Document:

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                                                                   EXHIBIT 10.69

PREPARED BY AND AFTER RECORDING
RETURN TO:

Akin, Gump, Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, TX 75201-4675
Attn: Kyle B. Beaty, Esq.

                                                   Property: Centre at Woodstock
                                                            Loan No.: M255999755

                             ASSUMPTION OF LIABILITY
                           AND MODIFICATION AGREEMENT

      THIS ASSUMPTION OF LIABILITY AND MODIFICATION AGREEMENT (this "Agreement")
is made to be effective as of August 12, 2004 (the "Effective Date"), by and
between CENTRE AT WOODSTOCK, LLC, a Georgia limited liability company
("Borrower"), whose address is 5370 Oakdale Road, Smyrna, Georgia 30082, and
RAMCO WOODSTOCK LLC, a Delaware limited liability company ("Purchaser"), whose
address is 31500 Northwestern Highway, Suite 300, Farmington Hills, Michigan
48334, and WELLS FARGO BANK, N.A., SUCCESSOR-BY-MERGER TO NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF FIRST
UNION COMMERCIAL MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
FUNB SERIES 1999-C1 ("Lender"), as established under the Pooling and Servicing
Agreement dated as of December 1, 1998, whose address is c/o Wachovia Bank,
N.A., Real Estate & Financial Services, Investment Banking, 8739 Research Drive,
URP4 Charlotte, NC 28262-1075. JAMES C. WALLACE, JR., an individual
(individually and collectively, as the context requires, "Existing Indemnitor"),
being the guarantor(s) under the Guaranty (hereinafter defined) and, with
Borrower, the indemnitor(s) under the Environmental Indemnity (hereinafter
defined), joins in the execution hereof with respect to the matters set forth in
Paragraph 5 hereinbelow. RAMCO-GERSHENSON PROPERTIES L.P. ("New Indemnitor"),
joins in the execution hereof with respect to the matters set forth in Paragraph
4 hereinbelow.

                                R E C I T A L S:

      A. First Union National Bank ("Original Lender"), made a loan (the "Loan")
in the original principal amount of SEVEN MILLION DOLLARS ($7,000,000) to
Borrower.

      B. To evidence the Loan, Borrower executed and delivered to Original
Lender that certain Promissory Note, dated June 30, 1998 (the "Note"), payable
to the order of Original

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Lender in the original principal sum of SEVEN MILLION DOLLARS ($7,000,000),
bearing interest and being payable as therein provided.

      C. Payment of the Note is secured by, among other instruments, that
certain Deed to Secure Debt and Security Agreement of even date therewith (the
"Security Instrument"), executed by Borrower for the benefit of Original Lender,
encumbering, among other property, that certain parcel of real property located
in Cherokee County, Georgia, which is more particularly described on Exhibit A
attached hereto and incorporated herein for all purposes (the "Property").

      D. The Security Instrument is recorded in Deed Book 3182, Page 28 of the
Official Real Estate Records of Cherokee County, Georgia (the "Records"), said
Security Instrument and the record thereof being incorporated herein for all
purposes.

      E. Payment of the Note is further secured by certain other instruments,
including specifically, without limitation, that certain Assignment of Leases
and Rents of even date with the Note (the "Assignment of Leases"), recorded in
Deed Book 3182, Page 95 of the Records.

      F. Borrower and Existing Indemnitor also executed an Environmental
Indemnity Agreement (the "Environmental Indemnity") with respect to the Loan,
and Existing Indemnitor executed an Indemnity and Guaranty Agreement (the
"Guaranty"), each of even date with the Note, with respect to those matters,
commonly known as "non-recourse carveouts," set forth in the Note.

      G. Lender is the current owner and holder of the Loan and succeeded to the
interest of Original Lender under the Loan Documents by that certain Assignment
of Deed to Secure Debt and Security Agreement, and Assignment of Leases dated
December 30, 1998 to Lender, recorded in Deed Book 3888, Page 199 of the
Records.

      H. Borrower desires to sell, convey and transfer the Property to Purchaser
subject to Purchaser's assumption of the Loan Documents and Borrower and
Purchaser have requested Lender's consent to such transfer and assumption.

      I. Lender desires to grant its consent to the transfer and assumption
subject to the terms and conditions as more specifically provided hereinbelow.

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

            1. For purposes hereof, the following terms shall have the meanings
      set forth below. All capitalized terms used herein and not otherwise
      defined herein shall have the respective meanings set forth in the
      Security Instrument.

                  (a) "Loan Documents" shall mean the Note, the Security
            Instrument, the Assignment of Leases, the Environmental Indemnity,
            the Guaranty, together with all other documents evidencing and
            securing the Loan.

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                  (b) "Assumption Documents" shall mean this Agreement, together
            with all other documents executed or delivered in connection
            herewith or with the assumption of the Loan Documents by Purchaser
            as set forth herein.

                  (c) "Assumed Loan Documents" shall mean the Loan Documents, as
            assumed by Purchaser and modified as set forth in the Assumption
            Documents.

            2. Borrower agrees to sell, grant and convey to Purchaser all right,
      title and interest in and to the Property subject to the liens and
      encumbrances of the Loan Documents and to the terms and provisions of this
      Agreement and the other Assumption Documents.

            3. Purchaser hereby assumes liability for and agrees to pay and
      perform any and all of the indebtedness which Borrower may now be, or
      which Purchaser hereafter becomes, obligated to pay under or in connection
      with the Note, the Security Instrument, the Assignment of Leases and any
      of the other Loan Documents, and any and all other obligations which
      Borrower may now or hereafter be obligated to perform under or in
      connection with the Note, the Security Instrument, the Assignment of
      Leases and any of the other Loan Documents, without reservation or
      exception, to the same extent as though Purchaser were the original
      obligor, subject, however, to any limitations set forth in the Loan
      Documents with respect to recourse against the Borrower in the event of a
      default.

            4. Without limitation, Purchaser acknowledges its full, personal
      liability for those matters, commonly known as "non-recourse carveouts,"
      set forth in the Note, and for any representations, warranties, covenants
      and indemnities contained in any of the Loan Documents relating to
      environmental matters (the non-recourse carveouts and environmental
      representations, warranties, covenants and indemnities being herein
      referred to as "Purchaser's Recourse Obligations"). Additionally, by that
      certain Substitution of Guarantor, New Indemnitor has assumed and agreed
      to have joint and several liability with Purchaser for Purchaser's
      Recourse Obligations, in accordance with the terms of such instrument.

            5. Borrower and Existing Indemnitor, respectively, are released from
      their respective obligations as set forth in the Note, the Security
      Instrument, the Assignment of Leases and any of the other Loan Documents,
      except for recourse obligations for which such parties expressly have
      personal liability under the Note and other Loan Documents ("Recourse
      Obligations") to the extent such Recourse Obligations arise out of acts or
      events occurring or obligations arising prior to or simultaneously with
      the transfer of the Property to Purchaser. To the extent of Borrower's
      obligations which expressly survive the execution and delivery of this
      Agreement, the obligations of Borrower and Purchaser shall, as to Lender,
      be joint and several. Borrower agrees that Lender may, without notice to
      Borrower and without releasing Borrower from liability, accept collections
      directly from Purchaser and otherwise deal with Purchaser in all matters
      relating to the Note, the Security Instrument, the Assignment of Leases
      and any of the other Loan Documents, without notice to Borrower to the
      same extent as though Borrower were not, to the extent of Borrower's
      obligations which expressly survive the execution and delivery of this
      Agreement, jointly and severally liable with Purchaser, and that the
      obligations of

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      Borrower which expressly survive the execution and delivery of this
      Agreement shall not be released, waived, increased, expanded or otherwise
      affected in any way notwithstanding any agreements, arrangements,
      releases, compromises, acceptances of late payments, novations or any
      other dealings whatsoever between Lender and Purchaser or any other party
      concerning the Note, the Security Instrument, the Assignment of Leases and
      any of the Loan Documents or the property secured thereby. Borrower agrees
      that Lender may, without notice to Borrower and without releasing Borrower
      from Borrower's liability with respect to those matters which expressly
      survive the execution and delivery of this Agreement, elect any remedy and
      compromise or release any debt or grant extensions of time for payment all
      on terms satisfactory to Lender or by operation of law or otherwise. By
      its signature below, Existing Indemnitor agrees to the matters set forth
      in the preceding two sentences with respect to its continuing liability
      for those Recourse Obligations arising out of acts or events occurring or
      obligations arising prior to or simultaneously with the transfer of the
      Property to Purchaser, including, without limitation, those arising
      pursuant to the Environmental Indemnity and the Guaranty that survive the
      execution and delivery of this Agreement.

            6. Borrower and Purchaser each represent and warrant to Lender for
      themselves and on their own behalf (but not for the benefit of each of
      Purchaser or Borrower as to the other) that:

                  (a) neither has placed, agreed to, authorized or knows of any
            lien against the Property (other than the Loan Documents and
            Permitted Encumbrances, as defined in the Security Instrument);

                  (b) to their knowledge there is no second mortgage or other
            lien now outstanding against the Property (other than taxes for the
            current year only, which are not yet due and payable);

                  (c) the lien of the Security Instrument is a valid first and
            subsisting lien on the Property (subject to real estate taxes);

                  (d) the execution, delivery and recording of this Agreement
            will not impair the lien of the Security Instrument;

                  (e) all information, documents and financial information,
            respectively, submitted to Lender by the warranting party or its
            agents relating to Purchaser, Borrower or their general partners,
            members, guarantors, parents or subsidiaries is true, correct and
            complete and accurate in all material respects as of the date of the
            submission and as of the date of this Agreement; and

                  (f) the person(s) executing this Agreement on behalf of
            Purchaser and Borrower, respectively, have the full authority to do
            so and to bind Purchaser or Borrower, as applicable.

            7. The Property shall remain in all respects subject to the liens,
      charges or encumbrances of the Security Instrument and the other Loan
      Documents and/or conveyance of title contained in the Loan Documents.
      Nothing in this Agreement shall

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      affect or be construed to affect (a) the warranty of title in the Security
      Instrument or (b) the liens, charges or encumbrances of the Security
      Instrument or the other Loan Documents or the priority thereof over all
      other liens, charges, encumbrances or conveyances, or (c) release or
      affect the liability of any party or parties under or on account of the
      Loan Documents, except to the extent Borrower and the Existing Indemnitor
      are expressly released under Paragraph 5 of this Agreement. Nothing in
      this Agreement shall affect or be construed to affect any other security
      or instrument, if any, held by Lender in connection with or to evidence
      the Loan.

            8. As a condition precedent to Lender's consent to the transfer to
      Purchaser and assumption of the Loan Documents by Purchaser, Purchaser
      represents, warrants and covenants to Lender as follows:

                  (a) Purchaser is a limited liability company, duly organized,
            validly existing and in good standing under the laws of the State of
            Delaware, and has full power and authority to conduct the business
            of owning and operating the Property in the state where the Property
            are located.

                  (b) Purchaser is not a foreign corporation, foreign
            partnership, foreign trust or foreign estate, as those terms are
            defined in the Internal Revenue Code. Purchaser's U.S. employer
            identification number is 20-1445973 and office address is 31500
            Northwestern Highway, Suite 300, Farmington Hills, Michigan 48334.
            This statement is made by Purchaser in compliance with Section 1445
            of the Internal Revenue Code to exempt any transferee of the
            Property from withholding the tax required upon a foreign
            transferor's disposition of a U.S. real property interest.

                  (c) Lender is not required to withhold any tax as a result of
            the transfer of the Property to Purchaser or upon the exercise by
            Lender of any of its rights or remedies pursuant to the Security
            Instrument. Purchaser agrees to inform Lender promptly if any of the
            above information in this subparagraph should change and no longer
            be true. Purchaser understands that the information set forth herein
            may be disclosed to the Internal Revenue Service and that any false
            statement contained herein could be punished by fine, imprisonment,
            or both.

                  (d) The execution and delivery of this Agreement and of the
            documents and instruments effecting such sale, conveyance and
            assignment of the Property to Purchaser have been duly authorized by
            Purchaser, and that this Agreement and such other documents and
            instruments have been duly executed and delivered by Purchaser.

                  (e) This Agreement, the other Assumption Documents and the
            Assumed Loan Documents, constitute the legal, valid and binding
            obligations of Purchaser enforceable in accordance with their
            respective terms, except to the extent that such enforcement may be
            limited by applicable bankruptcy, insolvency, reorganization or
            other similar laws affecting the rights of creditors generally or
            general principles of equity. Neither the entry into nor the

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            performance of and compliance with this Agreement, the other
            Assumption Documents or any of the Assumed Loan Documents has
            resulted or will result in any violation of, or conflict with or
            default under, any judgment, decree, order, mortgage, indenture,
            contract, agreement or lease by which Purchaser or any property of
            Purchaser is bound or any statute, rule or regulation applicable to
            it.

                  (f) There is no action, proceeding or investigation pending
            or, to the best of Purchaser's knowledge, threatened, which
            questions, directly or indirectly, the validity or enforceability of
            the Assumption Documents or any of the Assumed Loan Documents, or
            any action taken or to be taken pursuant thereto, or which might
            result in any material adverse change in the condition (financial or
            otherwise) or business of Purchaser.

                  (g) Purchaser has personal knowledge of all of the terms and
            conditions of the Assumed Loan Documents and further agrees that
            Lender has no obligation to provide any information to Purchaser
            regarding the terms and conditions of the Loan Documents. Purchaser
            further understands and acknowledges that, except as expressly
            provided hereunder or in another writing executed by Lender, Lender
            has not waived any right of Lender or obligation under the Loan
            Documents and Lender has not agreed to any modification of any
            provision of any Loan Document or to any extension of the Loan.

                  (h) No representation or warranty of Purchaser made in this
            Agreement contains any untrue statement of material fact or omits to
            state a material fact necessary in order to make such
            representations and warranties not misleading in light of the
            circumstances under which they are made.

                  (i) There has been no material adverse change in the
            representations made or information heretofore supplied by or on
            behalf of Purchaser in connection with the assumption of the Loan,
            including, but not limited to, with respect to (a) the composition,
            structure, finances, business operations, credit prospects or
            financial condition of Purchaser or any other entity or person
            within the organizational structure of Purchaser or which or who has
            a direct or indirect ownership interest in Purchaser and (b) the
            rental income, condition or ownership of the Property.

                  (j) (i) as of the Effective Date, Purchaser will have acquired
            from Borrower all of the Property, and accepted Borrower's
            assignment of the Leases and Rents; (ii) as of the Effective Date,
            Purchaser will have assumed the performance of Borrower's
            obligations under the Leases; and (iii) it has not granted to
            Borrower or Existing Indemnitor a mortgage or other security
            instrument or lien upon the Property to secure any debt or
            obligations owed to Borrower or Existing Indemnitor.

                  (k) There are no rights to set off or counterclaim, nor any
            defenses of any kind, whether legal, equitable or otherwise, which
            would enable Purchaser to

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            avoid or delay timely performance of its obligations under the
            Assumed Loan Documents.

                  (l) There are no loans payable by Purchaser to any partner or
            member of Purchaser or to any other person or entity which is in the
            organizational structure of Purchaser or who or which has a direct
            or indirect ownership interest in Purchaser or is an affiliate or
            subsidiary entity of any of the foregoing or is a stockholder,
            officer or director of any of the foregoing or is an affiliate or
            subsidiary entity of such stockholder, officer or director.

                  (m) Purchaser has furnished to Lender all insurance policies
            and certificates required pursuant to the Loan Documents.

                  (n) Purchaser does not own any real property or assets other
            than the Property and does not operate any business other than the
            management and operation of the Property.

                  (o) Purchaser has filed all federal, state, county and
            municipal tax returns required to have been filed by Purchaser, and
            has paid all taxes which have become due pursuant to such returns or
            to any notice of assessment received by Purchaser, and Purchaser has
            no knowledge of any basis for additional assessment with respect to
            such taxes. To the best of Purchaser's knowledge, there are not
            presently pending any special assessments against the Property or
            any part thereof.

                  (p) After the Loan is assumed, Purchaser will, to the best of
            its knowledge, have sufficient working capital, including cash flow
            from the Property, not only to adequately maintain the Property, but
            also to pay all of Purchaser's outstanding debts as they come due.

            9. Purchaser shall use commercially reasonable efforts to obtain in
      all new leases in respect of the Property, in substance, the following
      provision (the "Attornment Language"):

                  Attornment. Tenant hereby agrees that Tenant will recognize as
                  its landlord under this Lease and shall attorn to any person
                  succeeding to the interest of Landlord in respect of the land
                  and the buildings on or in which the demised premises is
                  contained, upon any foreclosure of any deed of trust upon such
                  land or buildings or upon the execution of any deed in lieu of
                  such foreclosure in respect of such deed of trust. If
                  requested, Tenant shall execute and deliver an instrument or
                  instruments confirming its attornment as provided herein;
                  provided, however, that no successor-in-interest shall be
                  bound by any payment of rent for more than one (1) month in
                  advance, or any amendment or modification of this Lease made
                  without the express written consent of the beneficiary under
                  such deed of trust, provided that such person shall recognize
                  this Lease

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                  as remaining in full force and effect and Tenant's rights to
                  possession remain undisturbed so long as Tenant is not in
                  default hereunder.

            Notwithstanding the foregoing, Lender acknowledges that (i)
            Borrower's standard form lease contains subordination and attornment
            language which may be used in lieu of the Attornment Language, and
            (ii) anchor tenants often insist on using their own standard form of
            lease agreement which may contain language that varies and this will
            be taken under advisement when Lender reviews and approves such
            anchor tenant lease, although Lender may require reasonable
            subordination, non-disturbance and attornment language and there may
            be the necessity for a separate subordination, non-disturbance and
            attornment agreement with such anchor tenant.

            10. Neither Purchaser nor to Purchaser's knowledge, any person
      owning an interest in Purchaser (except that Purchaser's knowledge shall
      not require any investigation into ownership of publicly traded stock or
      other publicly traded securities nor into ownership of limited partners of
      New Indemnitor), is a country, territory, individual or entity named on a
      list maintained by the U.S. Treasury Department's Office of Foreign Assets
      Control ("OFAC"), or is a Specially Designated National or Blocked Person
      under the programs administered by OFAC. If the foregoing certification,
      representation and warranty shall at any time be or become untrue or
      incorrect during the term of the Loan, an Event of Default shall be deemed
      to have occurred.

            11. Lender hereby consents to said transfer and agrees that said
      transfer and sale shall not constitute a default under the Security
      Instrument or any of the other Loan Documents. However, Lender does not
      waive any other default, whether now in existence or occurring hereafter,
      whether known or unknown. Lender has no actual knowledge of any monetary
      default under any of the Loan Documents. This waiver applies only to this
      particular transfer and sale and not to any future transfer or sale.
      Purchaser and Borrower agree that they will not sell or attempt to sell or
      transfer or otherwise dispose of the property covered by the Security
      Instrument without the written consent of Lender, its successors or
      assigns, except for the sale referred to herein.

            12. Until further notice given by either party to the other in
      accordance with Section 4.5 of the Security Instrument:

                  (a) the following shall be the name and address for notices
            for Purchaser as "Grantor" under Section 4.5 and as "Debtor" under
            Section 1.22 of the Security Instrument:

                        RAMCO WOODSTOCK LLC
                        31500 Northwestern Highway, Suite 300
                        Farmington Hills, Michigan 48334
                        Attention: Chief Financial Officer

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                  (b) the following shall be the name and address for notices
            for Lender as "Grantee" under Section 4.5 and as "Secured Party"
            under Section 1.22 of the Security Instrument:

                        WELLS FARGO BANK, N.A., SUCCESSOR-BY-MERGER TO NORWEST
                        BANK MINNESOTA, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE
                        REGISTERED HOLDERS OF FIRST UNION COMMERCIAL MORTGAGE
                        TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES FUNB
                        SERIES 1999-C1
                        c/o Wachovia Bank, N.A.
                        Real Estate & Financial Services, Investment Banking
                        8739 Research Drive, URP4
                        Charlotte, NC  28262-1075
                        Loan No. M255999755

            13. The parties hereby acknowledge and agree that the outstanding
      and unpaid principal balance of the Note as of August 2, 2004 is
      $5,822,873.91. This amount has been determined after taking into account
      the payment received by Lender due for August 1, 2004.

            14. The Note, the Security Instrument, the Assignment of Leases and
      any and all other Loan Documents are hereby modified to reflect the
      transfer provided for herein and all references therein to Borrower, shall
      be deemed to refer to Purchaser. Except as expressly modified by this
      Agreement and the other Assumption Documents, the terms and conditions of
      the Loan Documents remain unchanged and are reaffirmed, ratified and
      confirmed and remain in full force and effect. Borrower is not now
      entitled to any claim, counterclaim, defense, affirmative defense, or
      other right of setoff whatsoever against Lender, its officers, directors,
      employees and agents (the "Released Parties") with regard to (x) the
      payment of the Note and the sums payable thereunder or (y) the enforcement
      of any of the rights and remedies of Lender under any of the Loan
      Documents. In consideration of Lender's consent under this Agreement and
      the release of Borrower under Paragraph 5 of this Agreement, Borrower
      hereby releases, waives, and surrenders any and all claims, counterclaims,
      defenses, affirmative defenses, and other rights of setoff whatsoever,
      relating to acts, events, conduct, or other matters whatsoever occurring
      at or prior to the date hereof, that Borrower might otherwise have been
      entitled to assert or allege against the Released Parties (but not against
      Purchaser) for any reason under or in connection with the Loan or Loan
      Documents or the Assumption Documents, including, but not limited to, any
      matter related to, connected with, arising out of, or regarding this
      Agreement, transfer of the Property, the payment of amounts due to Lender
      under the Note or the enforcement of the provisions under any of the Loan
      Documents. Purchaser acknowledges and agrees that the foregoing release,
      waiver, and surrender by Borrower is binding upon Purchaser for all events
      arising prior to the execution of this Agreement.

            15. PURCHASER AND BORROWER WAIVE, TO THE FULLEST EXTENT PERMITTED BY
      LAW, THE RIGHT TO TRIAL BY JURY IN ANY

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      ACTION, PROCEEDING OR COUNTER-CLAIM FILED BY EITHER OF THEM, WHETHER IN
      CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS
      AGREEMENT, THE LOAN DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER IN
      CONNECTION THEREWITH OR THE LOAN.

            16. All parties to this Agreement specifically confirm and agree
      that nothing in this Agreement shall be understood or construed to amount
      to a satisfaction or release in whole or in part of the Note, the Security
      Instrument, the Assignment of Leases or any of the other Loan Documents,
      or of the property covered by the Security Instrument from the effect
      thereof. All terms and conditions of the Loan Documents, including any
      written amendments or modifications heretofore agreed to by Lender, shall
      continue in full force and effect except as otherwise provided herein.

            17. Except as expressly provided herein, the execution of this
      Agreement by the Lender does not and shall not constitute a waiver of any
      rights or remedies to which Lender is entitled pursuant to the Loan
      Documents, nor shall the same constitute a waiver of any default which may
      have heretofore occurred or which may hereafter occur with respect to the
      Loan Documents.

            18. This Agreement may be executed in any number of counterparts
      with the same effect as if all parties hereto had signed the same
      document. All such counterparts shall be construed together and shall
      constitute one instrument, but in making proof hereof it shall only be
      necessary to produce one such counterpart.

            19. If any one or more of the provisions contained in this Agreement
      are for any reason invalid, illegal or unenforceable in any respect, such
      invalidity, illegality or unenforceability shall not affect any other
      provision hereof, and this Agreement will be construed as if such invalid,
      illegal or unenforceable provision had never been contained in this
      Agreement.

            20. THE TERMS AND CONDITIONS OF THIS AGREEMENT SHALL BE GOVERNED BY
      THE APPLICABLE INTERNAL LAWS OF THE STATE WHERE THE PROPERTY IS LOCATED,
      WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS.

            21. Within this Agreement, words of any gender shall be held and
      construed to include any other gender, and words in the singular number
      shall be held and construed to include the plural, unless the context
      otherwise requires. The parties acknowledge that the parties and their
      counsel have reviewed and revised this Agreement and that the normal rule
      of construction to the effect that any ambiguities are to be resolved
      against the drafting party shall not be employed in the interpretation of
      this Agreement or any exhibits or amendments hereto.

            22. THIS AGREEMENT CONTAINS THE ENTIRE AGREEMENT BETWEEN THE PARTIES
      HERETO WITH RESPECT TO THE ASSUMPTION OF THE LOAN AND FULLY SUPERSEDES ALL
      PRIOR AGREEMENTS AND

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      UNDERSTANDING BETWEEN THE PARTIES PERTAINING TO SUCH SUBJECT MATTER.

            23. The terms and conditions of this Agreement shall be binding upon
      and shall inure to the benefit of the parties hereto, their successors and
      permitted assigns.

            24. Notwithstanding anything contained in Section 1.33(n) of the
      Security Instrument, Lender hereby consents to Purchaser's tax returns
      being consolidated with those of its sole member, Ramco-Gershenson
      Properties L.P., provided that (i) Purchaser shall deliver to Lender its
      financial statements prepared in accordance with generally accepted
      accounting practices no later than 30 days after the end of each calendar
      quarter during the term of the Loan, (ii) on Ramco-Gershenson Properties
      L.P.'s tax returns Purchaser is listed as being included in the tax
      filing, (iii) Purchaser shall provide Lender with copies of its IRS
      Schedule M-1 on a standalone basis by May 15 of each year during the term
      of the Loan. Purchaser's failure to file separate tax returns shall not
      constitute a default under the Security Instrument so long as Purchaser
      complies with the foregoing. However, Lender does not waive any other
      default, whether now in existence or occurring hereafter, whether known or
      unknown. The waiver in this Section 24 regarding the separate filing of
      tax returns applies only to Ramco Woodstock LLC and not to any future
      assumptor pursuant to any future transfer or sale, if permitted by Lender;
      the foregoing shall not constitute Lender's consent to any future transfer
      or sale nor abrogate the terms and provisions of Section 11 above.

            25. Section 1.21 of the Security Instrument is amended to delete the
      erroneous reference "and Section 1.34 hereof" in the third line.

            26. The definition of Permitted Encumbrances in the Security
      Instrument is amended to include exceptions 4 through 11 on Schedule B on
      Pro Forma Title Commitment (office file no. 044-116) issued by
      Commonwealth Land Title Insurance as of August 6, 2004; provided, however,
      this modification to the definition of Permitted Encumbrances is only made
      to clarify that Purchaser shall not be in default by virtue of the
      exceptions currently of public record, and shall not in any way abrogate
      the liabilities, obligations or responsibilities of the title underwriter
      under Lender's currently effective mortgagee's title policy (issued as of
      the date of the Note) as modified by any endorsements issued concurrently
      herewith.

            27. The parties hereto acknowledge that (i) the Escrow Agreement
      dated of even date with the Note is no longer in effect, and (ii)
      Purchaser shall not be responsible for a breach of a representation or
      warranty made by Borrower in the Loan Documents (but will be responsible
      for any continuing representations or warranties that may be deemed to be
      made by the obligor under the Loan Documents after the date hereof and any
      representations and warranties made by Purchaser hereunder).

            28. Notwithstanding anything contained in the Security Instrument to
      the contrary:

                                       11
<PAGE>

                  (a) The following conveyances shall not require the consent of
            Lender or be deemed a default under any of the applicable Loan
            Documents: (1) transfers of limited partnership interests in New
            Indemnitor, the limited partnership which presently owns the sole
            membership in Purchaser; and (2) sales of stock in Ramco-Gershenson
            Properties Trust ("RGPT"), which is the publicly traded real estate
            investment trust that is the general partner of New Indemnitor; and

                  (b) Consistent with Section 24 above, Purchaser shall not be
            required to deliver financial statements separate from its member
            (but shall be required to comply with Section 24 above), nor is it
            necessary that New Indemnitor's financial statements be certified by
            an independent certified public accountant (financial statements
            certified by New Indemnitor's chief financial officer shall be
            sufficient).

      Purchaser's failure to comply with any contrary provisions in the Security
      Instrument shall not constitute a default under the Security Instrument.
      However, Lender does not waive any other default, whether now in existence
      or occurring hereafter, whether known or unknown. The waivers in this
      Section 28 apply only to Ramco Woodstock LLC and not to any future
      assumptor pursuant to any future transfer or sale, if permitted by Lender;
      the foregoing shall not constitute Lender's consent to any future transfer
      or sale nor abrogate the terms and provisions of Section 11 above.

            IN WITNESS WHEREOF, the parties hereto have executed and delivered
      this Agreement to be effective as of the day and year first above written.

                      [THE BALANCE OF THIS PAGE IS BLANK.]

                                       12
<PAGE>

                                    LENDER:

                                    WELLS FARGO BANK, N.A., SUCCESSOR-BY-MERGER
                                    TO NORWEST BANK MINNESOTA, NATIONAL
                                    ASSOCIATION, AS TRUSTEE FOR THE REGISTERED
                                    HOLDERS OF FIRST UNION COMMERCIAL MORTGAGE
                                    TRUST COMMERCIAL MORTGAGE PASS-THROUGH
                                    CERTIFICATES FUNB SERIES 1999-C1

                                    By:  Lennar Partners, Inc.
                                    Its: Special Servicer

                                         By: ___________________________________
                                         Name: _________________________________
                                         Title: ________________________________

Signed, sealed and delivered
in the presence of:

___________________________________
Print Name:
Unofficial Witness

___________________________________
Notary Public
(Notarial Seal)

My Commission expires:

___________________________________

                              [SIGNATURES CONTINUE]

<PAGE>

                                    BORROWER:

                                    CENTRE AT WOODSTOCK, LLC,
                                    a Georgia limited liability company

                                    By: ________________________________________
                                    Name: James C. Wallace, Jr.
                                    Title:  Manager

Signed, sealed and delivered
in the presence of:

__________________________________
Print Name:
Unofficial Witness

__________________________________
Notary Public
(Notarial Seal)

My Commission expires:

__________________________________

                              [SIGNATURES CONTINUE]

<PAGE>

                                           PURCHASER:

                                           RAMCO WOODSTOCK, LLC,
                                           a Delaware limited liability company

                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

Signed, sealed and delivered
in the presence of:

_______________________________________
Print Name:
Unofficial Witness

_______________________________________
Notary Public
(Notarial Seal)

My Commission expires:

_______________________________________

                             [SIGNATURES CONTINUE]

<PAGE>

                                             EXISTING INDEMNITOR:

                                             ___________________________________
                                             JAMES C. WALLACE, JR.

Signed, sealed and delivered
in the presence of:

______________________________________
Print Name:
Unofficial Witness

______________________________________
Notary Public
(Notarial Seal)

My Commission expires:

______________________________________

                              [SIGNATURES CONTINUE]

<PAGE>

                                         NEW INDEMNITOR:

                                         RAMCO-GERSHENSON PROPERTIES, L.P.
                                         a Delaware limited partnership

                                             By: RAMCO-GERSHENSON
                                                 PROPERTIES TRUST, a
                                                 Maryland real estate investment
                                                 trust, its General Partner

                                                 By: ___________________________
                                                 Name: _________________________
                                                 Title: ________________________

                                                 By: ___________________________
                                                 Name: _________________________
                                                 Title: ________________________

Signed, sealed and delivered
in the presence of:

_____________________________________
Print Name:
Unofficial Witness

_____________________________________
Notary Public
(Notarial Seal)

My Commission expires:

____________________________________

<PAGE>

                                    EXHIBIT A

                               (Legal Description)

Shopping Center Tract Legal Description

All that tract or parcel of land lying and berg in Land Lots 1131 and 1174, 15th
District, Cherokee County, City of Woodstock, Georgia, and being more
particularly described as follows:

Commencing at the intersection of the northerly right-of-way of Georgia Highway
92 (having a variable right-of-way width) and the easterly right-of-way of
Trickum Road (having 4 variable right-of-way width), said point being at Sta 207
+ 58.33, 83.73' Lt. per Department of Transportation right-of-way documents for
Project #FR 165-1(49), dated 8/29/96; thence north 41 degrees 03 minutes 18
seconds west, along a right-of-way miter a distance of 97.47 feet to a point;
thence along the easterly right-of-way of Trickum Road north 00 degrees 22
minutes 47 seconds east, a distance of 119.27 feet to a point; thence continuing
along said right-of-way, along a curve to the right, having a radius of 11409.16
feet, an arc length of 24.67 feet, a chord bearing of north 00 degrees 26
minutes 30 seconds east, and a chord length of 24.67 feet to the Point of
Beginning;

Thence continuing along said right-of-way, along a curve to the right having a
radius of 11409.16 feet, an arc length of 169.93 feet, a chord bearing of north
00 degrees 55 minutes 49 seconds east, and a chord length of 169.92 feet- to a
point; thence continuing along said right-of-way north 01 degree 21 minutes 25
seconds east, a distance of 89.46 feet to a point; thence along a right-of-way
offset north 88 degrees 38 minutes 35 seconds west, a distance of 20.54 feet to
a point; thence continuing along said right-of-way north 03 degrees 38 minutes
08 seconds west, a distance of 32.15 feet to a point; thence continuing along
said right-of-way north 02 degrees 54 minutes 43 seconds east, a distance of
241.71 feet to a point; thence along a right-of-way offset south 76 degrees 13
minutes 43 seconds east, a distance of 8.00 feet to a point; thence continuing
along said right-of-way along a curve to the right having a radius of 437.46
feet, an arc length of 102.92 feet, a chord bearing of. north 20 degrees 30
minutes 39 seconds east, and a chord length of 102.68 feet to a point; thence
departing said right-of-way south 88 degrees 44 minutes 12 seconds east, a
distance of 196.44 feet to a point; thence north 47 degrees 23 minutes 29
seconds east, a distance of 59.12 feet to a point; thence south 88 degrees 44
minutes 12 seconds east, a distance of 126.98 feet to a point; thence south 02
degrees 20 minutes 21 seconds west, a distance of 164.54 feet to a point; thence
north 86 degrees 56 minutes 21 seconds east, a distance of 207.87 feet to a
point; thence south 02 degrees 02 minutes 21 seconds west, a distance of 259.80
feet to a point; thence south 88 degrees 28 minutes 19 seconds east, a distance
of 123.98 feet to a point; thence south 01 degree 15 minutes 48 seconds west, a
distance of 551.31 feet to a point on the northerly right-of-way of Georgia
Highway 92; thence along said right-of-way north 82 degrees 25 minutes 56
seconds west, a distance of 114.39 feet to a point; thence departing from said
right-of-way north 21 degrees 49 minutes 35 seconds east, a distance of 127.7
feet to a point; thence north 01 degree 15 minutes 48 seconds east, a distance
of 102.37 feet to a point; thence north 88 degrees 44 minutes 12 seconds west, a
distance of 321.95 feet to a point; thence south 01 degree 15 minutes 48 seconds
west, a distance of 186.89 feet to a point on the northerly right-of-way of
Georgia Highway 92; thence along said right-of-way: north 82 degrees 29

<PAGE>

minutes 22 seconds west, a distance of 93.58 feet to a point; thence departing
said right-of-way north 01 degree 15 minutes 48 seconds east, a distance of
28.00 -feet to a point; thence south 82 degrees 29 minutes 22 seconds east, a
distance of 30.61 feet to a point; thence north 31 degrees 07 minutes 39 seconds
east, a distance of 45.39 feet to a point; thence north 01 degree 15 minutes 48
seconds east, a distance of 169.85 feet to a point; thence north 88 degrees 44
minutes 12 seconds west, a distance of 284.22 feet to the Point of Beginning.

Said tract containing 10.210 acres, more or 104s, as shown on that certain
"A.L.T.A. Survey & As-Built" Survey for Wallace Enterprises, Inc., Chicago Title
Insurance Company, and McClure & McClure, LLC, dated March 30, 1998, prepared by
Braswell Engineering, Inc., and certified by Raymond C. Knight, GRLS No. 1991.

Outparcel 1 Legal Description

All that tract or parcel of land lying and being in Land Lot 1174, 15th
District, Cherokee County, City of Woodstock, Georgia, and being more
particularly described as follows;

Commencing at the intersection of the northerly right-of-way of Georgia Highway
92 (having a variable right-of-way) and the easterly right-of-way of Trickum
Road (having a variable right-of-way), said point being at Sta 207 + 58.33,
83.73' Lt. per Department of Transportation right-of-way documents for Project
#FR 165-1(49), dated 8/29/96; thence along the northerly right-of-way of Georgia
Highway 92 south 82 degrees 29 minutes 22 seconds east, a distance of 400.20
feet to the Point of Beginning.

Thence departing said right-of-way north 07 degrees 30 minutes 38 seconds east,
a distance of 203.58 feet to a point; thence south 88 degrees 44 minutes 12
seconds east, a distance of 158.37 feet to a point; thence south 01 degree 15
minutes 48 seconds west, a distance of 102.37 feet to a point; thence south 21
degrees 49 minutes 35 seconds west, a distance of 127.7 feet to a point on the
northerly right-of-way of Georgia Highway 92; thence continuing along said
right-of-way north 82 degrees 25 minutes 56 seconds west, a distance of 76.16
feet to a point; thence along a right-of-way offset north 07 degrees 25 minutes
52 seconds east, a distance of 4.19 feet to a point; thence continuing along
said right-of-way north 82 degrees 29 minutes 22 seconds west, a distance of
60.94 feet to the Point of Beginning.

Said tract containing 0.776 acre, more or less, and being designated Outparcel
#1 on that certain "A.L.T.A. Survey & As-Built" Survey for Wallace Enterprises,
Inc., Chicago Title Insurance Company, and McClure & McClure, LLC, dated March
30, 1998, prepared by Braswell Engineering, Inc., and certified by Raymond C.
Knight, GRLS No. 1991.<PAGE>
                                                                   EXHIBIT 10.70

                                              Property Name: Centre at Woodstock
                                                             Loan No. M255999755

                            SUBSTITUTION OF GUARANTOR

THIS SUBSTITUTION OF GUARANTOR (this "Substitution Agreement") is made as of the
12th day of August, 2004, by RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware
limited partnership ("Assuming Guarantor"), JAMES C. WALLACE, JR., an individual
(whether one or more, "Original Guarantor"), and WELLS FARGO BANK, N.A.,
SUCCESSOR-BY-MERGER TO NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, AS TRUSTEE
FOR THE REGISTERED HOLDERS OF FIRST UNION COMMERCIAL MORTGAGE TRUST COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES FUNB SERIES 1999-C1 ("Lender").

                                    RECITALS

A. Lender is the current owner and holder of the following loan documents
evidencing a loan ("Loan") made to CENTRE AT WOODSTOCK, LLC, a Georgia limited
liability company ("Original Borrower") by First Union National Bank ("Original
Lender"): (a) a Promissory Note (the "Note") dated June 30, 1998, in the
original principal amount of $7,000,000, which Note is secured by (b) a Deed to
Secure Debt and Security Agreement (the "Security Instrument") of even date
therewith recorded in Deed Book 3182, Page 28, Official Records of the Real
Estate Office, Cherokee County, State of Georgia ("Records"), and (c) an
Assignment of Leases and Rents (the "Assignment") as recorded in Deed Book 3182,
Page 95 of the Records (all such documents collectively called the "Loan
Documents"), which encumber or otherwise relate to the real property and
improvements and other property more fully described in the Security Instrument
(the "Property").

B. In connection with the Loan, Original Guarantor represented to Original
Lender that Original Guarantor was an affiliate of the Original Borrower and
would derive substantial economic benefit from Original Lender making the Loan
to the Original Borrower. Accordingly, Original Guarantor assumed certain
liabilities and undertook certain obligations, indemnities, and agreements
pursuant to the following instruments that were executed in connection with the
Loan (collectively called the "Guaranty Agreements"): (1) that certain Indemnity
and Guaranty Agreement of even date with the Note executed by Original Guarantor
in favor of Original Lender; and (2) that certain Environmental Indemnity
Agreement of even date with the Note executed by Original Borrower and Original
Guarantor in favor of Lender.

C. Original Borrower has agreed to sell, and RAMCO WOODSTOCK LLC ("Assuming
Borrower"), has agreed to purchase, the Property. Original Borrower and Assuming
Borrower have requested that Lender consent to the sale and transfer of the
Property by the Original Borrower to the Assuming Borrower, subject to the
Security Agreement, the Assignment of Rents and the other Loan Documents, and
subject to the assumption by the Assuming Borrower of the Loan and the
obligations of the Original Borrower under the Loan Documents (the "Sale and
Assumption").

                                       1
<PAGE>

D. Original Guarantor desires to be released from its obligations under the
Guaranty Agreements which arise or accrue from and after the date hereof.

E. Lender has required, among other things, as a condition of its consent to the
Sale and Assumption and as a condition to the release of Original Guarantor,
that Assuming Guarantor assume and become obligated for the performance of each
and all of the obligations and agreements of Original Guarantor under the
Guaranty Agreements.

                             STATEMENT OF AGREEMENT

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

1. Representations of Assuming Guarantor.

      (a)   Assuming Guarantor hereby represents to Lender that it is an
            affiliate of the Assuming Borrower and that it will derive
            substantial economic benefit from Lender's agreement to consent to
            the Sale and Assumption.

      (b)   Assuming Guarantor hereby acknowledges that this Substitution
            Agreement is being executed in order to induce Lender to consent to
            the Sale and Assumption and to release Original Guarantor of
            liability as set forth herein, and that Lender would not consent to
            the Sale and Assumption or release Original Guarantor without the
            execution and delivery by Assuming Guarantor of this Substitution
            Agreement.

2. Substitution of Assuming Guarantor; Assumption of Obligations.

      (a)   Assuming Guarantor is hereby substituted, in each and every respect,
            for Original Guarantor, in lieu of and in place of Original
            Guarantor with respect to each and every reference to Original
            Guarantor in the Guaranty Agreements and the Loan Documents.

      (b)   Assuming Guarantor hereby assumes and agrees to be obligated and
            liable for the performance of all of the obligations, indemnities,
            agreements and liabilities of Original Guarantor under the Guaranty
            Agreements.

      (c)   Assuming Guarantor agrees to pay, perform, and discharge each and
            every obligation of payment and performance of Original Guarantor
            pursuant to the Guaranty Agreements and Loan Documents.

      (d)   Assuming Guarantor will abide by and be bound by the terms of the
            Loan Documents having reference to Original Guarantor.

                                       2
<PAGE>

 3.   Release of Original Guarantor.

      (a)   Lender releases Original Guarantor from any and all liability to
      Lender, its successors and assigns, which may arise or accrue from and
      after the date of this Substitution Agreement under the Guaranty
      Agreements, Loan Documents, and any other documents that evidence or
      secure the Loan.

      (b)   Notwithstanding the foregoing, Original Guarantor shall remain
      liable for acts or events occurring or obligations arising prior to the
      date of this Substitution Agreement, whether or not such acts, events or
      obligations are, as of the date of this Substitution Agreement known or
      ascertainable.

4.    Release of Lender by Original Guarantor. Original Guarantor hereby
      releases, waives, and surrenders any and all claims, counterclaims,
      defenses, affirmative defenses, and other rights of setoff whatsoever,
      relating to acts, events, conduct, or other matters whatsoever occurring
      at or prior to the date hereof, that Original Guarantor might otherwise
      have been entitled to assert or allege against Lender for any reason under
      or in connection with the Loan, Guaranty Agreements, or Loan Documents,
      including, but not limited to, any matter related to, connected with,
      arising out of, or regarding this Agreement, the transfer of the Property,
      the payment of amounts due to Lender under the Note or the enforcement of
      the provisions under any of the Loan Documents. Assuming Guarantor
      acknowledges and agrees that the foregoing release, waiver, and surrender
      by Original Guarantor is binding upon Assuming Guarantor for all events
      arising prior to the execution of this Agreement.

5.    Notices. Without amending, modifying or otherwise affecting the provisions
      of the Loan Documents except as expressly set forth herein, Lender shall,
      from and after the date of this Substitution Agreement, deliver any
      notices to Assuming Guarantor which are required to be delivered pursuant
      to the Loan Documents, or are otherwise delivered by Lender thereunder at
      Lender's sole discretion, to Assuming Guarantor's address as follows:

                           RAMCO-GERSHENSON PROPERTIES, L.P.
                           31500 Northwestern Highway, Suite 300
                           Farmington Hills, Michigan 48334
                           Attention: Chief Financial Officer

6.    Waiver by Lender. Except as expressly set forth herein, nothing contained
      herein shall be deemed a waiver of any of Lender's rights or remedies
      under the Loan Documents.

7.    Relationship with Loan Documents. To the extent that this Substitution
      Agreement is inconsistent with the Loan Documents, this Substitution
      Agreement will control and the Loan Documents will be deemed to be amended
      hereby. Except as amended hereby, the Loan Documents shall remain
      unchanged and in full force and effect.

8.    Captions. The headings to the sections of this Substitution Agreement have
      been inserted for convenience of reference only and shall in no way modify
      or restrict any provisions hereof or be used to construe any such
      provisions.

                                       3
<PAGE>

9.    Partial Invalidity. If any provision of this Substitution Agreement is
      held to be illegal, invalid or unenforceable under present or future laws,
      such provision shall be fully-severable, and this Substitution Agreement
      shall be construed and enforced as if such illegal, invalid or
      unenforceable provision had never comprised a part of this Substitution
      Agreement.

10.   Entire Agreement. This Substitution Agreement constitutes the entire
      agreement among the parties hereto with respect to the subject matter
      hereof (it being hereby acknowledged and agreed that this Substitution
      Agreement is not intended to address or otherwise relate to the liability
      or obligations of the Assuming Borrower under any of the Loan Documents).
      This Substitution Agreement shall not be amended unless such amendment is
      in writing and executed by each of the parties. This Substitution
      Agreement supersedes all prior negotiations regarding the subject matter
      hereof

11.   Binding Effect. This Substitution Agreement and the documents contemplated
      to be executed in connection herewith shall be binding upon and inure to
      the benefit of the parties hereto and their respective successors and
      assigns; provided, however, that the foregoing provisions of this Section
      shall not be deemed to be a consent by Lender to any further sale,
      conveyance, assignment or transfer of the Property by the Assuming
      Borrower.

12.   Multiple Counterparts. This Substitution Agreement may be executed in
      multiple counterparts, each of which will be an original, but all of
      which, when taken together, will constitute one and the same Substitution
      Agreement.

13.   Governing Law. This Substitution Agreement shall be governed by and
      construed in accordance with the internal laws of the State where the
      Property is located, without regard to principles of conflict of law.

14.   Effective Date. This Substitution Agreement shall be effective as of the
      date of its execution by the parties hereto and thereupon is incorporated
      into the terms of the Loan Documents.

      IN WITNESS WHEREOF, the parties hereto have executed this Substitution
Agreement to be effective as of the date first aforesaid.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>

                                  ASSUMING GUARANTOR:

                                  RAMCO-GERSHENSON PROPERTIES, L.P.,
                                  a Delaware limited partnership

                                  By: RAMCO-GERSHENSON PROPERTIES
                                      TRUST, a Maryland real estate investment
                                      trust, its General Partner

                                      By: ______________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      By: ______________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

<PAGE>

                                  ORIGINAL GUARANTOR:

                                  ______________________________________________

                                  JAMES C. WALLACE, JR., an individual

<PAGE>

                                    LENDER:

                                    WELLS FARGO BANK, N.A., SUCCESSOR-BY-MERGER
                                    TO NORWEST BANK MINNESOTA, NATIONAL
                                    ASSOCIATION, AS TRUSTEE FOR THE REGISTERED
                                    HOLDERS OF FIRST UNION COMMERCIAL MORTGAGE
                                    TRUST COMMERCIAL MORTGAGE PASS-THROUGH
                                    CERTIFICATES FUNB SERIES 1999-C1

                                    By: Lennar Partners, Inc.

                                    Its: Special Servicer

                                         By: ___________________________________

                                         Print Name: ___________________________

                                         Print Title: __________________________

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