Document:

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                                                                EXHIBIT 10(p)

                          REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and
entered into as of May 25, 2000 by and between GENERAL GROWTH PROPERTIES, INC.,
a Delaware corporation (the "Company"), and GOLDMAN SACHS 2000 EXCHANGE PLACE
FUND, L.P., a Delaware limited partnership (the "Holder").

          WHEREAS, the Holder is receiving on the date hereof Preferred Units of
limited liability company interest ("Units") in GGPLP L.L.C, a Delaware limited
liability company (the "LLC");

          WHEREAS, in connection therewith, the Company has agreed to grant to
the Holder the Registration Rights (as defined in Section 1 hereof);

          NOW, THEREFORE, the parties hereto, in consideration of the foregoing
and the mutual covenants and agreements hereinafter set forth, hereby agree as
follows:

SECTION 1.  REGISTRATION RIGHTS

          If Holder receives REIT Preferred Shares (including depositary shares
representing fractions of REIT Preferred Shares) or Common Shares (each as
defined in the Amended and Restated Operating Agreement of the LLC dated as of
the date hereof (as amended from time to time, the "Operating Agreement")) of
the Company upon exchange of Units (the "Covered Shares") pursuant to the
Operating Agreement, then, unless such Covered Shares are issued to the Holder
pursuant to an Issuer Registration Statement as provided in Section 2 below,
Holder shall be entitled to offer for sale pursuant to a shelf registration
statement, the Covered Shares, subject to the terms and conditions set forth in
Section 3 hereof (the "Registration Rights").

SECTION 2.  ISSUER REGISTRATION STATEMENT

          Anything contained herein to the contrary notwithstanding, in the
event that the Covered Shares are issued by the Company to Holder pursuant to an
effective registration statement (an "Issuer Registration Statement") filed with
the Securities and Exchange Commission (the "Commission"), the Company shall be
deemed to have satisfied all of its registration obligations under this
Agreement with respect to such Covered Shares.

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SECTION 3.  DEMAND REGISTRATION RIGHTS

          3.1 (a) Registration Procedure. Unless such Covered Shares are issued
pursuant to an Issuer Registration Statement as provided in Section 2 hereof,
then subject to Sections 3.1(c) and 3.2 hereof, if the Holder desires to
exercise Registration Rights with respect to the Covered Shares, the Holder
shall deliver to the Company a written notice (a "Registration Notice")
informing the Company of such exercise and specifying the number of shares to be
offered by such Holder (such shares to be offered, and all additional REIT
Preferred Shares and Common Shares obtainable upon exchange of Units which the
Company elects to register in a registration hereunder, being referred to herein
as the "Registrable Securities"). Such notice may be given at any time on or
after the date a notice of exchange is delivered by the Holder to the LLC
pursuant to the Operating Agreement, but must be given at least fifteen (15)
Business Days prior to the date on which the Holder proposes to consummate the
sale of Registrable Securities. As used in this Agreement, a "Business Day" is
any Monday, Tuesday, Wednesday, Thursday or Friday other than a day on which
banks and other financial institutions are authorized or required to be closed
for business in the State of New York. Upon receipt of the Registration Notice,
the Company, if it has not already caused the Registrable Securities to be
included as part of an existing shelf registration statement (prior to the
filing of which the Company shall have given ten (10) Business Days notice to
the Holder) and related prospectus that the Company then has on file with the
Commission (the "Shelf Registration Statement") (in which event the Company
shall be deemed to have satisfied its registration obligation under this Section
3), will cause to be filed with the Commission as soon as reasonably practicable
after receiving the Registration Notice a new registration statement and related
prospectus that may include only the Covered Shares that are the subject of the
Registration Notice or, at the election of the Company, all REIT Preferred
Shares and Common Shares obtainable upon exchange of Units (in which event the
Company shall be deemed to have satisfied its registration obligation under this
Section 3 with respect to such shares and all such shares shall constitute
Registrable Securities hereunder and any person receiving such shares upon
exchange of Units shall thereupon be a Holder hereunder) (a "New Registration
Statement") that complies as to form in all material respects with applicable
Commission rules providing for the sale by the Holder of the Registrable
Securities, and agrees (subject to Section 3.2 hereof) to use its reasonable
best efforts to cause such New Registration Statement to be declared effective
by the Commission as soon as practicable. (As used herein, "Registration
Statement" and "Prospectus" refer to the Shelf Registration Statement and
related prospectus (including any preliminary prospectus) or the New
Registration Statement and related prospectus (including any preliminary
prospectus), whichever is utilized by the Company to satisfy Holder's
Registration Rights pursuant to this Section 3, including in each case any
documents incorporated therein by reference.)

          The Holder agrees to provide in writing in a timely manner information
regarding the proposed plan of distribution by the Holder of the Registrable
Securities and such other information reasonably requested by the Company in
connection with the preparation of and for inclusion in the Registration
Statement. The Company agrees

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(subject to Section 3.2 hereof) to use its reasonable best efforts to keep the
Registration Statement effective (including the preparation and filing of any
amendments and supplements necessary for that purpose) until the earlier of (i)
the date on which the sale of all of the Registrable Securities registered under
the Registration Statement is consummated or (ii) the date on which all of the
Registrable Securities are eligible for sale pursuant to Rule 144(k) (or any
successor provision) or in a single transaction pursuant to Rule 144(e) (or any
successor provision) under the Securities Act of 1933, as amended (the "Act").
The Company agrees to provide to Holder a reasonable number of copies of the
final Prospectus and any amendments or supplements thereto.

          Notwithstanding the foregoing, the Company may at any time, in its
sole discretion and prior to receiving any Registration Notice from the Holder,
include all of Holder's Covered Shares or any portion thereof in any Shelf
Registration Statement. In connection with any Registration Statement utilized
by the Company to satisfy Holder's Registration Rights pursuant to this Section
3, Holder agrees that it will respond in writing within ten (10) Business Days
to any request by the Company to provide or verify information regarding Holder
or Holder's Registrable Securities as may be required to be included in such
Registration Statement pursuant to the rules and regulations of the Commission.

          (b) Offers and Sales. All offers and sales by the Holder under the
Registration Statement referred to in this Section 3 shall be completed within
the period during which the Registration Statement is required to remain
effective pursuant to Section 3.1(a) of this Section 3, and upon expiration of
such period Holder will not offer or sell any Registrable Securities under the
Registration Statement. If directed by the Company, the Holder will return all
undistributed copies of the Prospectus in its possession upon the expiration of
such period.

          (c) Limitations on Registration Rights. Each exercise by the Holder of
a Registration Right shall be with respect to a minimum of the lesser of (i) an
amount of Common Shares or depositary shares of REIT Preferred Shares having a
sale price of at least $350,000 or (ii) the total number of Covered Shares held
by the Holder at such time, in each case plus the number of Covered Shares that
may be issued upon exchange of Units by Holder. The right of the Holder to
deliver a Registration Notice commences upon the first date the Holder is
permitted to exchange Units pursuant to the Operating Agreement. The right of
the Holder to deliver a Registration Notice shall expire on the date on which
all of the Covered Shares held by the Holder or issuable upon redemption of
Units held by the Holder are eligible for sale pursuant to Rule 144(k) (or any
successor provision) or in a single transaction pursuant to Rule 144(e) (or any
successor provision) under the Act. The Registration Rights granted pursuant to
this Section 3.1 may be exercised in connection with an underwritten public
offering; provided, that the Company shall have the right to select the
underwriter or underwriters in connection with such public offering, which shall
be subject to the reasonable approval of the Holder.

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          3.2 Suspension of Offering. Upon any notice by the Company, either
before or after the Holder has delivered a Registration Notice, that a
negotiation or consummation of a transaction by the Company or any of its
subsidiaries is pending or an event has occurred, which negotiation,
consummation or event would require additional disclosure by the Company in a
Registration Statement of material information which the Company has a bona fide
business purpose for keeping confidential and the nondisclosure of which in the
Registration Statement might cause the Registration Statement to fail to comply
with applicable disclosure requirements (a "Materiality Notice"), Holder agrees
that (a) it will immediately discontinue offers and sales of the Registrable
Securities under the Registration Statement, until Holder receives copies of a
supplemented or amended Prospectus that corrects the misstatement(s) or
omission(s) referred to above and receives notice that any post-effective
amendment has become effective or (b) that its rights to require the Company to
take action with respect to the registration or sale of any Registrable
Securities pursuant to the Registration Statement shall be suspended for the
period described in the Materiality Notice; provided, that the Company may
delay, suspend or withdraw the Registration Statement for such reason for no
more than ninety (90) days after delivery of the Materiality Notice at any one
time and only once in any 180 day period. If so directed by the Company, Holder
will deliver to the Company all copies of the Prospectus covering the
Registrable Securities current at the time of receipt of any Materiality Notice.

          3.3 Qualification. The Company agrees to use its reasonable best
efforts to register or qualify the Registrable Securities by the time the
applicable Registration Statement is declared effective by the Commission under
all applicable state securities or "blue sky" laws of such jurisdictions as
Holder shall reasonably request in writing, to keep each such registration or
qualification effective during the period such Registration Statement is
required to be kept effective or during the period offers or sales are being
made by Holder after delivery of a Registration Notice to the Company, whichever
is shorter, and to do any and all other acts and things which may be reasonably
necessary or advisable to enable Holder to consummate the disposition in each
such jurisdiction of the Registrable Securities owned by Holder; provided,
however, that the Company shall not be required to (x) qualify generally to do
business in any jurisdiction or to register as a broker or dealer in such
jurisdiction where it would not otherwise be required to qualify but for this
Section 3.3, (y) subject itself to taxation in any such jurisdiction or (z)
submit to the general service of process in any such jurisdiction.

          3.4 Actions by the Company. Whenever the Company is required to effect
the registration of Covered Shares under the Act pursuant to Section 3.1 of this
Agreement, subject to Section 3.2 hereof, the Company shall:

          (a) prepare and file with the Commission (as soon as reasonably
practical after receiving the Registration Notice, and in any event within 60
days after receipt of such Registration Notice) the requisite Registration
Statement to effect such registration, which Registration Statement shall comply
as to form in all material respects with the requirements of the applicable form
and include or incorporate by reference all

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financial statements required by the Commission to be filed therewith, and the
Company shall use its reasonable best efforts to cause such Registration
Statement to become effective; provided, however, that before filing a
Registration Statement or Prospectus or any amendments or supplements thereto,
or comparable statements under securities or blue sky laws of any jurisdiction,
the Company shall (i) provide Holder with an adequate and appropriate
opportunity to provide written comments with respect to of such Registration
Statement and each Prospectus included therein (and each amendment or supplement
thereto or comparable statement) to be filed with the Commission and (ii) not
file any such Registration Statement or Prospectus (or amendment or supplement
thereto or comparable statement) with the Commission to which Holder's counsel
or any underwriter shall have reasonably objected on the grounds that such
filing does not comply in all material respects with the requirements of the Act
or of the rules or regulations thereunder;

          (b) prepare and file with the Commission such amendments and
supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary (i) to keep such Registration Statement effective
and (ii) to comply with the provisions of the Act with respect to the
disposition of the Covered Shares covered by such Registration Statement, in
each case until such time as all of such Covered Shares have been disposed of in
accordance with the intended methods of disposition by the seller(s) thereof set
forth in such Registration Statement; provided, that except with respect to any
Shelf Registration, such period need not extend beyond six months after the
effective date of the Registration Statement; and provided further, that with
respect to any Shelf Registration, such period need not extend beyond the time
period provided in Section 3.1(a), and which periods, in any event, shall
terminate when all the Covered Shares covered by such Registration Statement
have been sold (but not before the expiration of the time period referred to in
Section 4(3) of the Act and Rule 174 thereunder, if applicable);

          (c) furnish, without charge, to the Holder and each underwriter, if
any, of the exchange shares covered by such Registration Statement, such number
of copies of such Registration Statement, each amendment and supplement thereto
(in each case including all exhibits), and the Prospectus included in such
Registration Statement (including each preliminary Prospectus), and other
documents, as the Holder and such underwriter may reasonably request in order to
facilitate the public sale or other disposition of the Covered Shares owned by
the Holder;

          (d) prior to any public offering of Covered Shares, use its best
efforts to register or qualify the Covered Shares covered by such Registration
Statement under such other securities or blue sky laws of such jurisdictions as
the Holder or the sole or lead managing underwriter, if any, may reasonably
request to enable the Holder to consummate the disposition in such jurisdictions
of the Covered Shares owned by the Holder and to continue such registration or
qualification in effect in each such jurisdiction for as long as such
Registration Statement remains in effect (including through new filings or
amendments or renewals), and do any and all other acts and things which may be

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necessary or advisable to enable the Holder to consummate the disposition in
such jurisdictions of the Covered Shares owned by it; provided, however, that
the Company shall not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section, (ii) subject itself to taxation in any such jurisdiction or (iii)
consent to general service of process in any such jurisdiction;

          (e) promptly notify the Holder and the sole or lead managing
underwriter, if any: (i) when the Registration Statement, any pre-effective
amendment, the Prospectus or any prospectus supplement related thereto or
post-effective amendment to the Registration Statement has been filed, and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the Commission or any state
securities or blue sky authority for amendments or supplements to the
Registration Statement or the Prospectus related thereto or for additional
information, (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the initiation or
threat of any proceedings for that purpose, (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification of any
Covered Shares for sale under the securities or blue sky laws of any
jurisdiction or the initiation of any proceeding for such purpose, (v) of the
existence of any fact of which the Company becomes aware or the happening of any
event which results in (A) the Registration Statement containing an untrue
statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statements therein not misleading or (B)
the Prospectus included in such Registration Statement containing an untrue
statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statements therein, in the light of the
circumstances under which they were made, not misleading and (vi) of the
Company's reasonable determination that a post-effective amendment to a
Registration Statement would be appropriate or that there exist circumstances
not yet disclosed to the public which make further sales under such Registration
Statement inadvisable pending such disclosure and post-effective amendment; and,
if the notification relates to an event described in any of the clauses (v) or
(vi) of this Section 3.4(e), subject to Section 3.2, the Company shall promptly
prepare a supplement or post-effective amendment to such Registration Statement
or related Prospectus or any document incorporated therein by reference or file
any other required document so that (1) such Registration Statement shall not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading and (2) as thereafter delivered to the purchasers of the Covered
Shares being sold thereunder, such Prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (and shall furnish to
the Holder and each underwriter, if any, a reasonable number of copies of such
Prospectus so supplemented or amended); and if the notification relates to an
event described in clauses (ii) through (iv) of this Section 3.4(e), the Company
shall use its reasonable best efforts to remedy such matters;

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          (f) make reasonably available for inspection by the Holder, any sole
or lead managing underwriter participating in any disposition pursuant to such
Registration Statement, Holder's counsel and any attorney, accountant or other
agent retained by any such seller or any underwriter material financial and
other relevant information concerning the business and operations of the Company
and the properties of the Company and any subsidiaries thereof as may be in
existence at such time as shall be necessary, in the reasonable opinion of such
Holder's and such underwriters' respective counsel, to enable them to conduct a
reasonable investigation within the meaning of the Act, and cause the Company's
and any subsidiaries' officers, directors and employees, and the independent
public accountants of the Company, to supply such information as may be
reasonably requested by any such parties in connection with such Registration
Statement;

          (g) obtain an opinion from the Company's counsel and a "cold comfort"
letter from the Company's independent public accountants who have certified the
Company's financial statements included or incorporated by reference in such
Registration Statement in customary form and covering such matters as are
customarily covered by such opinions and "cold comfort" letters delivered to
underwriters in underwritten public offerings, which opinion and letter shall be
reasonably satisfactory to the sole or lead managing underwriter, if any, and to
the Holder, and furnish to the Holder participating in the offering and to each
underwriter, if any, a copy of such opinion and letter addressed to the
underwriter;

          (h) in the case of an underwritten offering, make generally available
to its security holders as soon as practicable, but in any event not later than
eighteen months after the effective date of the Registration Statement (as
defined in Rule 158(c)), an earnings statement of the Company and its
subsidiaries (which need not be audited) complying with Section 11(a) of the Act
and the rules and regulations of the Commission thereunder (including, at the
option of the Company, Rule 158);

          (i) use its reasonable best efforts to cause all such Covered Shares
to be listed (i) on the national securities exchange on which the Company's
common shares are then listed or (ii) if common shares of the Company are not at
the time listed on any national securities exchange (or if the listing of
Covered Shares is not permitted under the rules of such national securities
exchange on which the Company's common shares are then listed), on another
national securities exchange;

          (j) furnish to the Holder and the sole or lead managing underwriter,
if any, without charge, at least one manually signed copy of the Registration
Statement and any post-effective amendments thereto, including financial
statements and schedules, all documents incorporated therein by reference and
all exhibits (including those deemed to be incorporated by reference);

          (k) if requested by the sole or lead managing underwriter or the
Holder of Covered Shares, incorporate in a prospectus supplement or
post-effective amendment such information concerning the Holder, the
underwriters or the intended method of

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distribution as the sole or lead managing underwriter or the Holder reasonably
requests to be included therein and as is appropriate in the reasonable judgment
of the Company, including, without limitation, information with respect to the
number of Covered Shares being sold to the underwriters, the purchase price
being paid therefor by such underwriters and any other terms of the underwritten
offering of the Covered Shares to be sold in such offering; and

          (l) use its reasonable best efforts to take all other steps necessary
to expedite or facilitate the registration and disposition of the Covered Shares
contemplated hereby, including obtaining necessary governmental approvals and
effecting required filings; entering into customary agreements (including
customary underwriting agreements, if the public offering is underwritten);
cooperating with the Holder and any underwriters in connection with any filings
required by the National Association of Securities Dealers, Inc. (the "NASD");
providing appropriate certificates not bearing restrictive legends representing
the Covered Shares; and providing a CUSIP number and maintaining a transfer
agent and registrar for the Covered Shares.

          3.5 Indemnification by the Company. The Company agrees to indemnify
and hold harmless the Holder and each person, if any, who controls the Holder
within the meaning of Section 15 of the Act or Section 20 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), as follows:

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

               (ii) against any and all loss, liability, claim and damage
          whatsoever, as incurred, to the extent of the aggregate amount paid in
          settlement of any litigation, or investigation or proceeding by any
          governmental agency or body, commenced or threatened, or of any claim
          whatsoever based upon any such untrue statement or omission, or any
          such alleged untrue statement or omission, if such settlement is
          effected with the written consent of the Company; and

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

provided, however, that the indemnity provided pursuant to this Section 3.5 does
not apply with respect to any loss, liability, claim, damage or expense to the
extent arising out of (A) any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Holder expressly for use in the
Registration Statement (or any amendment thereto) or the Prospectus (or any
amendment or supplement thereto) or (B) the Holder's failure to deliver an
amended or supplemental Prospectus provided to the Holder by the Company if such
loss, liability, claim, damage or expense would not have arisen had such
delivery occurred.

          3.6 Indemnification by the Holder. The Holder (and each permitted
assignee of the Holder, on a several basis) agrees to indemnify and hold
harmless the Company, and each of its trustees/directors and officers (including
each trustee/director and officer of the Company who signed a Registration
Statement), and each person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, as follows:

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

               (ii) against any and all loss, liability, claim, damage and
          expense whatsoever, as incurred, to the extent of the aggregate amount
          paid in settlement of any litigation, or investigation or proceeding
          by any governmental agency or body, commenced or threatened, or of any
          claim

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          whatsoever based upon any such untrue statement or omission, or any
          such alleged untrue statement or omission, if such settlement is
          effected with the written consent of the Holder; and

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

provided, however, that the indemnity provided pursuant to this Section 3.6
shall only apply with respect to any loss, liability, claim, damage or expense
to the extent arising out of (A) any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company by the Holder expressly for use in
the Registration Statement (or any amendment thereto) or the Prospectus (or any
amendment or supplement thereto) or (B) the Holder's failure to deliver an
amended or supplemental Prospectus provided to the Holder by the Company if such
loss, liability, claim, damage or expense would not have arisen had such
delivery occurred. Notwithstanding the provisions of this Section 3.6, the
Holder and any permitted assignee shall not be required to indemnify the
Company, its officers, trustees/directors or control persons with respect to any
amount in excess of the amount of the gross proceeds to the Holder or such
permitted assignee, as the case may be, from sales of the Registrable Securities
of the Holder under the Registration Statement.

          3.7 Conduct of Indemnification Proceedings. An indemnified party
hereunder shall give reasonably prompt notice to the indemnifying party of any
action or proceeding commenced against it in respect of which indemnity may be
sought hereunder, but failure to so notify the indemnifying party (i) shall not
relieve it from any liability which it may have under the indemnity agreement
provided in Section 3.5 or 3.6 above, unless and to the extent it did not
otherwise learn of such action and the lack of notice by the indemnified party
results in the forfeiture by the indemnifying party of substantial rights and
defenses, and (ii) shall not, in any event, relieve the indemnifying party from
any obligations to the indemnified party other than the indemnification
obligation provided under Section 3.5 or 3.6 above. If the indemnifying party so
elects within a reasonable time after receipt of such notice, the indemnifying
party may assume the defense of such action or proceeding at such indemnifying
party's own expense with counsel chosen by the indemnifying party and approved
by the indemnified party, which approval shall not be unreasonably withheld;
provided, however, that the indemnifying party will not settle any such action
or proceeding without the written consent of the indemnified party unless, as a
condition to such settlement, the indemnifying party secures the unconditional
release of the indemnified party; and provided further, that if the indemnified
party reasonably determines that a conflict of interest exists where it is
advisable for the indemnified party

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to be represented by separate counsel or that, upon advice of counsel, there may
be legal defenses available to it which are different from or in addition to
those available to the indemnifying party, then the indemnifying party shall not
be entitled to assume such defense and the indemnified party shall be entitled
to separate counsel at the indemnifying party's expense. If the indemnifying
party is not entitled to assume the defense of such action or proceeding as a
result of the second proviso to the preceding sentence, the indemnifying party's
counsel shall be entitled to conduct the indemnifying party's defense and
counsel for the indemnified party shall be entitled to conduct the defense of
the indemnified party, it being understood that both such counsel will cooperate
with each other to conduct the defense of such action or proceeding as
efficiently as possible. If the indemnifying party is not so entitled to assume
the defense of such action or does not assume such defense, after having
received the notice referred to in the first sentence of this paragraph, the
indemnifying party will pay the reasonable fees and expenses of counsel for the
indemnified party. In such event, however, the indemnifying party will not be
liable for any settlement effected without the written consent of the
indemnifying party. If an indemnifying party is entitled to assume, and assumes,
the defense of such action or proceeding in accordance with this paragraph, the
indemnifying party shall not be liable for any fees and expenses of counsel for
the indemnified party incurred thereafter in connection with such action or
proceeding.

          3.8 Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
Sections 3.5 and 3.6 above is for any reason held to be unenforceable by the
indemnified party although applicable in accordance with its terms, the Company
and the Holder shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity agreement
incurred by the Company and the Holder, (i) in such proportion as is appropriate
to reflect the relative fault of the Company on the one hand and the Holder on
the other, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative fault of, but also
the relative benefits to, the Company on the one hand and the Holder on the
other, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative benefits to the indemnifying party and
indemnified party shall be determined by reference to, among other things, the
gross proceeds received by the indemnifying party and indemnified party in
connection with the offering to which such losses, claims, damages, liabilities
or expenses relate. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the
action in question, including any untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, has been
made by, or relates to information supplied by, the indemnifying party or the
indemnified party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action.

                                      -11-
<PAGE>   12

          The parties hereto agree that it would not be just or equitable if
contribution pursuant to this Section 3.8 were determined by pro rata allocation
or by any other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 3.8, the Holder shall not be
required to contribute any amount in excess of the amount of the gross proceeds
to the Holder from sales of the Registrable Securities of the Holder under the
Registration Statement.

          Notwithstanding the foregoing, no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 3.8, each person, if any, who
controls the Holder within the meaning of Section 15 of the Act shall have the
same rights to contribution as the Holder, and each trustee/director of the
Company, each officer of the Company who signed a Registration Statement and
each person, if any, who controls the Company within the meaning of Section 15
of the Act shall have the same rights to contribution as the Company.

SECTION 4.  EXPENSES

          The Company shall pay all expenses incident to the performance by the
Company of the Company's registration obligations under Sections 2 and 3,
including (i) all stock exchange, Commission and state securities registration,
listing and filing fees, (ii) all expenses incurred in connection with the
preparation, printing and distributing of any Issuer Registration Statement or
Registration Statement and Prospectus and (iii) fees and disbursements of
counsel for the Company and of the independent public accountants of the
Company. The Holder shall be responsible for the payment of any brokerage and
sales commissions, fees and disbursements of the Holder's counsel, accountants
and other advisors and any transfer taxes relating to the sale or disposition of
the Registrable Securities by the Holder pursuant to Section 3 or otherwise.

SECTION 5.   RULE  144 COMPLIANCE

          The Company covenants that it will use its best efforts to timely file
the reports required to be filed by the Company under the Act and the Exchange
Act so as to enable the Holder to sell Registrable Securities pursuant to Rule
144 under the Act. In connection with any sale, transfer or other disposition by
the Holder of any Registrable Securities pursuant to Rule 144 under the Act, the
Company shall cooperate with the Holder to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not
bearing any Act legend, and enable certificates for such Registrable Securities
to be for such number of shares and registered in such names as Holder may
reasonably request at least ten (10) Business Days prior to any sale of
Registrable Securities hereunder.

                                      -12-
<PAGE>   13

SECTION 6.  MISCELLANEOUS

          6.1 Integration; Amendment. This Agreement constitutes the entire
agreement among the parties hereto with respect to the matters set forth herein
and supersedes and renders of no force and effect all prior oral or written
agreements, commitments and understandings among the parties with respect to the
matters set forth herein. Except as otherwise expressly provided in this
Agreement, no amendment, modification or discharge of this Agreement shall be
valid or binding unless set forth in writing and duly executed by the Company
and the Holder.

          6.2 Waivers. No waiver by a party hereto shall be effective unless
made in a written instrument duly executed by the party against whom such waiver
is sought to be enforced, and only to the extent set forth in such instrument.
Neither the waiver by any of the parties hereto of a breach or a default under
any of the provisions of this Agreement, nor the failure of any of the parties,
on one or more occasions, to enforce any of the provisions of this Agreement or
to exercise any right or privilege hereunder shall thereafter be construed as a
waiver of any subsequent breach or default of a similar nature, or as a waiver
of any such provisions, rights or privileges hereunder.

          6.3 Assignment; Successors and Assigns. This Agreement and the rights
granted hereunder may not be assigned by the Holder without the written consent
of the Company; provided, however, that the Holder may assign its rights and
obligations hereunder, following at least ten (10) days prior written notice to
the Company, (i) to the direct equity owners (e.g., partners or members) or
beneficiaries in connection with the transfer of the Holder's Units to its
equity owners or beneficiaries (provided such transfer is made in accordance
with the Operating Agreement and in compliance with applicable federal and state
securities laws) and (ii) to a permitted transferee in connection with a
transfer of the Holder's Units in accordance with the terms of the Operating
Agreement, if, in the case of (i) and (ii) above, such persons agree in writing
to be bound by all of the provisions hereof. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of all of
the parties hereto.

          6.4 Burden and Benefit. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs, executors,
personal and legal representatives, successors and, subject to Section 6.3
above, assigns.

          6.5 Notices. All notices called for under this Agreement shall be in
writing and shall be deemed to have been delivered (i) on the date personally
delivered or (ii) one day after properly sent by recognized overnight courier,
addressed to the respective parties at their address set forth in this Agreement
or (iii) on the day transmitted by facsimile so long as a confirmation copy is
simultaneously forwarded by recognized overnight courier, in each case addressed
to the respective parties at their address set forth on Schedule A. Either party
hereto may designate a different address by providing written notice of such new
address to the other party hereto as provided above.

                                      -13-
<PAGE>   14

          6.6 Specific Performance. The parties hereto acknowledge that the
obligations undertaken by them hereunder are unique and that there would be no
adequate remedy at law if either party fails to perform any of its obligations
hereunder, and accordingly agree that each party, in addition to any other
remedy to which it may be entitled at law or in equity, shall be entitled to (i)
compel specific performance of the obligations, covenants and agreements of the
other party under this Agreement in accordance with the terms and conditions of
this Agreement and (ii) obtain preliminary injunctive relief to secure specific
performance and to prevent a breach or contemplated breach of this Agreement in
any court of the United States or any State thereof having jurisdiction.

          6.7 Governing Law. This Agreement shall be governed by the laws of the
State of New York, without regard, to the fullest extent permitted by law, to
the conflict of laws rules thereof which might result in the application of the
laws of any other jurisdiction.

          6.8 Headings. Section and subsection headings contained in this
Agreement are inserted for convenience of reference only, shall not be deemed to
be a part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.

          6.9 Pronouns. All pronouns and any variations thereof shall be deemed
to refer to the masculine, feminine, neuter, singular or plural, as the identity
of the person or entity may require.

          6.10 Execution in Counterparts. To facilitate execution, this
Agreement may be executed in as many counterparts as may be required. It shall
not be necessary that the signature of or on behalf of each party appears on
each counterpart, but it shall be sufficient that the signature of or on behalf
of each party appears on one or more of the counterparts. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in any
proof of this Agreement to produce or account for more than a number of
counterparts containing the respective signatures of or on behalf of both of the
parties.

          6.11 Severability. If fulfillment of any provision of this Agreement,
at the time such fulfillment shall be due, shall transcend the limit of validity
prescribed by law, then the obligation to be fulfilled shall be reduced to the
limit of such validity; and if any clause or provision contained in this
Agreement operates or would operate to invalidate this Agreement, in whole or in
part, then such clause or provision only shall be held ineffective, as though
not herein contained, and the remainder of this Agreement shall remain operative
and in full force and effect.

                                      -14-
<PAGE>   15

                     [Remainder of Page Intentionally Blank]

                                      -15-
<PAGE>   16

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be duly executed on its behalf as of the date first herein above
set forth.

                                  GENERAL GROWTH PROPERTIES, INC.

                                  By:  /s/:  Ronald L. Gern
                                       ---------------------------------------
                                       Name:  Ronald L. Gern
                                       Title:  Senior vice President and General
                                               Counsel

                                  GOLDMAN SACHS 2000 EXCHANGE
                                  PLACE FUND, L.P.

                                  By:  Goldman Sachs Management
                                        Partners, L.P., as its
                                       general partner

                                  By:  Goldman Sachs Management, Inc.,
                                       as its general partner

                                  By:  /s/:  Eric Lane
                                       --------------------------------------
                                       Name:  Eric Lane
                                       Title:

[Signature Page to Registration Rights Agreement]

<PAGE>   17
                                   SCHEDULE A

General Growth Properties, Inc
110 W. Wacker Drive
Chicago, Illinois 60606.
Attention:  John Bucksbaum

     With a copy to:

     Neal, Gerber & Eisenberg
     Two North LaSalle Street
     Chicago, Illinois 60602
     Attention:  Marshall E. Eisenberg

Goldman Sachs 2000 Exchange Place Fund, L.P.
c/o Goldman, Sachs & Co.
1 New York Plaza, 41st Floor
New York, New York 10004
Attention: Elizabeth C. Groves

     With a copy to:

     Fried, Frank, Harris, Shriver & Jacobson
     One New York Plaza
     New York, NY 10004
     Attention: Lawrence Barshay<PAGE>   1

                                                                    Exhibit 10.1

July 31, 2000

Board of Directors
Take To Auction.Com, Inc.
5555 Anglers Avenue
Suite 16
Fort Lauderdale, FL 33312

         Attn:    Albert Friedman
                  Chief Executive Officer and President

Dear Mr. Friedman:

         This letter confirms the understanding and agreement (the "Agreement")
between Take to Auction.Com, Inc. (together with its subsidiaries and
affiliates, the "Company") and Houlihan Lokey Howard & Zukin Capital ("Houlihan
Lokey") as follows:

         1. ENGAGEMENT; SERVICES; TERM. The Company hereby retains Houlihan
Lokey as its exclusive financial advisor to provide financial advisory and
investment banking services in connection with the possible merger,
consolidation, tender or exchange offer, leveraged buyout, leveraged
recapitalization, acquisition or sale of assets or equity interests, or similar
transaction involving all or a part of the business, assets or equity interests
of the Company and/or its subsidiaries and affiliates in one or more
transactions (each, a "Transaction").

         In addition, Houlihan Lokey is also retained by the Company to act as
exclusive financial advisor and exclusive agent in connection with the Company's
proposed acquisition program. As used in this Agreement, the term Acquisitions
means, whether effected in one transaction or a series of transactions: (a) any
merger, consolidation, reorganization or other business combination pursuant to
which the business of the Company or one or more of its subsidiaries are
combined with that of one or more target companies or their subsidiaries, or (b)
the acquisition, directly or indirectly, by the Company of substantially all of
the assets of one or more target companies or their subsidiaries by way of a
negotiated purchase or otherwise.

         Houlihan Lokey's services for a Transaction will include, if
appropriate or if requested by the Company, (a) reviewing the Company's
financial condition, operations, competitive environment, prospects and related
matters, (b) soliciting, coordinating and evaluating indications of interest and
proposals regarding a Transaction, (c) advising the Company as to the structure
of the Transaction (including the valuation of any non-cash consideration), (d)
negotiating the financial aspects, and facilitating the consummation, of any
Transaction, and (e) providing such other financial advisory and investment
banking services reasonably necessary to accomplish the foregoing.

         For any Acquisition, Houlihan Lokey will identify potential targets and
review their financial condition and future prospects and any other matters
which you and we deem relevant to assist and advise the Company in its analysis
of any Acquisition and will assist you in the negotiation and structuring of the
financial aspects of the proposed Acquisition. Upon Houlihan Lokey's request,
you will furnish us with such material regarding the business and financial
condition of the Company and target(s) as we request, all of which will be, to
your best knowledge, accurate and complete in all material respects at the time
furnished. Houlihan Lokey may rely, without independent verification, on the
accuracy and completeness of all information furnished by the Company or any
other potential party to any Acquisition.

<PAGE>   2

         The Company agrees that neither it, its controlling equity holders or
other affiliates, nor its management will initiate any discussions regarding a
Transaction during the term of this Agreement, except through Houlihan Lokey. In
the event the Company, its controlling equity holders or affiliates, or its
management receive any inquiry regarding a Transaction, Houlihan Lokey will be
promptly informed of such inquiry so that it can evaluate such party and its
interest in a Transaction, and assist the Company in any resulting negotiations.

         This Agreement shall have an initial term of twelve (12) months, and
thereafter shall be automatically extended on a month-to-month basis unless
either party provides thirty days prior written notice of termination to the
other party; PROVIDED, HOWEVER, that no expiration or termination of this
Agreement shall affect (a) the Company's indemnification, reimbursement,
contribution and other obligations as set forth on Schedule A attached hereto,
(b) the confidentiality provisions set forth herein and Sections 5-9 hereof, and
(c) Houlihan Lokey's right to receive, and the Company's obligation to pay, any
and all fees and expenses due, and whether or not any Transaction shall be
consummated prior to or subsequent to the effective date of termination, all as
more fully set forth in this Agreement.

         2. FEES AND EXPENSES. The Company shall pay Houlihan Lokey
non-refundable retainer fees of $50,000 commencing upon the mutual execution of
this Agreement.

         In addition to the foregoing retainer fees, upon the consummation of a
Transaction, the Company shall pay Houlihan Lokey a cash fee ("Transaction Fee")
equal to:

a. For a Transaction involving a Transaction Value of less than $75 million:

<TABLE>
<CAPTION>
<S>      <C>                                                                    <C>
o        For a Transaction Value up to $25 million                              greater of $250,000 or 3.00% of the Transaction
                                                                                Value, plus

o        For a Transaction Value from $25 million to $50 million:               2.00% of such incremental value, plus

o        For a Transaction Value from $50 million to $75 million:               1.75% of such incremental value.

b. For a Transaction involving a Transaction Value greater than $75 million:

o        For a Transaction Value from $75 million:                              1.25% of the Transaction Value, plus

o        For a Transaction Value from $75 million to $100 million:              1.50% of such incremental value, plus

o        For a Transaction Value from $100 million to $150 million:             2.00% of such incremental value, plus

o        For a Transaction Value in excess of $150 million:                     3.00% of such incremental value.

</TABLE>

                                       2
<PAGE>   3

         Upon the closing of an Acquisition, Houlihan Lokey will be entitled, in
each case, to an additional Acquisition Fee payable in cash in connection with
the consummation of the closing of each Acquisition. The terms of the
Acquisition Fee shall be based on the following schedule:

<TABLE>
<CAPTION>
<S>                                        <C>                                  <C>
o        For a Transaction Value less than $25 million:                         $500,000, plus

o        For a Transaction Value from $25 million to $30 million                2.25% of such incremental value,
         plus

o        For a Transaction Value from $30 million to $50 million                2.00% of such incremental value,
         plus

o        For a Transaction Value from $50 million to $75 million                1.75% of such incremental value,
         plus

o        For a Transaction Value in excess of $75 million:                      1.50% of such incremental value.
</TABLE>

         For the purpose of calculating the Transaction Fee or the Acquisition
Fee, the Transaction Value shall be the total proceeds and other consideration
paid or received, or to be paid or received, in connection with a Transaction or
an Acquisition (which consideration shall be deemed to include amounts in
escrow), including, without limitation, cash, notes, securities, and other
property; amounts payable under consulting agreements, above-market employment
contracts, non-compete agreements or similar arrangements; and Contingent
Payments (as defined below). The Transaction Value shall be calculated as if
100% of the ownership of the equity interests of the Company had been sold by
dividing (i) the total consideration, whether in cash, securities, notes or
other forms of consideration, received or receivable by the Company and/or its
creditors and equity holders by (ii) the percentage of ownership which is sold.
In addition, if any of the Company's interest-bearing liabilities are assumed,
decreased or paid off in conjunction with a Transaction, or any of the Company's
assets are retained, sold or otherwise transferred to another party prior to the
consummation of the Transaction, the Transaction Value will be increased to
reflect the fair market value of any such assets or interest-bearing
liabilities. Contingent Payments shall be defined as the fair market value of
consideration received or receivable by the Company, its employees, former or
current equity holders and/or any other parties in the form of deferred
performance-based payments, "earn-outs", or other contingent payments based upon
the future performance of the Company or any of its businesses or assets.

         For the purpose of calculating the consideration paid or received in an
Acquisition or a Transaction, any securities (other than a promissory note) will
be valued at the time of the closing of the Transaction or the Acquisition as
follows: (i) if such securities are traded on a stock exchange, the securities
will be valued at the average last sale or closing price for the ten trading
days immediately prior to the closing of the Transaction or the Acquisition;
(ii) if such securities are traded primarily in over-the-counter transactions,
the securities will be valued at the mean of the closing bid and asked
quotations similarly averaged over a ten trading day period immediately prior to
the closing of the Transaction or the Acquisition; and (iii) if such securities
have not been traded prior to the closing of the Transaction or the Acquisition,
Houlihan Lokey will prepare a valuation of the securities (without regard to any
restrictions on transferability), and Houlihan Lokey and the Company will
negotiate in good faith to agree on a fair valuation thereof for the purposes of
calculating the Transaction or Acquisition Fee. The value of any purchase money
or other promissory notes shall be deemed to be the face amount thereof. In the
event the Transaction Value includes any Contingent Payments, the Company and
Houlihan Lokey will negotiate in good faith to agree on that portion of the
Transaction Fee to be paid to Houlihan Lokey as of the closing of the
Transaction in consideration thereof. If the parties cannot reach

                                       3
<PAGE>   4

such an agreement, an additional Transaction Fee(s) shall be paid to Houlihan
Lokey in the same proportions and at the same times as the Contingent Payments
are paid or received.

         If this Agreement is terminated for any reason, and the Company
consummates, or enters into an agreement in principle to engage in (and which
subsequently closes), a Transaction or an Acquisition within 12 months after
such termination date, Houlihan Lokey shall be entitled to receive its
Transaction or Acquisition Fee upon the consummation of such Transaction or
Acquisition as if no such termination had occurred.

         Additionally, and regardless of whether any Transaction or Acquisition
is consummated, Houlihan Lokey shall be entitled to reimbursement of its
reasonable out-of-pocket expenses incurred from time to time during the term
hereof in connection with the services to be provided under this Agreement,
promptly after invoicing the Company therefor.

         3. INFORMATION. The Company will furnish Houlihan Lokey with such
information regarding the business and financial condition of the Company as is
reasonably requested, all of which will be, to the Company's best knowledge,
accurate and complete in all material respects at the time furnished. The
Company will promptly notify Houlihan Lokey if it learns of any material
misstatement in, or material omission from, any information previously delivered
to Houlihan Lokey. Houlihan Lokey may rely, without independent verification, on
the accuracy and completeness of all information furnished by the Company or any
other potential party to any Transaction. The Company understands that Houlihan
Lokey will not be responsible for independently verifying the accuracy of such
information, and shall not be liable for any inaccuracies therein. Except as may
be required by law or court process, any opinions or advice (whether written or
oral) rendered by Houlihan Lokey pursuant to this Agreement are intended solely
for the benefit and use of the Company, and may not be publicly disclosed in any
manner or made available to third parties (other than the Company's management,
directors, advisors, accountants and attorneys) without the prior written
consent of Houlihan Lokey, which consent shall not be unreasonably withheld.

         4. INDEMNIFICATION; STANDARD OF CARE. The Company agrees to provide
indemnification, contribution and reimbursement to Houlihan Lokey and certain
other parties in accordance with, and further agrees to be bound by the other
provisions set forth in, Schedule A attached hereto.

         5. OTHER SERVICES. To the extent Houlihan Lokey is requested by the
Company to perform any financial advisory or investment banking services which
are not within the scope of this assignment (such as rendering a fairness
opinion), such fees shall be mutually agreed upon by Houlihan Lokey and the
Company in writing, in advance, depending on the level and type of services
required, and shall be in addition to the fees and expenses described
hereinabove. Except as set forth in the preceding sentence, if Houlihan Lokey is
called upon to render services directly or indirectly relating to the subject
matter of this Agreement (including, but not limited to, producing documents,
answering interrogatories, giving depositions, giving expert or other testimony,
and whether by subpoena, court process or order, or otherwise), the Company
shall pay Houlihan Lokey's then current hourly rates for the persons involved by
the time expended in rendering such services, including, but not limited to,
time for meetings, conferences, preparation and travel, and all related
reasonable out-of-pocket costs and expenses, and the reasonable legal fees and
expenses of Houlihan Lokey's legal counsel incurred in connection therewith.

                                       4
<PAGE>   5

         6. HOULIHAN LOKEY'S FUTURE FINANCING RIGHTS. If, during the next 24
months, the Company or any of its subsidiaries or affiliates determines to raise
external funds, whether directly or indirectly, and whether through the issuance
of debt or equity securities, borrowings from financial institutions (including,
without limitation, banks) or otherwise. If such financing involves the issuance
or sale of equity securities, the issuance or sale of debt securities, or any
other form of borrowings (including bank borrowings), Houlihan Lokey shall be
retained as the issuer or borrower's exclusive placement agent and/or, if such
offering is underwritten, sole underwriter with respect to such financing.

         For the services it renders pursuant to this paragraph, the Company
agrees to pay Houlihan Lokey, or to cause Houlihan Lokey to be paid, fees
comparable to those customarily charged by Houlihan Lokey in similar
transactions, such fees to be paid no later than upon the consummation of the
relevant financing. All of the financing raised or arranged pursuant to this
paragraph shall be at prevailing market terms for similar loans or investments
made in similar circumstances and shall be made pursuant to one or more purchase
agreements, loan agreements, indentures or certificates of designation, in such
form, and containing such terms and conditions, as are customary for similar
financings arranged by Houlihan Lokey.

         7. ATTORNEYS' FEES. If any party to this Agreement brings an action
directly or indirectly based upon this Agreement or the matters contemplated
hereby against another party, the prevailing party shall be entitled to recover,
in addition to any other appropriate amounts, its reasonable costs and expenses
in connection with such proceeding, including, but not limited to, reasonable
attorneys' fees and court costs.

         8. CREDIT. Upon consummation of any Transaction, Houlihan Lokey may, at
its own expense, place announcements in financial and other newspapers and
periodicals (such as a customary "tombstone" advertisement) describing its
services in connection therewith.

         9. MISCELLANEOUS. This Agreement shall be binding upon the parties
hereto and their respective successors and permitted assigns. Nothing in this
Agreement, express or implied, however, is intended to confer or does confer on
any person or entity, other than the parties hereto and their respective
successors and permitted assigns and, to the extent expressly set forth in
Schedule A attached hereto, the Indemnified Parties, any rights or remedies
under or by reason of this Agreement or as a result of the services to be
rendered by Houlihan Lokey hereunder.

         The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect pursuant to the terms
hereof.

         The Company agrees that it will be solely responsible for ensuring that
any Transaction or Acquisition complies with applicable law.

         This Agreement incorporates the entire understanding of the parties
regarding the subject matter hereof, and supersedes all previous agreements or
understandings regarding the same, whether written or oral.

         This Agreement may not be amended, and no portion hereof may be waived,
except in a writing duly executed by the parties.

         THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO SUCH STATE'S RULES CONCERNING

                                       5
<PAGE>   6

CONFLICTS OF LAWS. EACH OF HOULIHAN LOKEY AND THE COMPANY (ON ITS OWN BEHALF
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS EQUITY HOLDERS)
WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATED TO OR ARISING OUT OF
THE ENGAGEMENT OF HOULIHAN LOKEY PURSUANT TO, OR THE PERFORMANCE BY HOULIHAN
LOKEY OF THE SERVICES CONTEMPLATED BY, THIS AGREEMENT.

         We look forward to working with you on this assignment. Please confirm
that the foregoing terms are in accordance with your understanding by signing
and returning the enclosed copy of this Agreement, together with payment in the
amount of $50,000.

Very truly yours,

HOULIHAN LOKEY HOWARD & ZUKIN CAPITAL

By: /s/ GARY W. FINGER
    ----------------------
    Gary W. Finger
    Director

Accepted and agreed to as of July 31, 2000:

TAKE TO AUCTION.COM, INC.

By: /s/ ALBERT FRIEDMAN
    ----------------------
    Albert Friedman
    Chief Executive Officer and President

                                       6
<PAGE>   7

                                   SCHEDULE A

         This Schedule is attached to, and constitutes a material part of, that
certain agreement dated July 31, 2000, addressed to Take To Auction.Com, Inc. by
Houlihan Lokey (the "Agreement"). Unless otherwise noted, all capitalized terms
used herein shall have the meaning set forth in the Agreement.

         As a material part of the consideration for the agreement of Houlihan
Lokey to furnish its services under the Agreement, the Company agrees to
indemnify and hold harmless Houlihan Lokey and its affiliates, and their
respective past, present and future directors, officers, shareholders,
employees, agents and controlling persons within the meaning of either Section
15 of the Securities Act of 1933, as amended, or Section 20 of the Securities
Exchange Act of 1934, as amended (collectively, the "Indemnified Parties"), to
the fullest extent lawful, from and against any and all losses, claims, damages
or liabilities (or actions in respect thereof), joint or several, arising out of
or related to the Agreement, any actions taken or omitted to be taken by an
Indemnified Party (including acts or omissions constituting ordinary negligence)
in connection with the Agreement, or any Transaction or proposed Transaction
contemplated thereby. In addition, the Company agrees to reimburse the
Indemnified Parties for any legal or other expenses reasonably incurred by them
in respect thereof at the time such expenses are incurred; PROVIDED, HOWEVER,
the Company shall not be liable under the foregoing indemnity and reimbursement
agreement for any loss, claim, damage or liability which is finally judicially
determined to have resulted primarily from the willful misconduct or gross
negligence of any Indemnified Party.

         If for any reason the foregoing indemnification is unavailable to any
Indemnified Party or insufficient to hold it harmless, the Company shall
contribute to the amount paid or payable by the Indemnified Party as a result of
such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative benefits received (or anticipated to be
received) by the Company, on the one hand, and Houlihan Lokey, on the other
hand, in connection with the actual or potential Transaction or Acquisition and
the services rendered by Houlihan Lokey. If, however, the allocation provided by
the immediately preceding sentence is not permitted by applicable law or
otherwise, then the Company shall contribute to such amount paid or payable by
any Indemnified Party in such proportion as is appropriate to reflect not only
such relative benefits, but also the relative fault of the Company, on the one
hand, and Houlihan Lokey, on the other hand, in connection therewith, as well as
any other relevant equitable considerations. Notwithstanding the foregoing, the
aggregate contribution of all Indemnified Parties to any such losses, claims,
damages, liabilities and expenses shall not exceed the amount of fees actually
received by Houlihan Lokey pursuant to the Agreement.

         The Company shall not effect any settlement or release from liability
in connection with any matter for which an Indemnified Party would be entitled
to indemnification from the Company, unless such settlement or release contains
a release of the Indemnified Parties reasonably satisfactory in form and
substance to Houlihan Lokey. The Company shall not be required to indemnify any
Indemnified Party for any amount paid or payable by such party in the settlement
or compromise of any claim or action without the Company's prior written
consent.

         The Company further agrees that neither Houlihan Lokey nor any other
Indemnified Party shall have any liability, regardless of the legal theory
advanced, to the Company or any other person or entity (including the Company's
equity holders and creditors) related to or arising out of Houlihan Lokey's
engagement, except for any liability for losses, claims, damages, liabilities or
expenses incurred by the Company which are finally judicially determined to have

                                       7
<PAGE>   8

resulted primarily from the willful misconduct or gross negligence of any
Indemnified Party. The indemnity, reimbursement, contribution and other
obligations and agreements of the Company set forth herein shall apply to any
modifications of the Agreement, shall be in addition to any liability which the
Company may otherwise have, and shall be binding upon and inure to the benefit
of any successors, assigns, heirs and personal representatives of the Company
and each Indemnified Party. The foregoing provisions shall survive the
consummation of any Transaction and any termination of the relationship
established by the Agreement.

                                       8

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