
         suspending the effectiveness of such a Registration Statement at the
         earliest practicable time.

         (e) The General Partner hereby agrees to indemnify and hold harmless
Contributing Party and each person, if any, who controls Contributing Party
(within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act) from and against any and all losses, claims, damages, costs
and expenses (including reasonable attorneys' fees) ("Claims") to which
Contributing Party or such controlling person may become subject, under the
Securities Act or otherwise, caused by any untrue statement or alleged untrue
statement of a material fact contained in any Resale Registration Statement or
the Prospectus relating thereto or any amendment or supplement thereto, or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and shall reimburse such Contributing Party and each such
controlling person for any legal or other expenses reasonably incurred by such
Contributing Party in connection with investigating or defending any such loss
as such expenses are incurred; provided, however, that the General Partner shall
not be liable insofar as any such losses, claims, damages, costs and expenses
(including reasonable attorneys' fees) are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
furnished in writing to the General Partner by any Contributing Party expressly
for use therein. Each Contributing Party agrees to indemnify and hold harmless
the General Partner and each person, if any, who controls the General Partner
(within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act) from and against any and all Claims to which the General
Partner or such controlling person may become subject, under the Securities Act
or otherwise, caused by any untrue statement or omission or alleged untrue
statement or omission based upon such information furnished in writing to the
General Partner by such Contributing Party.

         (f) Each Contributing Party agrees that, upon receipt of any notice
from the General Partner of the happening of any event of the kind described in
clause (d)(v)(C) above and without waiving any rights under clause (d)(vii)
above, such Contributing Party will forthwith discontinue disposition of
securities pursuant to any Resale Registration Statement until Contributing
Party's receipt of the copies of the supplemented or amended Prospectus
contemplated by clause (d)(vii) above.

         (g) The General Partner shall bear all expenses relating to filing the
Issuance Registration Statement and each Resale Registration Statement
(collectively, the "Registration Statements") and keeping the Registration
Statements current, effective and available; provided,

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however, that the General Partner shall not be responsible for any brokerage
fees or underwriting commissions due and payable in connection with the sale of
Shares.

         (h) The General Partner shall use reasonable best efforts to cause all
Shares to be listed or otherwise eligible for full trading privileges on the
principal national securities exchange (currently the New York Stock Exchange)
on which shares of Common Stock are then listed on or before the date on which a
Registration Statement covering the Shares becomes effective or the Shares are
issued by the General Partner to a Contributing Party, whichever is later. The
General Partner will use reasonable best efforts to continue the listing or
trading privilege for all Shares on the exchange on which shares of Common Stock
are then listed. The General Partner will promptly notify the Contributing Party
of, and confirm in writing, the delisting of the Shares.

         (i) Notwithstanding anything to the contrary contained herein, the
General Partner shall have no obligation to keep any Registration Statement
effective if the status of the General Partner (or its successor) as an Exchange
Act Reporting Company is terminated.

         4.2 Reservation of Shares. At all times while the Redemption Rights are
outstanding, the General Partner shall reserve for issuance such number of
Shares as may be necessary to enable the General Partner to issue Shares in full
satisfaction of all Redemption Rights which are from time to time outstanding
(assuming that there are no limitations as to the ownership of such Shares under
the Certificate of Incorporation which relate to compliance with the REIT
Requirements, that all Series C Preferred Units have been converted into Common
Units and that the General Partner elected to pay the Share Purchase Price with
respect to all such Redemption Rights).

         4.3 Fully Paid and Non-Assessable. All Shares which may be issued upon
exercise of the Redemption Rights shall be duly and validly issued and fully
paid and non-assessable.

         5. Transfer and Similar Taxes. The General Partner shall pay any and
all documentary stamp or similar issue or transfer taxes payable in respect of
the issue or delivery of shares of Common Stock or other securities or property
pursuant hereto; provided, however, that the General Partner shall not be
required to pay any tax that may be payable in respect of any transfer involved
in the issue or delivery of shares of Common Stock or other securities or
property in a name other than that of the holder of the Common Units to be
exchanged, and no such issue or delivery shall be made unless and until the
person requesting such issue or delivery has paid to the General Partner the
amount of any such tax or established, to the reasonable satisfaction of the
General Partner, that such tax has been paid.

         6.   Anti-Dilution and Adjustment Provisions.

         (a) The Conversion Factor shall be adjusted in the event that the
General Partner (i) declares or pays a dividend or distribution on its
outstanding Shares in Shares or makes a distribution to all holders of its
outstanding Shares in Shares, (ii) subdivides its outstanding Shares, or (iii)
combines its outstanding Shares into a smaller number of Shares. In such event,
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by
a fraction, the numerator of which shall be the number of Shares issued and
outstanding on the record date for

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such dividend, distribution, subdivision or combination (assuming for such
purposes that such dividend, distribution, subdivision or combination has
occurred as of such time) and the denominator of which shall be the actual
number of Shares (determined without the above assumption) issued and
outstanding on the record date for such dividend, distribution, subdivision or
combination. Any adjustment to the Conversion Factor pursuant to the immediately
preceding sentence shall become effective immediately after the effective date
of such event retroactive to the opening of business on the day next following
the record date, if any, for such event. In addition, the Conversion Factor
shall be adjusted in the event that the Partnership (i) declares or pays a
dividend or distribution on its outstanding Common Units in Common Units, (ii)
subdivides its outstanding Common Units, or (iii) combines its outstanding
Common Units into a smaller number of Common Units. In such event, the
Conversion Factor shall be adjusted by multiplying the Conversion Factor by a
fraction, the numerator of which shall be the actual number of Common Units
issued and outstanding on the record date for such dividend, distribution,
subdivision or combination (determined without the below assumption) and the
denominator of which shall be the number of Common Units issued and outstanding
on such record date (assuming for such purposes that such dividend,
distribution, subdivision or combination has occurred as of such time). Any
adjustment to the Conversion Factor pursuant to the immediately preceding
sentence shall become effective on the effective date of such event retroactive
to the record date, if any, for such event.

         (b) If at any time the holders of Common Stock are entitled to any
right (a "Right") to subscribe pro rata for additional securities of the General
Partner, whether Common Stock or other classifications, or for any other
securities or interests that the Contributing Party would have been entitled to
subscribe for if, immediately prior to such grant, the Contributing Party had
exercised its Redemption Rights and received the Share Purchase Price in payment
thereof, in lieu of any adjustment under any other subsection of this Section 6
or other provision of this Agreement and except to the extent that provision
otherwise has been made for the Contributing Party to receive such Right or a
similar right in respect of the Common Units or adjustment otherwise has been
made in respect thereof, the Contributing Party also shall receive from the
General Partner, prior to or concurrent with the time such Right becomes
exercisable, the same Right that the Contributing Party would have been entitled
to if the Contributing Party had exercised its Redemption Rights in full and
received the Share Purchase Price in satisfaction thereof immediately prior to
the time holders of Common Stock became entitled to such Right.

         (c) Upon the occurrence of a Major Transaction Event, the General
Partner shall cause effective provision to be made so that, upon full conversion
of the Series C Preferred Units of the Contributing Party into Common Units,
exercise of the Redemption Rights by the Contributing Party in respect thereof
and the election of the General Partner to pay the Purchase Price at any time
following such Major Transaction Event by means of the Share Purchase Price, the
Contributing Party shall have the right to acquire, in lieu of the Shares which
otherwise would have been issued to the Contributing Party, the kind and amount
of shares of stock and other securities and property (and the provisions
contained in Section 4.1 shall apply anew to the extent that such securities are
of a class of securities of the General Partner or its successor that are
registered under the Exchange Act) and interests as would be issued or payable
with respect to or in exchange for the number of Shares constituting the Share
Purchase Price as if all Series C Preferred Units of the Contributing Party had
been converted into Common Units, such Redemption Rights had been exercised and
the General Partner had satisfied the Redemption

                                      -11-
<PAGE>
Rights by delivery of the Share Purchase Price immediately before such Major
Transaction Event.

         (d) The Partnership shall give written notice to the Contributing Party
of any Major Transaction Event promptly after such Major Transaction Event is
announced to the public.

         (e) Notwithstanding anything to the contrary contained herein, the
adjustment provisions contained in this Agreement shall be applied so that there
is no duplication of adjustments made pursuant to any other document. The
provisions of this Section 6 shall apply to successive events that may occur
from time to time but only shall apply to a particular event if it occurs prior
to the exercise in full of the Redemption Rights or the liquidation of the
Partnership. Nothing contained herein shall prevent or otherwise limit the
liquidation of the Partnership pursuant to the Partnership Agreement, as amended
from time to time.

         (f) Whenever the Conversion Factor is adjusted as herein provided, the
General Partner shall compute the adjusted Conversion Factor in accordance with
this Section 6 and shall prepare a certificate signed by the chief financial
officer of the General Partner setting forth the adjusted Conversion Factor and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed at the offices of the General Partner.

         (g) Notwithstanding anything to the contrary contained herein (but
subject to the first sentence of Section 6(e) hereof), the General Partner and
the Partnership agree that they will apply the provisions of this Section 6, the
definition of Share Purchase Price and any related provisions as if the Common
Units were issued and outstanding as of the date hereof. Thus, for example, if
an event were to occur on December 31, 2002 that would adjust the number of
Shares into which the Common Units would be exchangeable had such Common Units
been outstanding as of such date, but the Common Units were not actually issued
until December 31, 2003, then such adjustment would be applied so that, upon
such issuance (but subject to further adjustment for subsequent events), the
Common Units would be immediately exchangeable for the number of Shares for
which the Common Units would have been exchangeable had such Common Units been
outstanding on December 31, 2002.

         7.   Miscellaneous Provisions.

         7.1 Notices. All notices or other communications given pursuant to this
Agreement, including without limitation any Notice, shall be sent to the party
to whom or to which such notice is being sent, by certified or registered mail,
return receipt requested, commercial overnight delivery service, facsimile or
delivered by hand with receipt acknowledged in writing and otherwise as set
forth in this Section 7.1. All notices (a) shall be deemed given when received
or, if mailed as described above, after 5 Business Days or, if sent by
facsimile, upon receipt of confirmed answerback and (b) may be given either by a
party or by such party's attorneys. For purposes of this Section 7.1, the
addresses of the parties shall be, in the case of the Partnership and the
General Partner, 110 N. Wacker Drive, Chicago, Illinois 60606, facsimile number
(312) 960-5463, Attention: Bernard Freibaum (with a copy to Neal, Gerber &
Eisenberg, Two North LaSalle Street, Suite 2200, Chicago, Illinois 60602, Attn:
Marshall E. Eisenberg, facsimile number (312) 269-1747), and, in the case of the
Contributing Party, as set forth on the

                                      -12-
<PAGE>
records of the Partnership. The address of any party may be changed by a notice
in writing given in accordance with the provisions hereof.

         7.2 Assignment. The rights of the Contributing Party hereunder
(including the Redemption Rights) shall automatically devolve upon any Person to
the extent that such Person holds Common Units or Series C Preferred Units, and
becomes a substituted partner with respect to such Common Units or Series C
Preferred Units, in accordance with the Partnership Agreement and delivers to
the Partnership a written instrument, in form reasonably satisfactory to the
Partnership, pursuant to which such Person agrees to be bound by the terms
hereof (but the rights of the Contributing Party hereunder are not otherwise
assignable). All references herein to Contributing Party shall be deemed to be
references to each assignee pursuant to this paragraph. Subject to the
provisions of Section 6, the General Partner may assign this Agreement in
connection with any Major Transaction Event without the consent of the
Contributing Party, provided that no such assignment shall relieve the General
Partner of its obligations under this Agreement.

         7.3 Binding Effect. Except as otherwise set forth herein, this
Agreement shall be binding upon, and inure to the benefit of, the parties and
their successors and permitted assigns.

         7.4 Amendments. The provisions of this Agreement may be amended only
with the written consent of the Partnership, the General Partner and the holders
of at least a majority of the issued and outstanding Common Units (assuming that
all of the issued and outstanding Series C Preferred Units were converted into
Common Units in accordance with the Partnership Agreement immediately prior to
the execution of such amendment).

         7.5 Governing Law. This Agreement shall be governed by the laws of the
State of Delaware (without regard to its conflicts of law principles).

         7.6 Counterparts. This Agreement may be executed in counterparts, each
of which shall be an original, but all of which shall constitute one document.

         7.7 Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter hereof and supersedes any
prior written or oral understandings and/or agreements among them with respect
thereto.

         7.8 Pronouns; Headings; Etc. As used herein, all pronouns shall include
the masculine, feminine and neuter, and all terms shall include the singular and
plural thereof wherever the context and facts require such construction. The
headings herein are inserted for convenience of reference only and are to be
ignored in any construction of the provisions hereof. Any references in this
Agreement to a "Section" or "Exhibit" shall refer to a Section or Exhibit of
this Agreement unless otherwise specified.

         7.9 Survival. The representations, warranties and covenants contained
herein or made pursuant hereto shall survive the execution and delivery of this
Agreement and the closing of any redemption or purchase and sale pursuant to an
exercise of Redemption Rights hereunder.

                                      -13-
<PAGE>
         7.10 Further Assurances. Each of the parties shall hereafter execute
and deliver such other instruments and documents and do such further acts and
things as may be required or useful to carry out the purposes of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -14-
<PAGE>
         IN WITNESS WHEREOF, the parties have executed this Agreement on the
date first above written.

CONTRIBUTING PARTY:

JSG, LLC, a Delaware limited liability company

By       /s/ Daniel W. Donahue
  ---------------------------------------------
  Daniel W. Donahue, Managing Member

PARTNERSHIP:

GGP LIMITED PARTNERSHIP, a Delaware
limited partnership

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

      By:       /s/ Bernard Freibaum
         --------------------------------------
         Bernard Freibaum, Executive Vice
         President

GENERAL PARTNER:

GENERAL GROWTH PROPERTIES, INC.
a Delaware corporation

By:      /s/ Bernard Freibaum
   --------------------------------------------
     Bernard Freibaum, Executive Vice President

                                      -15-
<PAGE>
                                    EXHIBIT A

                              Notice of Redemption

         The undersigned hereby irrevocably (i) exercises its Redemption Rights
as to ___________ Common Units (the "Transferred Units") in GGP Limited
Partnership (the "Partnership") in accordance with the terms of that certain
Redemption Rights Agreement (Common Units), dated November 27, 2002 (the
"Agreement"), among the Partnership, General Growth Properties, Inc. (the
"General Partner"), and JSG, LLC, (ii) transfers and surrenders such Transferred
Units and all right, title and interest of the undersigned therein to the party,
which shall be either the Partnership or the General Partner, that shall
purchase or redeem such Transferred Units pursuant to the Agreement, and (iii)
directs that the Cash Purchase Price or Share Purchase Price payable upon
exercise of the Redemption Right be delivered to the address specified below
and, if the Share Purchase Price is to be delivered, the Shares shall be
registered or placed in the name(s) and at the address(es) specified below.
Attached hereto are the certificates, if any, representing the Transferred
Units.

         The undersigned hereby represents, warrants and certifies that, as of
the date hereof and as of the closing of the purchase or redemption of the
Transferred Units pursuant to the exercise of Redemption Rights effected hereby,
(i) that the undersigned has good and marketable title to the Transferred Units,
free and clear of all Liens, (ii) that the undersigned has the full right, power
and authority to transfer and surrender the Transferred Units as provided herein
and such transfer and surrender has been authorized by all necessary action and
(iii) that the undersigned has obtained the consent or approval of all persons
or entities, if any, having the right to consent to or approve such transfer and
surrender.
<PAGE>
         Capitalized terms used but not defined herein shall have the meanings
set forth in the Agreement.

Dated:   ____________________

                                       [NAME OF PERSON]

                                       By:
                                          -------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                       ----------------------------------------
                                       (Street Address)

                                       ----------------------------------------
                                        (City, State, Zip Code)

                                        Signature Guaranteed By:

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

If Shares are to be issued, issue to:

Please insert social security or identifying number:

                                      -2-<PAGE>
                                                                    EXHIBIT 10.2

                                FIRST AMENDMENT

                                     TO THE

                           SECOND AMENDED AND RESTATED

                        AGREEMENT OF LIMITED PARTNERSHIP

                                       OF

                             GGP LIMITED PARTNERSHIP

         THIS FIRST AMENDMENT is made and entered into as of the 10th day of
June, 1998, by and among the undersigned parties.

                              W I T N E S S E T H:

         WHEREAS, a Delaware limited partnership known as GGP Limited
Partnership (the "Partnership") exists pursuant to that certain Second Amended
and Restated Agreement of Limited Partnership of GGP Limited Partnership dated
as of April 1, 1998 (the "Second Restated Partnership Agreement") and the
Delaware Revised Uniform Limited Partnership Act; and

         WHEREAS, General Growth Properties, Inc., a Delaware corporation which
is the general partner of the Partnership (the "General Partner"), has issued
and sold 12,000,000 Depositary Shares (with a liquidation preference equal to
$25.00 per Depositary Share) through its depository agent, each representing
1/40th of a share of 7.25% Preferred Income Equity Redeemable Stock, Series A, a
series of preferred stock, par value $100.00 per share, of the General Partner
(the "PIERS Offering"), and

         WHEREAS, concurrently with the execution and delivery of this First
Amendment, the General Partner is contributing to the capital of the Partnership
the net proceeds of the PIERS Offering in exchange for the Series A Preferred
Units (as defined below); and

         WHEREAS, the parties hereto, being the sole general partner and a
majority-in-interest of the limited partners of the Partnership, desire to amend
the Second Restated Partnership Agreement as set forth herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, do hereby amend the Second Restated Partnership Agreement as
follows:

                  1. CAPITALIZED TERMS. Terms which are capitalized and not
         defined herein shall have the definitions assigned to such terms in the
         Second Restated Partnership Agreement.

                  2. ADDITIONAL DEFINITIONS. Article I of the Second Restated
         Partnership Agreement is hereby amended by the addition of the
         following new definitions:

<PAGE>

                           "Common Units" shall mean all Units other than the
                  Series A Preferred Units.

                           "Series A Preferred Shares" shall mean shares of the
                  7.25% Preferred Income Equity Redeemable Stock, Series A of
                  the General Partner, par value $100.00 per share, commonly
                  referred to as "PIERS".

                           "Series A Preferred Units" shall mean the series of
                  preferred units of the Partnership designated as the 7.25%
                  Series A Cumulative Redeemable Preferred Units having the
                  designations, preferences and other rights described herein.

                           "Series A Preferred Units Distribution Payment Dates"
                  shall mean the 15th day of January, April, July and October of
                  each year, commencing October 15, 1998.

                  3. AMENDED DEFINITIONS. Article I of the Second Restated
         Partnership Agreement is hereby amended as follows:

                           (i) The third sentence of the definition of
                  Conversion Factor set forth in Section 1.1 hereof is hereby
                  deleted and the following sentence is hereby inserted in its
                  place and stead:

                           The Conversion Factor shall be adjusted by
                           multiplying the Conversion Factor (as in effect
                           immediately prior to such adjustment) by a fraction,
                           the numerator of which shall be the actual number of
                           shares of Common Stock issued and outstanding on the
                           record date for such dividend, distribution,
                           subdivision or combination (determined without the
                           below assumption), and the denominator of which shall
                           be the number of shares of Common Stock issued and
                           outstanding on the record date for such dividend,
                           distribution, subdivision or combination (assuming
                           for such purposes that such dividend, distribution,
                           subdivision or combination has occurred as of such
                           time).

                           (ii) Subsection (a) of the definition of Gross Asset
                  Value set forth in Section 1.1 thereof is hereby deleted and
                  the following new Subsection (a) is hereby inserted in its
                  place and stead:

                                    (a) the initial Gross Asset Value of (i) the
                           assets contributed by each Partner to the Partnership
                           prior to the date hereof is the gross fair market
                           value of such contributed assets as indicated in the
                           books and records of the Partnership as of the date
                           hereof, and (ii) any asset hereafter contributed by a
                           Partner, other than money, is the gross fair market
                           value thereof as reasonably determined by the General
                           Partner using such reasonable method of valuation as
                           the General Partner may adopt; provided that the
                           gross fair market value of any such assets hereafter
                           contributed by the General Partner shall be the
                           Acquisition Cost thereof (without reduction for any
                           borrowings incurred by the General Partner in
                           connection with the acquisition of such assets and
                           assumed by the

                                      -2-

<PAGE>

                           Partnership or, if such assumption was not possible,
                           with respect to which borrowings the Partnership
                           obligates itself to make payments to the General
                           Partner in a like amount and on like terms);

                           (iii) The definition of Majority-In-Interest of the
                  Limited Partners set forth in Section 1.1 thereof is hereby
                  amended by the deletion of the words "existing Limited
                  Partners," and by the substitution of the words "Limited
                  Partners as at April 1, 1998," in their place and stead.

                           (iv) The definition of Percentage Interest set forth
                  in Section 1.1 thereof is hereby amended by the deletion of
                  such definition in its entirety and by the substitution of the
                  following new definition in its place and stead:

                                    "Percentage Interest" shall mean, with
                           respect to any Partner at any time, the percentage
                           ownership interest of such Partner in the Partnership
                           at such time, which percentage ownership interest
                           shall be equal to the quotient of the number of
                           Common Units owned by such Partner at such time
                           divided by the aggregate number of issued and
                           outstanding Common Units at such time, and any Series
                           A Preferred Units owned by such Partner at such time
                           shall be disregarded for such purpose. The Percentage
                           Interest of each Partner on the date hereof is set
                           forth opposite its name on Exhibit A.

                           (v) The definition of Units set forth in Section 1.1
                  thereof is hereby amended by the deletion of such definition
                  in its entirety and by the substitution of the following new
                  definition in its place and stead:

                                    "Units" shall mean the partnership units in
                           the Partnership established and issued from time to
                           time in accordance with the terms hereof, including
                           without limitation Common Units and Series A
                           Preferred Units. The number and designation of all
                           Units held by each Partner is set forth opposite such
                           Partner's name on Exhibit A.

                  4. LOCATION OF THE PRINCIPAL PLACE OF BUSINESS. Article II of
         the Second Restated Partnership Agreement is hereby amended by the
         deletion of Section 2.4 thereof in its entirety and by the substitution
         of the following new Section 2.4 in its place and stead:

                           2.4 LOCATION OF THE PRINCIPAL PLACE OF BUSINESS. The
                  location of the principal place of business of the Partnership
                  shall be at 110 North Wacker Drive, Chicago, Illinois 60606,
                  or at such other location as shall be selected by the General
                  Partner from time to time in its sole discretion.

                  5. GENERAL PARTNER CONTRIBUTION. Article IV of the Second
         Restated Partnership Agreement is hereby amended by the deletion of the
         first sentence of Section 4.1 thereof and by the substitution of the
         following new sentence in its place and stead:

                                      -3-

<PAGE>

                  The General Partner has contributed to the Partnership as its
                  Capital Contribution the cash and property reflected in the
                  Partnership's books and records as having been contributed by
                  it, including without limitation the cash being contributed by
                  the General Partner to the Partnership contemporaneously with
                  the execution hereof in connection with the PIERS Offering.

                  6. ADDITIONAL FUNDS. Article IV of the Second Restated
         Partnership Agreement is hereby amended by the deletion of Subsection
         4.3(b) thereof in its entirety and by the substitution of the following
         new Subsection 4.3(b) in its place and stead:

                           (b) Effective on each Adjustment Date, the
                  Partnership shall issue to the General Partner (i) with
                  respect to Contributed Funds relating to an issuance by the
                  General Partner of Common Stock, the number of additional
                  Common Units equal to the product of (x) the number of shares
                  of Common Stock issued by the General Partner in connection
                  with obtaining such Contributed Funds, and (y) the Conversion
                  Factor, and (ii) with respect to Contributed Funds relating to
                  an issuance by the General Partner of Series A Preferred
                  Shares, an equal number of Series A Preferred Units. The
                  General Partner promptly shall provide the Limited Partners
                  with notice of the issuance of any such Units.

                  7. STOCK INCENTIVE PLAN. Article IV of the Second Restated
         Partnership Agreement is hereby amended by the deletion of Subsection
         4.4(b) thereof in its entirety and by the substitution of the following
         new Subsection 4.4(b) in its place and stead:

                           (b) the Partnership shall issue to the General
                  Partner, with respect to any exercise of Incentive Options,
                  the number of additional Common Units equal to the product of
                  (i) the number of shares of Common Stock issued by the General
                  Partner in connection with such exercise of Incentive Options,
                  multiplied by (ii) the Conversion Factor.

                  8. ESTABLISHMENT OF SERIES A PREFERRED UNITS. Article IV of
         the Second Restated Partnership Agreement is hereby amended by the
         insertion of the following new Sections 4.7, 4.8, 4.9 and 4.10:

                           4.7. ESTABLISHMENT OF SERIES A PREFERRED UNITS. A
                  series of preferred units of the Partnership designated as
                  Series A Preferred Units is hereby established and shall have
                  such preferences and other rights as are described herein. The
                  maximum number of Series A Preferred Units which may be issued
                  by the Partnership from time to time shall be 345,000, and the
                  number of Series A Preferred Units set forth on Schedule A
                  hereto opposite the name of the General Partner are hereby
                  issued to the General Partner in exchange for the capital
                  contribution being made by the General Partner concurrently
                  herewith. Any Series A Preferred Units which may be issued and
                  are thereafter cancelled or converted into Common Units in
                  accordance with the terms hereof shall be retired, and the
                  Partnership shall not reissue any such Series A Preferred
                  Units.

                                      -4-

<PAGE>

                           4.8. RANK OF THE SERIES A PREFERRED UNITS. The Series
                  A Preferred Units shall, with respect to distribution rights
                  and rights upon liquidation, dissolution or winding up of the
                  Partnership, rank senior to the Common Units.

                           4.9. MANDATORY REDEMPTION OF SERIES A PREFERRED
                  UNITS. On July 15, 2008, (a) the Partnership shall redeem each
                  Series A Preferred Unit then outstanding for a purchase price
                  equal to the entire liquidation preference then payable with
                  respect to such Series A Preferred Unit as provided in Section
                  7.8 below (including without limitation any and all accrued
                  and unpaid distributions with respect thereto), and (b) each
                  Series A Preferred Unit shall thereupon be deemed cancelled,
                  and all rights hereunder with respect to such cancelled Series
                  A Preferred Units, including without limitation all rights to
                  distributions and liquidation preferences, shall cease.

                           4.10. CONVERSION OF SERIES A PREFERRED UNITS. Series
                  A Preferred Units shall be converted into Common Units in
                  accordance with the following:

                                    (a) If any Series A Preferred Shares shall
                           be converted into shares of Common Stock pursuant to
                           the exercise of any such right by either the General
                           Partner or the holder of such Series A Preferred
                           Shares, then that number of Series A Preferred Units
                           which is equal to the number of Series A Preferred
                           Shares so converted shall simultaneously and without
                           further action or notice be converted into that
                           number of Common Units which is equal to the product
                           of (i) the number of shares of Common Stock into
                           which such Series A Preferred Shares were converted,
                           multiplied by (ii) the Conversion Factor.

                                    (b) If the General Partner shall redeem any
                           Series A Preferred Shares for cash in a transaction
                           in which the redemption price thereof (other than the
                           portion thereof equal to the then accumulated and
                           unpaid dividends thereon) is payable directly out of
                           the sale proceeds of then newly issued shares of
                           Common Stock (and to the extent that such sale
                           proceeds are so used, the General Partner shall be
                           relieved of the obligation to contribute such sale
                           proceeds to the capital of the Partnership pursuant
                           to Section 4.3(a)(2) hereof), then that number of
                           Series A Preferred Units which is equal to the number
                           of Series A Preferred Shares so redeemed shall
                           simultaneously and without further action or notice
                           be converted into that number of Common Units which
                           is equal to the product of (i) the number of shares
                           of Common Stock issued and sold by the General
                           Partner to generate the sale proceeds used to redeem
                           such Series A Preferred Shares, multiplied by (ii)
                           the Conversion Factor.

                  9. DISTRIBUTIONS WITH RESPECT TO COMMON UNITS. Article V of
         the Second Restated Partnership Agreement is hereby amended by (a)
         deleting the caption of Section 5.2 thereof and substituting the
         caption "DISTRIBUTIONS WITH RESPECT TO COMMON UNITS" in its place and
         stead, and (b) deleting the word "The" from the beginning of Subsection

                                      -5-

<PAGE>

         5.2(a) thereof, and by substituting the words "Except as otherwise
         expressly provided in Section 5.9 below, the" in its place and stead.

                  10. DISTRIBUTIONS WITH RESPECT TO SERIES A PREFERRED UNITS.
         Article V of the Second Restated Partnership Agreement is hereby
         further amended by the insertion of the following new Section 5.9:

                           5.9. DISTRIBUTIONS WITH RESPECT TO SERIES A PREFERRED
                  UNITS. Holders of Series A Preferred Units shall have the
                  following preferences and rights with respect to
                  distributions:

                                    (a) With respect to each quarterly
                           distribution period commencing on (and including) the
                           fifteenth day of each January, April, July and
                           October and ending on (and including) the fourteenth
                           day of the next succeeding such month (other than the
                           initial distribution period, which shall commence on
                           June 10, 1998 and end on and include October 14,
                           1998), the holders of Series A Preferred Units of
                           record as of the first day of the month in which the
                           applicable Series A Preferred Units Distribution
                           Payment Date falls, or as of such other date as the
                           General Partner shall designate which is not more
                           than 30 days nor less than 10 days prior to such
                           Series A Preferred Units Distribution Payment Date,
                           shall be entitled to receive cumulative preferential
                           distributions of Net Operating Cash Flow, when, as
                           and if declared by the General Partner on behalf of
                           the Partnership, in an amount per Series A Preferred
                           Unit equal to the greater of (i) 7.25% of the
                           $1,000.00 liquidation preference for such Series A
                           Preferred Unit divided by four (equivalent to a fixed
                           quarterly amount of $18.125 per Series A Preferred
                           Unit), and (ii) the amount of the quarterly cash
                           distribution paid or payable as of the Series A
                           Preferred Units Distribution Payment Dates with
                           respect to that number of Common Units into which
                           such Series A Preferred Unit is then convertible as
                           provided herein. Notwithstanding the foregoing, the
                           amount of the distribution payable with respect to
                           the initial distribution period, which shall commence
                           on June 10, 1998 and end on and include October 14,
                           1998, and with respect to any other distribution
                           period which is shorter or longer than a full
                           quarterly distribution period as described above,
                           shall be prorated and computed on the basis of twelve
                           30-day months and a 360-day year. Such distributions
                           shall accumulate and be cumulative from June 10,
                           1998, and shall be payable quarterly in arrears on or
                           before each Series A Preferred Units Distribution
                           Payment Date. Accrued but unpaid distributions on the
                           Series A Preferred Units shall accumulate as of the
                           Series A Preferred Units Distribution Payment Date on
                           which they first become payable. No interest, or sum
                           or money in lieu of interest, shall be payable in
                           respect of any distribution payment or payments on
                           Series A Preferred Units which may be in arrears. To
                           the extent of any such accrued and unpaid
                           distributions on the Series A Preferred Units, a
                           distribution with respect to the Series A Preferred
                           Units may be declared and paid at any time, without
                           reference to any Series A Preferred Units

                                      -6-

<PAGE>

                           Distribution Payment Date, to holders on such date,
                           not exceeding 45 days preceding the payment date
                           thereof, as may be fixed by the General Partner.

                                    (b) In no event shall any distributions with
                           respect to Series A Preferred Units be authorized,
                           paid or set apart for payment at any time if (i) the
                           terms and provisions of any agreement to which the
                           Partnership is a party or by which it is bound,
                           including any agreement relating to its indebtedness,
                           prohibits such authorization, payment or setting
                           apart for payment, or provides that such
                           authorization, payment or setting apart for payment
                           would constitute a breach thereof or a default
                           thereunder, or (ii) such authorization, payment or
                           setting apart for payment is restricted or prohibited
                           by law. In any such event, distributions with respect
                           to the Series A Preferred Units shall accrue in
                           accordance with the terms hereof whether or not there
                           is sufficient Net Operating Cash Flow for such
                           distributions and whether or not such distributions
                           are authorized.

                                    (c) If the Partnership has not authorized
                           and paid full cumulative distributions with respect
                           to the Series A Preferred Units for all past
                           distribution periods and the then current
                           distribution period, or has not authorized and set
                           apart a sum sufficient for the payment thereof, then
                           the Partnership shall not authorize, pay or set aside
                           for payment any distributions with respect to the
                           Common Units (other than distributions made in the
                           form of Common Units), nor shall the Partnership
                           redeem, purchase or otherwise acquire any Common
                           Units (or set apart any monies as a sinking fund for
                           such purpose) for any consideration other than Common
                           Stock (including without limitation in connection
                           with the exercise of Rights).

                                    (d) Holders of the Series A Preferred Units
                           shall not be entitled to any distribution, whether
                           payable in cash, property or Units, in excess of the
                           full cumulative distribution with respect to the
                           Series A Preferred Units as described herein. Any
                           distribution made with respect to the Series A
                           Preferred Units shall first be credited against the
                           earliest accrued but unpaid distribution with respect
                           to such Series A Preferred Units.

                  11. ALLOCATIONS. Exhibit C of the Second Restated Partnership
         Agreement, describing the allocations of the Net Income, Net Loss
         and/or other Partnership items, is hereby amended by the deletion of
         such Exhibit C in its entirety, and the document identified as Exhibit
         C attached hereto is hereby substituted in its place and stead.

                  12. DISTRIBUTIONS ON DISSOLUTION. Article VII of the Second
         Restated Partnership Agreement is hereby amended by the deletion of
         Subsection 7.2(d) thereof in its entirety and by the substitution of
         the following new subsections in its place and stead:

                           (d) Payment to the holders of Series A Preferred
                  Units in accordance with the terms of Section 7.8 below (and
                  to each holder thereof pro rata based on the

                                      -7-

<PAGE>

                  proportion of the total number of outstanding Series A
                  Preferred Units represented by such holder's Series A
                  Preferred Units); and

                           (e) To the Partners holding Common Units in
                  accordance with their respective Percentage Interests.

                  13. LIQUIDATION PREFERENCE OF SERIES A PREFERRED UNITS.
         Article VII of the Second Restated Partnership Agreement is hereby
         amended by the insertion of the following new Section 7.8:

                           7.8. LIQUIDATION PREFERENCE OF SERIES A PREFERRED
                  UNITS. The holders of Series A Preferred Units shall have the
                  following rights and preferences with respect to liquidation
                  of the Partnership:

                                    (a) Upon any voluntary or involuntary
                           liquidation, dissolution or winding up of the affairs
                           of the Partnership, the holders of Series A Preferred
                           Units then outstanding shall be entitled to be paid,
                           out of the assets of the Partnership available for
                           distribution to the Partners pursuant to Section 7.2
                           hereof, a liquidation preference of $1,000.00 per
                           Series A Preferred Unit, plus an amount equal to any
                           accrued and unpaid distribution with respect to such
                           Series A Preferred Unit through the date of payment,
                           before any distribution of assets shall be made to
                           holders of Common Units.

                                    (b) If, upon any such voluntary or
                           involuntary liquidation, dissolution or winding up of
                           the affairs of the Partnership, the available assets
                           of the Partnership are insufficient to pay the amount
                           of the liquidating distribution preference on all
                           outstanding Series A Preferred Units, then such
                           assets shall be allocated among the holders of Series
                           A Preferred Units in proportion to the full
                           liquidating distribution preferences to which they
                           would otherwise be respectively entitled.

                                    (c) After payment of the full amount of the
                           liquidating distribution preferences to which they
                           are entitled, the holders of Series A Preferred Units
                           shall not have any right or claim to any of the
                           remaining assets of the Partnership with respect to
                           their Series A Preferred Units. Neither the
                           consolidation or merger of the Partnership with or
                           into any other partnership, corporation, trust or
                           other entity, or the sale, lease or conveyance of all
                           or substantially all of the Partnership's property or
                           business, shall be deemed to constitute a
                           liquidation, dissolution or winding up of the
                           Partnership for purposes of this Section 7.8.

                  14. ISSUANCE OF ADDITIONAL COMMON UNITS. Article VIII of the
         Second Restated Partnership Agreement is hereby amended by the deletion
         of Section 8.3 thereof in its entirety and by the substitution of the
         following new Section 8.3 in its place and stead:

                                      -8-

<PAGE>

                           8.3 ISSUANCE OF ADDITIONAL COMMON UNITS. At any time
                  without the consent of any Partner, but subject to the
                  provisions of Section 8.4 hereof, the General Partner may,
                  upon its determination that the issuance of additional Common
                  Units ("Additional Units") is in the best interests of the
                  Partnership, cause the Partnership to issue Additional Units
                  to and admit as a limited partner in the Partnership, any
                  Person (the "Additional Partner") in exchange for the
                  contribution by such Person of cash and/or property desirable
                  to further the purposes of the Partnership under Section 2.3
                  hereof. The number of Additional Units issued to any
                  Additional Partner shall be equal to the product of the (a)
                  Conversion Factor multiplied by (b) the quotient of (i) the
                  Gross Asset Value of the property contributed by the
                  Additional Partner (net of liabilities assumed by the
                  Partnership in connection with the contribution of such
                  property to the Partnership or to which such property is
                  subject) as of the date of contribution (the "Contribution
                  Date") divided by (ii) Current Per Share Market Price in
                  respect of such transaction, and the General Partner may admit
                  an Additional Partner to the Partnership upon such other terms
                  as it deems appropriate. The General Partner shall be
                  authorized on behalf of each of the Partners to amend this
                  Agreement to reflect the admission of any Additional Partner
                  in accordance with the provisions of this Section 8.3 in the
                  event that the General Partner deems such amendment to be
                  desirable, and the General Partner promptly shall deliver a
                  copy of such amendment to each Limited Partner.
                  Notwithstanding anything contained herein to the contrary, an
                  Additional Partner that acquires Additional Units pursuant to
                  this Section 8.3 shall not acquire any interest in, and may
                  not exercise or otherwise participate in, any Rights pursuant
                  to the Rights Agreements unless they are expressly granted
                  such rights.

                  15. NEW EXHIBIT A. Exhibit A to the Second Restated
         Partnership Agreement, identifying the Partners and their respective
         interests, is hereby amended by deleting such Exhibit A in its entirety
         and by substituting Exhibit A attached hereto in its place and stead.

                  16. OTHER PROVISIONS UNAFFECTED. Except as expressly amended
         hereby, the Second Restated Partnership Agreement shall remain in full
         force and effect in accordance with its terms.

         IN WITNESS WHEREOF, the undersigned have executed this First Amendment
as of the day and year first above written.

GENERAL PARTNER:

GENERAL GROWTH PROPERTIES, INC.,
 a Delaware corporation

By:  /s/ Bernard Freibaum
   ----------------------------
   Its:  Executive Vice President/CFO

                                      -9-

<PAGE>

LIMITED PARTNERS:

M.B. CAPITAL PARTNERS III, a South
Dakota general partnership

By:      GENERAL TRUST COMPANY, not
         individually but solely as Trustee
         of Martin Investment Trust G, a partner

         By: /s/ Marshall E. Eisenberg
            -----------------------------
               Its:  President

                                      -10-

<PAGE>

                                    EXHIBIT A

<TABLE>
<CAPTION>
                                                 NUMBER OF            PERCENTAGE         NUMBER OF SERIES A
                                               COMMON UNITS            INTEREST           PREFERRED UNITS
                                               ------------            --------           ---------------

<S>                                          <C>                       <C>                 <C>
GENERAL PARTNER:
----------------

General Growth Properties, Inc.              35,542,256.5822           65.0032             300,000.00

LIMITED PARTNERS:
-----------------

M.B. Capital Partners III                    15,555,864.0240           28.4501                      0
Stanley Richards Revocable Trust                149,706.3938            0.2738                      0
Joe W. Lowrance                                  57,620.0000            0.1054                      0
LWLDA Limited Partnership                        45,223.0000            0.0827                      0
Brent M. Milgrom                                 57,620.0000            0.1054                      0
GDC/A&B Limited Partnership                      45,223.0000            0.0827                      0
Edward S. Brown                                  25,000.0000            0.0457                      0
Lawrence A. Brown                                17,647.0000            0.0323                      0
Merrill H.J. Roth                                29,024.0000            0.0531                      0
The Roth Family
  Limited Partnership                            22,308.0000            0.0408                      0
Arthur B. Morgenstern                            54,625.0000            0.0999                      0
Joseph Straus, Jr.                               78,017.0000            0.1427                      0
Warren Weiner and Penny
  Weiner, Husband and Wife,
  as Tenants-by-the-Entirety                     15,855.5000            0.0290                      0
Joint Revocable Trust of
  Marvin Rounick and Judy
  Rounick                                        15,855.5000            0.0290                      0
Arthur Bruce Associates                          31,711.0000            0.0580                      0
Marvin Rounick and
  Judy Rounick, Husband
  and Wife, as Tenants-by-
  the-Entirety                                   55,670.0000            0.1018                      0
Joint Revocable Trust of
  Warren and Penny Weiner                        18,557.0000            0.0339                      0
Irrevocable Trust of
  Warren Weiner dated
  January 24, 1978 F/B/O
  Robyn Weiner                                   18,557.0000            0.0339                      0
Irrevocable Trust of
  Warren Weiner dated
  January 24, 1978 F/B/O
  Kimberly Weiner                                18,557.0000            0.0339                      0
Forbes/Cohen Properties                         801,842.0000            1.4665                      0
Jackson Properties                              346,795.0000            0.6343                      0
Lakeview Square Properties                      296,363.0000            0.5420                      0
CA Southlake Investors, Ltd.                    353,537.0000            0.6466                      0
Peter D. Leibowits                              518,833.0000            0.9489                      0
Southwest Properties Venture                    505,420.0000            0.9244                      0
                                                ------------            ------                     --

Total Units:                                 54,677,687.0000          100.0000             300,000.00
                                             ===============          ========             ==========
</TABLE>

                                      -11-

<PAGE>

                                    EXHIBIT C

                                   ALLOCATIONS

1.       Allocation of Net Income and Net Loss.

         (a) Net Income. Except as otherwise provided herein, Net Income for any
fiscal year or other applicable period shall be allocated in the following order
and priority:

                  (1) First, to the holders of the Series A Preferred Units
         until the cumulative amount of Net Income allocated to them pursuant to
         this subparagraph (a)(1) for such period and all prior periods equals
         the cumulative amount of the Net Losses allocated to them pursuant to
         subparagraph (b)(2) below for all prior periods;

                  (2) Second, to the holders of the Series A Preferred Units
         until the cumulative amount of Net Income allocated to them pursuant to
         this subparagraph (a)(2) equals the cumulative amount of accrued
         distributions in respect of the Series A Preferred Stock for such
         period and all prior periods (whether or not declared or paid);

                  (3) Third, to the General Partner until the cumulative amount
         of Net Income allocated to it pursuant to this subparagraph (3) for
         such period and all prior periods equals the cumulative amount of Net
         Losses allocated to the General Partner pursuant to subparagraph (b)(3)
         below for all prior periods; and

                  (4) Fourth, to the Partners holding Common Units, until the
         cumulative Net Income allocated to them pursuant to this subparagraph
         (a)(4) for such period and all prior periods equals the cumulative Net
         Losses allocated to them pursuant to subparagraph (b)(1) hereof for all
         prior periods (such allocation to be among the Partners holding Common
         Units in the reverse order that such Net Losses were allocated to
         them); and

                  (5) Thereafter, the balance of the Net Income, if any, shall
         be allocated to the Partners holding Common Units in accordance with
         their respective Percentage Interests.

         (b) Net Loss. Except as otherwise provided herein, Net Loss of the
Partnership for each fiscal year or other applicable period shall be allocated
as follows:

                  (1) First, to the Partners holding Common Units in accordance
         with their respective Percentage Interests (provided, however, that to
         the extent any Net Loss allocated to a Partner holding Common Units
         under this subparagraph (b)(1) would cause such Partner (hereinafter, a
         "Restricted Partner") to have an Adjusted Capital Account Deficit as of
         the end of the fiscal year to which such Net Loss relates, such Net
         Loss shall not be allocated to such Restricted Partner but shall
         instead, to the extent possible, be allocated to the other Partner(s)
         (hereinafter, the "Permitted Partners") pro rata in accordance with
         their relative Percentage Interests (for this purpose, a Partner's
         Adjusted Capital Account Deficit shall be determined by disregarding
         any capital contributed by

                                      -12-

<PAGE>

         the Partner to the Partnership that is attributable to the Partner's
         Series A Preferred Units));

                  (2) Second, to the holders of the Series A Preferred Units,
         pro-rata, in accordance with the number of Units held by them, until
         the cumulative amount of Net Loss allocated to them under this
         subparagraph (b)(2) for such period and all prior periods equals the
         capital contributed by such holders to the Partnership with respect to
         their Series A Preferred Units; and

                  (3) Third, to the General Partner.

2.       Special Allocations.

         Notwithstanding any provisions of paragraph 1 of this Exhibit C, the
following special allocations shall be made in the following order:

         (a) Minimum Gain Chargeback (Nonrecourse Liabilities). If there is a
net decrease in Partnership Minimum Gain for any Partnership fiscal year (except
as a result of conversion or refinancing of Partnership indebtedness, certain
capital contributions or revaluation of the Partnership property as further
outlined in Regulation Sections 1.704-2(d)(4), (f)(2) or (f)(3)), each Partner
shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to that Partner's share
of the net decrease in Partnership Minimum Gain. The items to be so allocated
shall be determined in accordance with Regulation Section 1.704-2(f). This
paragraph (a) is intended to comply with the minimum gain chargeback requirement
in said section of the Regulations and shall be interpreted consistently
therewith. Allocations pursuant to this paragraph (a) shall be made in
proportion to the respective amounts required to be allocated to each Partner
pursuant hereto.

         (b) Minimum Gain Attributable to Partner Nonrecourse Debt . If there is
a net decrease in Minimum Gain Attributable to Partner Nonrecourse Debt during
any fiscal year (other than due to the conversion, refinancing or other change
in the debt instrument causing it to become partially or wholly nonrecourse,
certain capital contributions, or certain revaluations of Partnership property
as further outlined in Regulation Section 1.704-2(i)(4)), each Partner shall be
specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to that Partner's share of the
net decrease in the Minimum Gain Attributable to Partner Nonrecourse Debt. The
items to be so allocated shall be determined in accordance with Regulation
Section 1.704-2(i)(4) and (j)(2). This paragraph (b) is intended to comply with
the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt
contained in said section of the Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this paragraph (b) shall be made
in proportion to the respective amounts required to be allocated to each Partner
pursuant hereto.

         (c) Qualified Income Offset. In the event a Limited Partner
unexpectedly receives any adjustments, allocations or distributions described in
Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such Limited
Partner has an Adjusted Capital Account Deficit, items of Partnership income and
gain shall be specially allocated to such Partner in an

                                      -13-

<PAGE>

amount and manner sufficient to eliminate the Adjusted Capital Account Deficit
as quickly as possible. This paragraph (c) is intended to constitute a
"qualified income offset" under Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.

         (d) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year
or other applicable period shall be allocated to the Partners in accordance with
their respective Percentage Interests.

         (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for
any fiscal year or other applicable period shall be specially allocated to the
Partner that bears the economic risk of loss for the debt (i.e., the Partner
Nonrecourse Debt) in respect of which such Partner Nonrecourse Deductions are
attributable (as determined under Regulation Section 1.704-2(b)(4) and (i)(1).

         (f) Precontribution Gain. In the event that, during any fiscal year or
other applicable period, any Property Partnership allocates to the Partnership
Precontribution Gain, each Partner (or its successors in interest) who
heretofore contributed to the capital of the Partnership an interest in such
Property Partnership shall be allocated that Precontribution Gain in accordance
with its respective interest in such Precontribution Gain. For purposes hereof,
"Precontribution Gain" shall mean, with respect to each Shopping Center Project
owned by an existing Property Partnership, that unrealized gain attributable to
the excess of (a) the fair market value of such Shopping Center Project on April
15, 1993, over (b) the adjusted tax basis of such Shopping Center Project on
such date; provided, however, that the amount of any Precontribution Gain
associated with a Shopping Center Project shall be adjusted to account for
allocations made in accordance with the provisions of Section 3(c) of this
Exhibit C and shall not, in any event, exceed that amount of gain actually
allocated to the Partnership by the Property Partnership as a result of the sale
or other disposition of such Shopping Center Project.

         (g) Curative Allocations. The Regulatory Allocations shall be taken
into account in allocating other items of income, gain, loss, and deduction
among the Partners so that, to the extent possible, the cumulative net amount of
allocations of Partnership items under paragraphs 1 and 2 of this Exhibit C
shall be equal to the net amount that would have been allocated to each Partner
if the Regulatory Allocations had not occurred. This subparagraph (g) is
intended to minimize to the extent possible and to the extent necessary any
economic distortions which may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith. For
purposes hereof, "Regulatory Allocations" shall mean the allocations provided
under this paragraph 2.

3.       Tax Allocations.

         (a) Generally. Subject to paragraphs (b) and (c) hereof, items of
income, gain, loss, deduction and credit to be allocated for income tax purposes
(collectively, "Tax Items") shall be allocated among the Partners on the same
basis as their respective book items.

         (b) Sections 1245/1250 Recapture. If any portion of gain from the sale
of property is treated as gain which is ordinary income by virtue of the
application of Code Sections 1245 or

                                      -14-

<PAGE>

1250 ("Affected Gain"), then (A) such Affected Gain shall be allocated among the
Partners in the same proportion that the depreciation and amortization
deductions giving rise to the Affected Gain were allocated and (B) other Tax
Items of gain of the same character that would have been recognized, but for the
application of Code Sections 1245 and/or 1250, shall be allocated away from
those Partners who are allocated Affected Gain pursuant to Clause (A) so that,
to the extent possible, the other Partners are allocated the same amount, and
type, of capital gain that would have been allocated to them had Code Sections
1245 and/or 1250 not applied. For purposes hereof, in order to determine the
proportionate allocations of depreciation and amortization deductions for each
fiscal year or other applicable period, such deductions shall be deemed
allocated on the same basis as Net Income and Net Loss for such respective
period.

         (c) Allocations Respecting Section 704(c) and Revaluations; Curative
Allocations Resulting from the Ceiling Rule. Notwithstanding paragraph (b)
hereof, Tax Items with respect to Partnership property that is subject to Code
Section 704(c) and/or Regulation Section 1.704-1(b)(2)(iv)(f) (collectively
"Section 704(c) Tax Items") shall be allocated in accordance with said Code
section and/or Regulation Section 1.704-1(b)(4)(i), as the case may be. The
allocation of Tax Items shall be in accordance with the "traditional method" set
forth in Treas. Reg. Section 1.704-3(b)(1), unless otherwise determined by the
General Partner, and shall be subject to the ceiling rule stated in Regulation
Section 1.704-3(b)(1). The General Partner is authorized to specially allocate
Tax Items (other than the Section 704(c) Tax Items) to cure for the effect of
the ceiling rule. The intent of this Section 3(c) and Section 2(f) above is that
each Partner who contributed to the capital of the Partnership a partnership
interest in an existing Property Partnership will bear, through reduced
allocations of depreciation and increased allocations of gain or other items,
the tax detriments associated with any Precontribution Gain and this Section
3(c) and Section 2(f) are to be interpreted consistently with such intent.

                                      -15-

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