Document:

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                                  Exhibit 10.43

                    COLLECTION AND DEPOSIT ACCOUNT AGREEMENT

         THIS COLLECTION AND DEPOSIT ACCOUNT AGREEMENT (this "AGREEMENT")
dated as of July 30, 2001, among LASALLE BANK NATIONAL ASSOCIATION having an
address at 135 LaSalle Street, Suite 1225, Chicago, Illinois 60603, in its
capacity as collection bank (the "COLLECTION BANK"), LASALLE BANK NATIONAL
ASSOCIATION, having an address at 135 LaSalle Street, Suite 1625, Chicago,
Illinois 60603, in its capacity as depository (the "DEPOSITORY"), LAKESHORE
MARKETPLACE, LLC, a Delaware limited liability company, having an address at
77 West Wacker Drive, Suite 4200, Chicago, Illinois 60601 ("BORROWER") and
GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, having an
address at 600 Steamboat Road, Greenwich, Connecticut 06803 (together with
its successors and assigns, "LENDER").

                              W I T N E S S E T H:

         A.       Lender has agreed to make a loan in the amount of
$15,993,000 (the "LOAN") to Borrower evidenced by a Promissory Note, dated as
of the date hereof (as amended, modified or restated and any replacements
therefor, the "NOTE"), from Borrower to Lender, and secured, INTER ALIA, by a
Mortgage, dated as of the date hereof (as amended, modified, restated, spread
or consolidated, the "INSTRUMENT"; together with the Note, this Agreement and
all other documents and agreements evidencing and/or securing the Loan,
collectively, the "LOAN DOCUMENTS"), on certain real property known as
Lakeshore Marketplace located in Muskegon, Michigan (the "PROPERTY");

         B.       Borrower and Horizon Group Properties, L.P., a Delaware
limited partnership (the "MANAGER") are parties to a management agreement
pursuant to which the Manager has agreed to act as manager with respect to
the Property;

         C.       The Instrument provides that all Rents (as hereinafter
defined) shall be sent directly to one or more financial institutions
acceptable to Lender for deposit into an account designated and established
by Lender or its designee; and

         D.       Lender and Borrower desire to retain the Collection Bank
and Depository to provide the services described herein.

         NOW THEREFORE, in consideration of the mutual premises contained
herein and for other good and valuable consideration the sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:

         1.       DEFINED TERMS.  Certain capitalized terms used herein are
defined in Section 16.

         2.       DEPOSIT OF RENTS; DUTIES OF THE COLLECTION BANK.

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         (a)      From and after the date hereof, Borrower will (a) cause
all tenants under Leases now or hereafter affecting all or a portion of the
Property to deliver all Rents directly to the Collection Bank at the
following address: Lakeshore Marketplace, LLC, 135 S. LaSalle St., Dept.
6285, Chicago, IL 60674-6285 (the "Lockbox"), whereupon the Collection Bank
shall promptly deposit such rents into the Collection Account (hereinafter
defined), and (b) cause any and all other Rents received by Borrower, its
affiliates, partners or members, the Manager or any other party on Borrower's
behalf to be deposited into the Collection Account within two (2) Business
Days after receipt thereof by or on behalf of Borrower. On the date hereof,
Borrower shall deliver to each tenant under an existing Lease an irrevocable
direction in the form of EXHIBIT A attached hereto and made a part hereof
(each, a "TENANT NOTICE") to deliver all Rent payable under such tenant's
Lease, when due, directly to the Lockbox. In addition, Borrower shall deliver
a Tenant Notice to each tenant under any Lease entered into after the date
hereof promptly after execution of such Lease.

         (b)      The Collection Bank shall receive and process any
deposits properly presented by Borrower, its partners, members or any of
their respective agents pursuant to Section 6 in accordance with the terms of
this Agreement. The Collection Bank shall also receive and process all Rents
sent directly to the Lockbox by tenants at the Property in accordance with
the terms of the Wholesale Lockbox Mail Service Agreement between Borrower
and Collection Bank. The Rents and other deposits described in this Section
2(b) are collectively referred to herein as the "RECEIPTS." The Collection
Bank shall establish and maintain a Collection Account for the Property in
the name of Borrower, with Lender, as secured party, as account number
5800254475 (the "COLLECTION ACCOUNT"), into which the Collection Bank shall
deposit all Receipts received by it with respect to the Property.

         (c)      Items deposited with, or funds transfers received (for
credit to the Collection Account) by, the Collection Bank which are returned
for insufficient or uncollected funds will be re-deposited the first time.
Items or funds transfers returned unpaid the second time for whatever reason
shall be debited to the Collection Account under advice and returned to
Borrower. Borrower shall be liable to the Collection Bank for the amount of
any exchange or collection charges incurred by the Collection Bank. Fees for
returned items (or funds transfers) will be charged directly to the
Collection Account. If there are insufficient funds in the Collection Account
to fully reimburse Collection Bank for the amount of any returned item (or
funds transfer) and any related fees and expenses, then Borrower and Lender
agree to fully reimburse Collection Bank on demand to the extent either
receives the proceeds of such item or funds transfer. The Collection Bank
shall send a monthly statement to Lender, which shall specify the amounts
deposited into the Collection Account with respect to the Property for the
previous month.

         (d)      The Collection Account shall be an Eligible Account
entitled "Lakeshore Marketplace, LLC, for the benefit of Greenwich Capital
Financial Products, Inc., together with its successors and assigns, as
Secured Party", or entitled in such other fashion as Lender shall determine.
The Collection Bank shall deposit into the Collection Account the Rents for
the Property and all other amounts transferred to the Collection Bank,
pursuant to this Agreement or otherwise. The Collection Account shall be
under the sole dominion and control of Lender (which may be exercised through
Lender's Servicer designated by Lender to the Collection Bank

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by written notice given from time to time) and Lender (and its Servicer)
shall have the sole right to make withdrawals from the Collection Account and
to exercise all rights with respect to the amounts deposited from time to
time in the Collection Account. The Lender hereby directs the Collection
Bank, on each Business Day, to transfer all final and collected funds in the
Collection Account to the Deposit Account (as hereinafter defined). The
Lender or Servicer may from time to time after delivery of an Event of
Default Notice direct the Collection Bank in writing to transfer all final
and collected finds in the Collection Bank on each Business Day to any other
account, maintained by the Lender or Servicer at the Collection Bank or
otherwise, and the Collection Bank shall be and hereby is irrevocable
authorized to follow such instructions.

         3.       DUTIES OF DEPOSITORY.

         (a)      The Depository shall establish and maintain a Deposit
Account for the Property in the name of Borrower with Lender, as secured
party, as account number 678831504 (the "DEPOSIT ACCOUNT"), into which the
Depository shall credit all funds transferred (by the Collection Bank) from
the Collection Account. The Deposit Account shall be an Eligible Account
entitled "Lakeshore Marketplace, LLC, for the benefit of Greenwich Capital
Financial Products, Inc., together with its successors and assigns, as
Secured Party", or entitled in such other fashion as Lender shall determine.
The Depository shall hold amounts deposited in the Deposit Account and shall
not commingle such amounts with any other amounts held on behalf of Lender or
any other Person. The Deposit Account shall be under the sole dominion and
control of Lender (which may be exercised through Lender's Servicer
designated by Lender to the Depository by written notice given from time to
time) and Lender (and its Servicer) shall have the sole right to make
withdrawals from the Deposit Account and to exercise all rights with respect
to the amounts on deposit from time to time in the Deposit Account. The
Lender hereby directs the Depository Bank to permit Servicer to make
disbursements out of the Deposit Account (and the Sub-Accounts therein (as
defined below)), from time to time, in accordance with this Agreement, and
for the purposes set forth herein. All actions and decisions of Lender
hereunder may be taken by the Servicer acting on Lender's behalf, and all
actions and decisions of Servicer hereunder may be taken by Lender at
Lender's option in Servicer's stead.

         (b)      Upon the establishment of the Deposit Account, the
Depository shall establish and maintain the following sub-accounts to the
Deposit Account (collectively, the "SUB-ACCOUNTS"): (a) the "CASH MANAGEMENT
FEES SUB-ACCOUNT", which will be allocated funds in accordance with the fee
agreement between Depository and Borrower, and (b) from and after
Depository's receipt of a notice stating that a Cash Trap Event (as defined
below) has occurred substantially in the form of Exhibit B attached hereto
and made a part hereof (the "TRIGGER NOTICE"), the "OPERATING EXPENSE
SUB-ACCOUNT" and "DEBT SERVICE RESERVE SUB-ACCOUNT", which shall be allocated
funds in accordance with Lender's or Servicer's written directions given from
time to time to the Depository. The Sub-Accounts shall be maintained by the
Depository and managed, on a ledger entry basis, by the Servicer .

         (c)      Except as otherwise provided herein, funds transferred to
the Deposit Account (with the exception of funds, if any, allocated to the
Sub-Accounts) during each Interest Period (as defined below) shall be allocated
in accordance with Lender's (or Servicer's) written

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instructions to Depository to the extent of available funds and in the
priority specified in such instructions.

         (d)      At the end of each Interest Period, any amounts remaining
in the Deposit Account after disbursement of all required amounts as
specified by Lender (or Servicer) for such Interest Period and any funds
subsequently transferred to the Deposit Account (from the Collection Account)
during the remainder of such Interest Period shall be transferred (i) if
Depository has not received a Trigger Notice, to Borrower's account with
Collection Bank, at account number 5800311952 (or to any account and bank as
Borrower may otherwise specify in writing to Depository) on, or within three
(3) Business Days after, the last day of such Interest Period, if Depository
has not received a Trigger Notice, or (ii) after Depository's receipt of a
Trigger Notice, shall be deposited or allocated among the Sub-Accounts as
specified by Lender or its Servicer.

         (e)      The insufficiency of funds in the Collection Account,
Deposit Account or any Sub-Account shall in no way relieve Borrower from its
obligations to pay to Lender, as and when due, any of the following: (a) the
taxes and insurance with respect to the Property required under Section 2 of
the Instrument, (b) the monthly installments of principal and interest
required under the Note, (c) the monthly deposits required under the
Replacement Reserve and Security Agreement or (d) the monthly deposit
required under the Tenant Improvement and Leasing Commission Reserve and
Security Agreement. At least once a month, Depository or Servicer, as
applicable, shall send to Borrower a report or statement which lists all
disbursements from the Deposit Account and the Sub-Accounts.

         (f)      At Lender's option, funds in any Sub-Account may be
reallocated to fund any deficiency in any other Sub-Account. Subject to such
right to reallocate, each transfer of funds to be made hereunder shall be
made only to the extent that funds are on deposit in the Deposit Account or
the affected Sub-Account, and except as otherwise provided herein, Lender
shall have no responsibility to make additional funds available in the event
that funds on deposit are insufficient.

         (g)      "INTEREST PERIOD" shall mean a period commencing on the
first day and ending on the last day of each calendar month during the term
of the Loan. As used herein the term "PAYMENT DATE" means the first day of
each calendar month or, if the first day of any calendar month is not a
Business Day, then the Payment Date for such month shall be the first
Business Day thereafter.

         (h)      EVENT OF DEFAULT. Notwithstanding anything herein
to the contrary, upon the Depository's receipt of a notice stating that an
Event of Default (as defined in the Instrument) has occurred and is
continuing substantially in the form of Exhibit C attached hereto and made a
part hereof (the "EVENT OF DEFAULT NOTICE"), all funds on deposit in the
Deposit Account and/or the Sub-Accounts shall be disbursed to or as directed
by Lender (or Servicer).

         (i)      So long the Depository has not received an Event of
Default Notice, Lender or its Servicer shall instruct the Depository and
Servicer to invest amounts held in the Deposit Account in Permitted
Investments as Lender shall determine in Lender's discretion. All funds in
the Deposit Account or any Sub-Account that are invested in a Permitted
Investment are deemed to

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be held in such Deposit Account or Sub-Account for all purposes of this
Agreement and the other Loan Documents. The maturities of the Permitted
Investments on deposit in the Deposit Account or any Sub-Account shall, to
the extent such dates are ascertainable, be selected and coordinated by
Lender to become due not later than the day before any disbursements from the
Sub-Accounts must be made. All Permitted Investments hereunder shall be in
the same names as the Deposit Account and shall be under the sole dominion
and control of Lender. Neither Lender nor Depository shall have any liability
for any loss in investments of funds in the Deposit Account or Sub-Account
that are invested in Permitted Investments. Borrower shall include all such
earnings and losses on the Deposit Account or any Sub-Account as income or
losses, as the case may be, of Borrower for federal and applicable state tax
purposes.

         (j)      As between Borrower and Lender, Lender agrees that prior
to the occurrence of an Event of Default, and thereafter solely at Lender's
option from time to time exercised in whole or in part, Lender or Servicer
shall direct the Depository to transfer or allocate funds in the Deposit
Account (other than those allocated to the Sub-Accounts) available for
disbursement on each Payment Date (as defined below) as follows and in the
following order of priority:

                  (i)      First, there shall be disbursed to Lender or
     Servicer an amount equal to the monthly escrows for taxes and insurance
     with respect to the Property required to be deposited for such Interest
     Period under Section 2 of the Instrument;

                  (ii)     Second, there shall be disbursed to Lender or
     Servicer an amount equal to the monthly installment of principal and
     interest payable under the Note for the next Payment Date;

                  (iii)    Third, there shall be disbursed to Lender or
     Servicer an amount equal to the monthly deposit required to be made by
     Borrower under the Replacement Reserve and Security Agreement, dated as of
     the date hereof (as amended or modified, the "REPLACEMENT RESERVE
     AGREEMENT"), between Borrower and Lender, for such Interest Period;

                  (iv)     Fourth, there shall be disbursed to Lender or
     Servicer an amount equal to the monthly deposit required to be made by
     Borrower under the Tenant Improvement and Leasing Commission Reserve and
     Security Agreement, dated as of the date hereof (as amended or modified,
     the "TI AND LEASING COMMISSION RESERVE AGREEMENT"; together with the
     Replacement Reserve Agreement, collectively the "RESERVE AGREEMENTS"),
     between Borrower and Lender for such Interest Period; and

                  (v)      Fifth, either

                                    (A) provided that no Cash Trap Event shall
                  have occurred and be continuing and the Depository has not
                  received a Trigger Notice and been instructed by Lender that
                  Lender has authorized disbursement pursuant to this clause for
                  such Interest Period, any amounts remaining in the Deposit
                  Account (other than in the Sub-Accounts) after disbursement of
                  all required amounts specified in clauses (i) through (iv)
                  above for such Interest Period and any funds deposited into
                  the Deposit Account during the remainder of such Interest
                  Period shall be paid to Borrower on, or within three (3)
                  Business Days after, the last day

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                  of such Interest Period, or

                                    (B) if a Cash Trap Event shall have occurred
                  and the Depository is given the Trigger Notice, then unless
                  and until a Cash Trap Cure shall occur, and subject to the
                  Lender's exercise in its discretion from time to time of its
                  rights under this Agreement and the other Loan Documents (or
                  at law or in equity) upon the occurrence and during the
                  continuance of an Event of Default, any amounts from such
                  Interest Period remaining in the Deposit Account (other than
                  in the Sub-Accounts) after disbursement of all required
                  amounts specified in clauses (i) through (iv) above for such
                  Interest Period and any funds deposited into the Collection
                  Account during the remainder of such Interest Period shall be
                  deposited as follows: (1) an amount equal to the applicable
                  monthly operating expenses (other than repairs, replacements
                  and capital expenditures) provided in the Approved Operating
                  Budget (or such other amount as shall be approved by Lender)
                  shall be transferred to the Operating Expenses Sub-Account
                  under the control of Lender, and (2) the remainder shall be
                  deposited into and held in the Debt Service Reserve
                  Sub-Account under the control of Lender.

         (k)      As between Borrower and Lender, Lender agrees that prior to
the occurrence of an Event of Default, and thereafter solely at Lender's option
from time to time exercised in whole or in part, Funds in the Sub-Accounts shall
be disbursed or applied as follows:

                  (i)      OPERATING EXPENSE SUB-ACCOUNT. Lender may require
         compliance with reasonable conditions prior to disbursement of amounts
         for Operating Expenses held in the Operating Expenses Sub-Account (if
         any) including, without limitation, the following:

                           (A) Borrower shall submit a request for payment not
                  more frequently than once per calendar month, which request
                  shall include invoices, receipts, and other evidence
                  reasonably required by Lender with respect to the Operating
                  Expenses which are the subject of such request;

                           (B) Such request for payment shall be signed by
                  Borrower, certifying that the requested funds are to be used
                  to pay Operating Expenses in accordance with the Approved
                  Operating Budget for the Property and for no other purpose,
                  and that all information in such request is true and complete;

                           (C) Such request shall include a line-item accounting
                  comparing Operating Expenses incurred in the subject month and
                  on a year-to-date basis with the approved Operating Budget;

                           (D) There shall be sufficient funds for such
                  disbursement in the Operating Expense Sub-Account, and Lender
                  shall have received evidence reasonably satisfactory to
                  Lender, and Lender shall have determined that sufficient funds
                  will be available for unincurred or unfunded remaining
                  Operating Expenses in the Approved Operating Budget for such
                  calendar month and any additional expenses

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                  then reasonably foreseen (and in the case of an imbalance,
                  Lender may require deposit of additional funds in the amount
                  of the shortfall); and

                           (E) Such request shall include evidence of payment
                  (including partial lien releases) of expenses for which prior
                  disbursements from the Operating Expense Sub-Account were
                  made; and

                           (F) At Lender's option, Lender may issue payment
                  directly to Borrower or to Manager.

                  (ii)     DEBT SERVICE RESERVE SUB-ACCOUNT. Amounts on
         deposit in the Debt Service Reserve Sub-Account shall be held as
         additional collateral for the Loan and other obligations of Borrower
         under the Loan Documents unless and until Borrower establishes to
         Lender's satisfaction that the Debt Service Coverage Ratio for each of
         the three (3) and twelve (12) month periods ending in the month
         preceding the month in which Borrower requests a release of funds from
         the Debt Service Reserve Sub-Account equals or exceeds 1.25:1 (a "CASH
         TRAP CURE", subject, however, to such Cash Trap Cure being deemed to
         occur under the proviso at the end of this sentence), in which event
         Lender shall authorize the disbursement of the funds in the Debt
         Service Reserve Sub-Account to Borrower; PROVIDED, that no release of
         funds shall be permitted, and no Recovery Event shall be deemed to have
         occurred, (A) if an Event of Default shall have occurred and be
         continuing or (B) if a Cash Trap Event and subsequent Cash Trap Cure
         shall have already occurred twice during the term of the Loan.

         (l)      Within ten (10) days after the end of each calendar
month, Borrower shall provide to Lender (i) accrual basis operating
statements together with statements of cash flow for the Property and a
tenant sales report and aged receivables report, each in a form reasonably
satisfactory to Lender, (1) for such month, (2) for the year to date and (3)
for the 12 month period ended as of the end of such calendar month, (b)
Borrower's calculation of the Debt Service Coverage Ratio for each of the
three (3) and twelve (12) month period ending at the end of such calendar
month, together with the Borrower's method of calculation and such detail and
background information as Lender shall require, (c) a certification executed
on behalf of Borrower by its managing member in form and substance reasonably
satisfactory to Lender stating that, to such officer's knowledge after due
inquiry, such operating statements, documents, and information are true and
complete in all material respects and do not omit to state any material
information without which the same might reasonably be misleading and (d) a
Compliance Certificate.

         (m)      No later than thirty (30) days prior to the expiration
of each calendar year, Borrower shall deliver to Lender Borrower's operating
budget and capital expenditure budget (in each case presented on a monthly
and annual basis) for the Property for the following calendar year, which
shall each be subject to Lender's reasonable approval. The proposed operating
budget shall identify and set forth Borrower's best estimate, after due
consideration, of all revenue, costs, and expenses, and shall specify Gross
Revenue and Operating Expenses. The proposed capital expenditure budget shall
identify and set forth Borrower's best estimate, after due consideration, of
all costs and expenses contemplated to be necessary in the current and

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subsequent years for capital improvements and leasehold improvements, leasing
commissions and other leasing costs not included in the operating budget, and
the contemplated sources of payment of the same. If any of said budgets or
plans for any calendar year are not in form and substance reasonably
satisfactory to Lender, Lender may disapprove the same and specify the
reasons therefor, and Borrower shall promptly amend and resubmit for approval
revised budgets or plans, as applicable, making such changes as are necessary
to comply with the reasonable requirements of Lender.

         (n)      As used hereinabove and herein for purposes of Sections
3(i), 3(j), 3(k), 3(l), 3(m) and this 3(n), the following capitalized terms
shall have the respective meanings set forth below:

                  (1)      "APPROVED OPERATING BUDGET" means Borrower's
operating budget setting forth Gross Revenues and Operating Expenses, for the
Property, which operating budget has been reasonably approved by Lender in
accordance with Section 8 hereof.

                  (2)      "CASH TRAP EVENT" means the occurrence of (1) an
Event of Default (as defined in the Instrument), (2) a Debt Service Coverage
Ratio of less than 1.10:1 for the three (3) month period ended as of the end
of any calendar month or (3) the failure by Borrower to deliver the
Compliance Certificate and documentation required under Section 7 above
within ten (10) days after the required delivery date.

                  (3)      "COMPLIANCE CERTIFICATE" means a certificate
duly executed on behalf of Borrower by its managing member in form and
substance reasonably satisfactory to Lender, stating that there does not
exist any Event of Default or occurrence which with the passage of time or
the giving of notice would constitute an Event of Default under the Loan
Documents (or if any exists, specifying the same in detail) and stating the
Debt Service Coverage Ratio for each of the three (3) and twelve (12) month
periods ended as of the end of such calendar month.

                  (4)      "DEBT SERVICE COVERAGE RATIO" shall mean, for
any period, the ratio, as determined by Lender, of (i) Underwritable Cash
Flow for such period to (ii) the amount of principal and interest due under
the Loan for such period.

                  (5)      "GAAP" means generally accepted accounting
principles as in effect in the United States of America from time to time.

                  (6)      "GROSS REVENUES" means, without duplication, all
revenue derived from the ownership and operation of the Property by Borrower
from whatever source determined on a GAAP basis, including, but not limited
to, Rents, but excluding sales, use and occupancy or other taxes on receipts
required to be accounted for by Borrower to any governmental authority,
non-recurring revenues as determined by Lender (e.g. proceeds from a sale of
assets or refinancing), security deposits, refunds and uncollectible
accounts, proceeds of casualty or other insurance and condemnation awards,
and any disbursements to Borrower from any reserve or other fund established
by the Loan Documents or any proceeds from the sale, refinancing of the
Property or recapitalization of the Borrower. In addition, if required by
Lender, income accrued but not paid in cash during an accounting period shall
be discounted for an allowance for doubtful accounts in a manner consistent
with historical net realizable value.

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                  (7)      "OPERATING EXPENSES" means all costs and
expenses accrued in accordance with GAAP relating to the operation,
maintenance, repair, use and management of the Property, including, without
limitation, utilities, repairs and maintenance, insurance, property taxes and
assessments, advertising expenses, payroll and related taxes, equipment lease
payments, actual management fees and all amounts paid into reserves required
under the Loan Documents but excluding (i) principal and interest payments
made by Borrower under the Loan Documents, and (ii) depreciation,
amortization and other non-cash expenses of the Property, and (iii) capital
expenditures and other costs and expenses to the extent paid from reserves
for the same maintained under the Loan Documents; provided, however such
costs and expenses shall be subject to reasonable adjustment by Lender to
normalize such costs and expenses.

                  (8)      "UNDERWRITABLE CASH FLOW" means for any
measurement period the excess of Gross Revenues over Operating Expenses for
such period as determined by Lender, after making such adjustments to Gross
Revenues and Operating Expenses as Lender deems necessary or appropriate.
Underwritable Cash Flow (including determination of any necessary adjustments
to Gross Revenues or Operating Expenses) shall be calculated by Lender based
upon Lender's sole determination of Rating Agency criteria, provided that
necessary adjustments shall include without limitation the following:

                           (i) all rents, including base rentals and percentage
                  rentals, will be included in calculating Gross Revenues only
                  for Leases reasonably approved by Lender where the tenants are
                  in occupancy, paying rent (without discount or deduction) and
                  open for business at their respective premises, and have not
                  given notice verbally or in writing that they intend to go
                  dark;

                           (ii) base rental revenues will be calculated as no
                  greater than the lesser of (A) actual base rentals received
                  from tenants under Leases for the relevant period, and (B) the
                  current base rentals (projected or prorate for a period
                  equivalent to the measurement period) under such Leases as of
                  the time of determination of Underwritable Cash Flow;

                           (iii) percentage rental revenues will be calculated
                  as the lesser of (A) the projected percentage rents based on
                  anticipated year-end tenant sales, prorated as allocable to a
                  period equivalent to the measurement period, and (B) 75% of
                  the percentage rents for the year prior to that in which
                  Underwritable Cash Flow is determined;

                           (iv) all above-market rents (as determined by
                  Lender), including base rentals and percentage rentals, will
                  be reduced to market as determined by Lender;

                           (v) Lender shall make adjustment for a credit
                  loss/vacancy allowance equal to the greatest of 10%, actual
                  vacancy or market vacancy (as determined by Lender);

                           (vi) management fees shall equal to the greater of
                  actual management fees and 4% of Gross Revenues;

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                           (vii) Operating Expenses shall be adjusted to be the
                  greater of (i) actual Operating Expenses for the measurement
                  period and (ii) Operating Expenses projected for an equivalent
                  period at anticipated recurring, stabilized expense levels,
                  incorporating any anticipated increases in expenses (as
                  determined by Lender);

                           (viii) Gross Revenues adjustments shall be made to
                  eliminate any non-recurring items, and to implement deductions
                  for impending vacancies and lease expirations and other items,
                  as determined by Lender; and

                           (ix) deductions will be made for projected normalized
                  leasing costs (including without limitation tenant
                  improvements, leasing commissions and other tenant
                  inducements) for retenanting on a normalized basis, as well as
                  other projected normalized capital costs (in each case as
                  determined by Lender), if and to the extent such deductions
                  are in excess of reserve deposits therefor which are included
                  in Operating Expenses for purposes of calculating
                  Underwritable Cash Flow.

         4.       FEES. To compensate the Collection Bank and Depository
for performing the herein-described services, Borrower agrees to pay the fees
and expenses owed to the Collection Bank and Depository, respectively, and
calculated in accordance with the agreed upon fee schedules between the
Collection Bank, Depository and Borrower. The Collection Bank and Depository
shall debit the Collection Account or Deposit Account (as applicable) under
advice on a monthly basis or shall include its fees in an account analysis
statement, in accordance with the particular arrangements between the
Depository and Borrower.

         5.       TERMINATION.

         (a)      The Collection Bank or Depository may resign from
obligations under this Agreement at any time after 30 days' prior written
notice to the other parties hereto; PROVIDED, HOWEVER, that Collection Bank
or Depository may terminate this Agreement immediately in the event it
suspects fraud or illegal activity in connection with the Collection Account,
Deposit Account or Sub-Accounts or this Agreement, but in no event shall the
Collection Bank or Depository be released of its obligations hereunder unless
and until a substitute bank has been designated and assumed its respective
obligations hereunder. With respect to the appointment of a successor to the
Collection Bank or Depository, Borrower and Lender shall use reasonable
efforts to designate such a bank promptly after receipt of notice of
resignation by the Collection Bank or Depository and shall take all
reasonable actions necessary to cause such designated successor promptly to
assume the obligations of the Collection Bank or Depository hereunder, as
applicable. However, if a successor to the Collection Bank or Depository
Bank, as applicable, has not assumed such obligations within thirty (30) days
of notice of its resignation, then the Collection Bank or Depository, as
applicable, shall have the right, at Borrower's expense, to petition a court
of competent jurisdiction to appoint a successor.

         (b)      Lender may terminate  this  Agreement at any time upon 30
days' prior written notice to the other parties hereto.

                                       67
<Page>

         (c)      Borrower may not unilaterally terminate this Agreement or
close the Collection Account, Deposit Account or any Sub-Accounts established
hereunder.

         6.       DEPOSIT OF RECEIPTS BY BORROWER AND MANAGER. Borrower and
Manager hereby agree to deposit or cause to be deposited with the Collection
Bank within two (2) Business Day of receipt, all Rents received by Borrower
or its partners, members or affiliates or Manager, respectively, with respect
to the Property.

         7.       INDEMNIFICATION. Borrower agrees to indemnify, defend and
save harmless the Collection Bank and Depository from all loss, liability or
expense (including the reasonable fees and expenses of in house or outside
counsel) arising out of or in connection with (i) the Collection Account,
Deposit Account or Sub-Accounts or any transactions relating thereto, or (ii)
its execution and performance of this Agreement, except to the extent that
such loss, liability or expenses is due to the gross negligence or willful
misconduct of the Collection Bank or Depository, as applicable. Borrower and
Lender agree, jointly and severally, to indemnify, defend and save harmless
the Collection Bank and Depository from all loss, liability or expense
(including the reasonable fees and expenses of in house or outside counsel)
arising out of or in connection with its following any instructions or other
directions from Lender or its Servicer, except to the extent that such loss,
liability or expenses is due to the gross negligence or willful misconduct of
the Collection Bank or Depository, as applicable.

         8.       GRANT OF SECURITY INTERESTS.

         (a)      Borrower hereby pledges, transfers and assigns to Lender,
and grants to Lender, as additional security for payment of the principal
amount of the Loan, accrued and unpaid interest thereon and any and all other
sums and amounts due under the Note, the Instrument and the other Loan
Documents (collectively, the "DEBT"), a continuing perfected security
interest in and to, and a general first lien upon the following
(collectively, the "ACCOUNT COLLATERAL"): (i) the Collection Account, Deposit
Account and Sub-Accounts (collectively, the "Accounts") and all of Borrower's
right, title and interest in and to all cash, property or rights transferred
to or deposited in the Accounts from time to time by Borrower or on behalf of
Borrower in accordance with the provisions of this Agreement, (ii) all
earnings, investments and securities held in the Accounts in accordance with
this Agreement, and (iii) any and all proceeds of the foregoing. Borrower
further agrees to execute, acknowledge, deliver, file or do, at its sole cost
and expense, all other acts, assignments, notices, agreements or other
instruments as Lender may reasonably require in order to effectuate, assure,
convey, secure, assign, transfer and convey unto Lender any of the rights
granted by this Section. Borrower acknowledges and agrees that the Accounts
maintained hereunder are subject to the sole dominion, control and discretion
of Lender, its authorized agents or designees, and notwithstanding anything
set forth herein to the contrary, neither Borrower nor any other person or
entity, through or under Borrower, shall have any control over the use of, or
any right to withdraw any amount from, the Accounts, and the Collection Bank
and Depository shall comply with all instructions originated by the Lender,
its authorized agents or designees without further consent by the Borrower.

         (b)      Borrower and Lender hereby notify the Collection Bank and
Depository of the grant by Borrower to Lender of a security interest in the
Accounts and all of the Borrower's right, title and interest in and to all
cash, property and rights transferred or deposited in the Accounts.

                                       68

<Page>

In addition, the Collection Bank, Depository and Borrower each acknowledge
and agree that the Accounts maintained hereunder are subject to the sole
dominion, control and discretion of Lender and its authorized agents or
designees subject to the terms and conditions of this Agreement, and
notwithstanding anything set forth herein to the contrary, neither Borrower
nor any other person or entity, through or under Borrower, shall have any
control over the use of, or any right to withdraw any amount from, the
Accounts, and the Collection Bank and Depository shall comply with all
instructions originated by the Lender, its authorized agents or designees
without further consent by the Borrower. Borrower shall be entitled to
request and receive any information about the Accounts that it shall
reasonably request from time to time. The Collection Bank and Depository each
waive any right of offset, set-off, recoupment or lien against the Accounts
or Borrower, its partners or their respective affiliates which it might have
against the Accounts; PROVIDED, HOWEVER, that each retain the right to charge
the Collection Account, Deposit Account or Sub-Accounts, as applicable, for
(i) any of their respective charges, fees and expenses provided for herein
for which Borrower is responsible and (ii) all items deposited in and fund
transfers credited to the Collection Account and subsequently returned unpaid
or with respect to which the Collection Bank fails to receive final
settlement.

         9.       EVENT OF DEFAULT; BUDGET AND REPORTING.

         (a)      Upon the Collection Bank and Depository's receipt of the
Event of Default Notice, and notwithstanding anything to the contrary
contained herein, in addition to exercising any and all rights and remedies
available to Lender under the Note, the Instrument or the other Loan
Documents or otherwise at law or in equity, Lender may apply any and all
funds in the Accounts (including any of the Sub-Accounts) to payment of the
Debt in such order as Lender in its sole discretion may elect. In such event,
the parties agree that the Collection Bank and Depository shall pay over to
Lender all amounts deposited in the Accounts on demand, without notice to
Borrower, PROVIDED, HOWEVER, that in making such demand, Lender certifies, in
such Event of Default Notice, signed by Lender or an authorized agent
thereof, that an Event of Default has occurred and is continuing and
instructs Collection Bank and Depository as to where such amounts deposited
in the Accounts should be directed.

         (b)      Upon the request of Lender, Lender shall be entitled to
receive copies of all reports, advices, statements and other information
supplied hereunder as Lender shall reasonably request.

         10.      SUCCESSORS AND ASSIGNS; ASSIGNMENTS. This Agreement shall
bind and inure to the benefit of and be enforceable by the Collection Bank,
Depository, Borrower and Lender and their respective successors and assigns.
Lender shall have the right to assign or transfer its rights under this
Agreement without limitation. Any assignee or transferee shall be entitled to
all the benefits afforded Lender under this Agreement; PROVIDED, HOWEVER,
that such assignee or transferee shall have delivered to the other parties
hereto written confirmation that such assignee or transferee agrees to be
bound by the terms of this Agreement and is also the assignee or transferee
(or agent thereof) of the Note, the Instrument and the other Loan Documents.
Any corporation into which the Collection Bank or Depository, as applicable,
in its individual capacity may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Collection Bank or Depository (as applicable) in
its individual capacity shall be a party, (or, with respect to the

                                       69
<Page>

Depository, any corporation to which substantially all the corporate trust
business of the Depository in its individual capacity may be transferred),
shall be the Collection Bank or Depository, as applicable, under this
Agreement without further act. The Collection Bank and Depository each
reserve the right to transfer this Agreement or any of its obligations
hereunder to any of its affiliates.

         11.      AMENDMENTS; OTHER AGREEMENTS. This Agreement may be
further amended from time to time in writing by all parties hereto. This
Agreement is supplemented by the terms of the Collection Bank's or
Depository's deposit account agreement(s) with Borrower, and to the extent
the terms of such agreement(s) directly conflict with this Agreement, the
specific terms of this Agreement shall control.

         12.      NOTICES. Notices to the Collection Bank should be sent to
the address first written above or by telecopy to (312) 904-6691, Attention:
Commercial Real Estate; notices to the Depository should be sent to the
address first above written or by telecopy to (312) 904-7280, Attention:
Asset Backed Securities, Corporate Trust Department; notices to Borrower
should be sent to the address first above written or by telecopy to (312)
917-8440, Attention: David Tinkham; and notices to Lender should be sent to
the address first above written or by telecopy to (203) 618-2134, Attention:
Paul Nidenberg; or, in each case, to such other address as shall be
designated in writing by the respective party to the other parties hereto.
Unless otherwise expressly provided herein, all such notices shall be in
writing (including by facsimile), and shall be effective for all purposes if
(i) hand delivered, or (ii) sent by (A) certified or registered United States
mail, postage prepaid, or (B) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of attempted delivery,
or (C) telecopier (confirmed electronically and by phone with receiving
party), addressed as set forth above. A notice shall be deemed to have been
given: in the case of hand delivery, at the time of delivery; in the case of
registered or certified mail, when delivered or the first attempted delivery
on a Business Day; in the case or expedited prepaid delivery, upon the first
attempted delivery on a Business Day; or in the case of telecopier, on the
date confirmed electronically and telephonically (as described above).

         13.      GOVERNING LAW AND VENUE. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS
(WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN ILLINOIS). ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST COLLECTION BANK, DEPOSITORY, LENDER
OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED
IN ANY FEDERAL OR STATE COURT IN ILLINOIS, AND THE COLLECTION BANK,
DEPOSITORY, LENDER AND BORROWER WAIVE ANY OBJECTION WHICH THEY MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND THE LENDER, COLLECTION BANK, DEPOSITORY AND BORROWER HEREBY IRREVOCABLY
SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR
PROCEEDING.

         14.      CERTAIN MATTERS AFFECTING THE DEPOSITORY; LIMIT ON
LIABILITY. The Collection Bank and Depository may rely and shall be protected in
acting or refraining from acting upon any notice (including but not limited to
electronically confirmed facsimiles of such notice) believed

                                       70
<Page>

by it to be genuine and to have been signed or presented by the proper party
or parties. The duties and obligations of the Collection Bank and Depository
set forth in this Agreement shall be determined solely by the express
provisions of this Agreement, and no implied covenants or obligations shall
be read into this Agreement against the Collection Bank and Depository.
Neither the Collection Bank nor Depository shall have any duty or obligation
to confirm that the actions taken under this Agreement comply with the Note,
Instrument, any of Sections 3(i), 3(j), 3(k), 3(l), 3(m) or 3(n) of this
Agreement or any other agreement between Borrower and Lender. The Collection
Bank and Depository shall each only be liable for direct damages attributable
to its gross negligence or willful misconduct in the performance of its
duties and obligations as are specifically set forth in this Agreement; in no
event shall the Collection Bank or Depository be liable for (i) any other
damages, including, without limitation, special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if it has been advised of the likelihood of
such loss or damage and regardless of the form of action, or (ii) losses or
delays resulting from acts of God, war, computer malfunction, interruption of
communication facilities, labor difficulties or other causes beyond its
reasonable control.

         15.      INTERPLEADER. If at any time the Collection Bank or
Depository, in good faith, is in doubt as to the action it should take under
this Agreement, it shall have the right to commence an interpleader action in
any federal or state court of competent jurisdiction located in the State of
Illinois and to take no further action except in accordance with joint
instructions from Lender and Borrower or in accordance with the final order
of the court in such action.

         If the Borrower becomes subject to a voluntary or involuntary
proceeding under the United States Bankruptcy Code, or if Collection Bank or
Depository is otherwise served with legal process or becomes aware of facts
or circumstances which such party in good faith believes affects the
disposition of funds deposited in the Collection Account, Deposit Account or
the Sub-Accounts, Collection Bank or Depository, as the case may be, shall
have the right (a) to place a hold on funds deposited in the Collection
Account, Deposit Account or Sub-Accounts, as the case may be, until such time
as Collection Bank or Depository receives an appropriate order from a court
of competent jurisdiction or other assurances satisfactory to such party
establishing that funds may continue to be disbursed according to the
instructions given pursuant to this Agreement or (b) commence at the
Borrower's expense an interpleader action and to take no further action
except in accordance with joint instructions of Lender and Borrower or in
accordance with the final order of a court in such action.

         16.      DEFINED TERMS. As used herein the following capitalized
terms shall have the respective meanings set forth below:

         (a)      "BUSINESS DAY" shall mean any day other than a Saturday,
Sunday or any day on which commercial banks in Chicago, Illinois are
authorized or required to close.

         (b)      "ELIGIBLE ACCOUNT" shall mean a segregated account that is
either: (a) maintained with a depository institution or trust company the
long-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the long-term unsecured debt obligations of such holding company) have
been rated by the Rating Agencies in one of their two highest rating categories
or the short-term

                                       71
<Page>

commercial paper of which is rated by the Rating Agencies (as hereinafter
defined) in their highest rating category at the time of any deposit therein;
(b) maintained with a federal or state chartered depository institution or
trust company having aggregate deposits in an amount not less than
$100,000,000 and otherwise acceptable to Lender. The title of each Eligible
Account shall indicate that funds held therein are held in trust for the uses
and purposes set forth herein.

         (c)      "LEASE" means any lease or other rental or occupancy
agreement (including, without limitation, any and all guarantees of any of
the foregoing) heretofore or hereafter entered into for the use and occupancy
of the Property or any portion thereof, including any extensions, renewals,
modifications or amendments thereof.

         (d)      "PERMITTED INVESTMENTS" shall mean any one or more of the
following obligations or securities having at the time of purchase, or at
such other time as may be specified, the required ratings, if any, provided
for in this definition:

                  (i)      direct obligations of, or guaranteed as to timely
         payment of principal and interest by, the United States of America or
         any agency or instrumentality thereof provided that such obligations
         are backed by the full faith and credit of the United States of
         America;

                  (ii)     direct obligations of, or guaranteed as to timely
         payment of principal and interest by, the Federal Home Loan Mortgage
         Corporation, the Federal Home Loan Bank, the Federal National Mortgage
         Association or the Federal Farm Credit System, provided that any such
         obligation, at the time of purchase or contractual commitment providing
         for the purchase thereof, is qualified by any Rating Agency as an
         investment of funds backing securities rated "AAA" (or such comparable
         rating);

                  (iii)    demand and time deposits in or certificates of
         deposit of, or bankers' acceptances issued by, any bank or trust
         company, savings and loan association or savings bank, provided that,
         in the case of obligations that are not fully insured by the Federal
         Deposit Insurance Corporation, the commercial paper and/or long-term
         unsecured debt obligations of such depository institution or trust
         company (or in the case of the principal depository institution in a
         holding company system, the commercial paper or long-term unsecured
         debt obligations of such holding company) have the highest rating
         available for such securities by any Rating Agency;

                  (iv)     general obligations of or obligations guaranteed by
         any State of the United States or the District of Columbia receiving
         the highest long-term debt rating available for such securities by the
         Rating Agency;

                  (v)      commercial or finance company paper (including both
         non-interest bearing discount obligations and interest-bearing
         obligations payable on demand or on a specified date not more than one
         year after the date of issuance thereof) that is rated by any Rating
         Agency in its highest short-term unsecured debt rating category at the
         time of such investment or contractual commitment providing for such
         investment, and is issued by a corporation the outstanding senior
         long-term debt obligations of which are then rated by any such Rating
         Agency in its highest long-term unsecured debt rating category;

                                       72
<Page>

                  (vi)     guaranteed reinvestment agreements issued by bank,
         insurance company or other corporation rated in one of the two highest
         long-term unsecured debt rating levels available to such issuers by any
         Rating Agency at the time of such investment, provided that any such
         agreement must by its terms provide that it is terminable by the
         purchaser without penalty in the event any such rating is at any time
         lower than such level;

                  (vii)    repurchase obligations with respect to any security
         described in clause (i) or (ii) above entered into with a depository
         institution or trust company (acting as principal) described in clause
         (iii) above;

                  (viii)   securities bearing interest or sold at a discount
         that are issued by any corporation incorporated under the laws of the
         United States of America or any state thereof and rated by any Rating
         Agency in its highest long-term unsecured rating category at the time
         of such investment or contractual commitment providing for such
         investment;

                  (ix)     units of taxable money market funds which funds are
         regulated investment companies, seek to maintain a constant net asset
         value per share and invest solely in obligations backed by the full
         faith and credit of the United States, and have been approved in
         writing by the Lender as Permitted Investments with respect to this
         definition; and

                  (x)      such other obligations as are acceptable as
Permitted Investment to the Lender;

PROVIDED, HOWEVER, that no instrument or security shall be a Permitted
Investment if (y) such instrument or security evidences a right to receive
only interest payments or (z) the right to receive principal and interest
payments derived from the underlying investment provides a yield to maturity
in excess of 120% of the yield to maturity at par of such underlying
investment.

         (e)      "RATING AGENCY" shall mean any of Standard & Poor's
Rating Services, a division of the McGraw-Hill Companies, Inc., Moody's
Investors Service, Inc., Fitch, Inc., any successors thereto, or any other
nationally-recognized statistical rating organization designated by Lender in
its sole discretion.

         (f)      "RENTS" shall mean all rents, rent equivalents, moneys
payable as damages (including payments by reason of the rejection of a Lease
in a bankruptcy proceeding or in lieu of rent or rent equivalents, royalties
(including all oil and gas or other mineral royalties and bonuses), income,
fees, receivables, receipts, revenues, deposits (including security, utility
and other deposits), accounts, cash, issues, profits, charges for services
rendered, and other payment and consideration of whatever form or nature
received by or paid to or for the account of or benefit of Borrower, Manager
or any of their agents or employees from any and all sources arising from or
attributable to the Property and the improvements, including all receivables,
customer obligations, installment payment obligations and other obligations
now existing or hereafter arising or created out of the sale, lease,
sublease, license, concession or other grant of the right of the use and
occupancy of the Property or rendering of services by Borrower or Manager
(rendered by Manager solely with respect to the Property) or any of their
agents or

                                       73
<Page>

employees (solely with respect to the Property) and proceeds, if any, from
business interruption or other loss of income insurance.

         (g)      "SERVICER" means the entity designated by Lender to act
as the servicer of the Loan under this Agreement.

         17.      COUNTERPARTS. This Agreement may be executed in two (2)
or more counterparts, each of which shall be an original, but all of which
taken together shall constitute one and the same agreement.

         18.      SECONDARY MARKET TRANSACTION; ASSIGNMENT OF ACCOUNTS AND
THIS AGREEMENT. Lender may sell, transfer and assign all or a portion of the
Loan, the Note, the Instrument, this Agreement and the other Loan Documents
or any interest therein in connection with a Secondary Market Transaction (as
defined in the Instrument). In connection with any such Secondary Market
Transaction, Lender may assign responsibility for servicing the Loan, or may
delegate some or all of such responsibility and/or obligations to a servicer
including, but not limited to, any subservicer or master servicer, on behalf
of the investors in any such Secondary Market Transaction. All references to
Lender herein shall refer to and include any such servicer to the extent
applicable.

         19.      NO AGENCY, PARTNERSHIP, MORTGAGEE IN POSSESSION. Nothing
contained in this Agreement shall constitute Lender as a joint venturer,
partner or agent of Borrower, or render Lender liable for any debts,
obligations, acts, omissions, representations, or contracts of Borrower.
Lender shall have no obligations whatsoever concerning the Property as a
consequence of this Agreement or any rights exercised hereunder. Without
limitation of the foregoing, nothing herein and no exercise of any rights
hereunder shall cause Lender to be a mortgagee in possession of the Property.

         20.      NO ORAL CHANGE. This Agreement, and any provisions
hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act on the part of Borrower or Lender, but
only by an agreement in writing signed by the party against whom enforcement
of any modification, amendment, waiver, extension, change, discharge or
termination is sought.

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<Page>

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

                                  COLLECTION BANK:

                                  LASALLE BANK NATIONAL ASSOCIATION

                                  By:      ______________________________
                                           Name:_________________________
                                           Title:__________________________

                                  DEPOSITORY:

                                  LASALLE BANK NATIONAL ASSOCIATION

                                  By:      ______________________________
                                           Name:_________________________
                                           Title:__________________________

                                  BORROWER:

                                  LAKESHORE MARKETPLACE, LLC,
                                  a Delaware limited liability company

                                  By:      LAKESHORE MARKETPLACE
                                  FINANCE COMPANY, INC.,
                                  a Delaware corporation,
                                  its Managing Member

                                  By:      ____________________________
                                           Name:_______________________
                                           Title:________________________

                                  LENDER:

                                  GREENWICH CAPITAL FINANCIAL PRODUCTS, INC.
                                  a Delaware corporation

                                  By:      _______________________________
                                           Name:__________________________
                                           Title:___________________________

                                       75
<Page>

MANAGER HEREBY AGREES TO THE PROVISIONS OF SECTION 6 HEREOF:

HORIZON GROUP PROPERTIES, L.P.,
a Delaware limited partnership

By:     HORIZON GROUP PROPERTIES, INC.,
        a Maryland corporation,
        its general partner

           By:__________________________
           Name:_______________________
           Title:________________________

                                       76
<Page>

                                    EXHIBIT A

                              FORM OF TENANT NOTICE

                            [Letterhead of Landlord]

______________________________________
______________________________________
______________________________________
Attn:_________________________________

           RE:    Lease ("Lease") between Lakeshore Marketplace, LLC as
                  Landlord or its assignees ("Landlord") and as Tenant
                  ("Tenant") dated ____________ for approximately _________
                  square feet of space in Lakeshore Marketplace in Muskegon,
                  Michigan (the "Project").

Gentlemen:

         Pursuant to the terms of the above-referenced Lease, this letter
shall serve as notification to you that, effective upon the date of this
letter, all future payments of rent and other sums due to Landlord from
Tenant under the Lease are to be made payable to Lakeshore Marketplace, LLC
and delivered directly to the following address:

                  Lakeshore Marketplace, LLC
                  135 S. LaSalle St., Dept. 6285
                  Chicago, Illinois 60674-6285

         Please take particular care in remitting all payments to the
appropriate address exactly as written above. Only checks made payable in
accordance with the foregoing instructions will be credited against sums due
to Landlord by Tenant. Until otherwise advised in writing by Landlord and
Greenwich Capital Financial Products, Inc., the mortgagee of the Project (or
its successors or assigns), you should continue to make your payments for
rent and other sums as directed by the terms of this letter or otherwise as
Lender may direct you in writing from time to time.

         Thank you in advance for your cooperation with this change in payment
procedures.

                                       77
<Page>

                           Very truly yours,

                           LAKESHORE MARKETPLACE, LLC,
                           a Delaware limited liability company

                           By:      LAKESHORE MARKETPLACE FINANCE COMPANY, INC.,
                                    a Delaware corporation,
                                    its Managing Member

                                    By:____________________________
                                    Name:_________________________
                                    Title:__________________________

                                       78
<Page>

                                    EXHIBIT B

                             FORM OF TRIGGER NOTICE

                              ______________, 20__

LaSalle Bank National Association
135 LaSalle Street, Suite 1625
Chicago, Illinois 60603

           Re:    Collection and Deposit Account Agreement ("Account Agreement")
                  among LaSalle Bank National Association (the "Bank"),
                  Lakeshore Marketplace, LLC (the "Borrower") and Greenwich
                  Capital Financial Products, Inc. (with its successors and
                  assigns, "Lender")

Ladies and Gentlemen:

         Reference is made to the above-referenced Account Agreement.
Capitalized terms used herein shall have the meanings set forth in the
Account Agreement, unless otherwise defined herein.

         This letter constitutes the Trigger Notice referred to in the
Account Agreement. Please refer to the Account Agreement with respect to the
effect of such Trigger Notice. The Lender has determined that a Cash Trap
Event (as defined in the Instrument) has occurred.

         Lender or the Servicer may, by written notice to you, from time to
time provide further instructions concerning the Accounts in accordance with
the Account Agreement and the instructions contained herein.

         The undersigned also notifies you that the name and address of the
current Servicer for the Lender (or the Lender's address) with respect to the
Account Agreement is as follows:

                  [Servicer][Lender]

                  __________________________
                  __________________________
                  __________________________
                  __________________________

         If you have any questions concerning this letter or the Account
Agreement, please contact ____________________ or _________________ .

LENDER, OR SERVICER ON LENDER'S BEHALF:

________________________________
By:_____________________________
Its:____________________________

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<Page>

                                    EXHIBIT C

                         FORM OF EVENT OF DEFAULT NOTICE

                             ______________, 20__

LaSalle Bank National Association
135 LaSalle Street, Suite 1625
Chicago, Illinois 60603

           Re:    Collection and Deposit Account Agreement ("Account Agreement")
                  among LaSalle Bank National Association (the "Bank"),
                  Lakeshore Marketplace, LLC (the "Borrower") and Greenwich
                  Capital Financial Products, Inc. (with its successors and
                  assigns, "Lender")

Ladies and Gentlemen:

         Reference is made to the above-referenced Account Agreement.
Capitalized terms used herein shall have the meanings set forth in the
Account Agreement, unless otherwise defined herein.

         This letter constitutes the Event of Default Notice referred to in
the Account Agreement. Please refer to the Account Agreement with respect to
the effect of such Event of Default Notice. The Lender has determined that an
Event of Default (as defined in the Instrument) has occurred.

         Lender or the Servicer may, by written notice to you, from time to
time provide further instructions concerning the Accounts in accordance with
the Account Agreement and the instructions contained herein.

         The undersigned also notifies you that the name and address of the
current Servicer for the Lender (or the Lender's address) with respect to the
Account Agreement is as follows:

                  [Servicer][Lender]

                  __________________________
                  __________________________
                  __________________________
                  __________________________

         If you have any questions concerning this letter or the Account
Agreement, please contact ____________________ or _________________ .

LENDER, OR SERVICER ON LENDER'S BEHALF:

_____________________________
By:__________________________
Its:_________________________

                                       80<Page>

                                  Exhibit 10.44

                        SECOND AMENDED AND RESTATED NOTE

$33,464,579.52                                                   July 31, 2001

                  WHEREAS, CDC Mortgage Capital Inc. is the owner and holder
of the note described on EXHIBIT A attached hereto (the "EXISTING NOTE");

                  WHEREAS, prior to the date hereof, each of Nebraska
Crossing Factory Shops, L.L.C. and Indiana Factory Shops, L.L.C., each a
maker of the Existing Note, have previously been released from each of their
obligations under the Existing Note;

                  WHEREAS, on the date hereof, CDC Mortgage Capital Inc., as
lender, has made an additional advance to Third Horizon Group Limited
Partnership, as borrower, in an amount equal to $656,168.23.

                  WHEREAS, as of the date hereof, the aggregate outstanding
principal amount of the Existing Note is $33,464,579.52;

                  WHEREAS, CDC Mortgage Capital Inc., as lender, and Third
Horizon Group Limited Partnership, as borrower, wish to amend and restate the
indebtedness evidenced by the Existing Note.

                  NOW THEREFORE, in consideration of the premises and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Existing Note is hereby amended and restated in its
entirety to read as follows (the Existing Note, as so amended and restated
being hereinafter referred to as this "NOTE"):

                  FOR VALUE RECEIVED, Third Horizon Group Limited
Partnership, a Delaware limited partnership, having an address at 5000 Hakes
Drive, Norton Shores, Michigan 49441 ("MAKER"), promises to pay to the order
of CDC MORTGAGE CAPITAL INC., a New York corporation, at its principal place
of business at 9 West 57th Street, New York, New York 10019 (together with
its successors and assigns "PAYEE"), or at such place as the holder hereof
may from time to time designate in writing, the principal sum of THIRTY THREE
MILLION FOUR HUNDRED AND SIXTY-FOUR THOUSAND FIVE HUNDRED AND SEVENTY-NINE
AND 52/100 DOLLARS ($33,464,579.52) (the "PRINCIPAL") in lawful money of the
United States of America, with interest thereon to be computed on the unpaid
principal balance from time to time outstanding at the Interest Rate, in
installments as hereinafter provided.

         1.       DEFINITIONS. Capitalized terms used but not otherwise
defined herein shall have the meanings given in that certain Loan Agreement
dated as of June 15, 1998 between Maker, Nebraska Crossing Factory Shops, L.L.C.
("NEBRASKA LLC"), Indiana Factory Shops, L.L.C.

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("INDIANA LLC") and Nomura Asset Capital Corporation ("NACC"), as amended by
that certain First Amendment to Loan Agreement dated as of June ___, 1999
among Borrower, Nebraska LLC, Indiana LLC and LaSalle Bank National
Association, as trustee for CDC Depositor Trust ST-I (formerly known as
Nomura Depositor Trust ST-I), Commercial Mortgage Pass-Through Certificates,
Series 1998 - ST-I ("LASALLE") (the predecessor in interest to Payee), and as
further amended by that certain Second Amendment to Loan Agreement and
Settlement Agreement dated as of the dated hereof by Maker, Horizon Group
Properties, Inc., Horizon Group Properties, L.P. and Payee (as so amended,
the "LOAN AGREEMENT"). The following terms have the meanings set forth below:

                  "BUSINESS DAY" shall mean any day that is not a Saturday,
Sunday, or other day on which national banks are either required or permitted
to not be open for business in the State of New York and Illinois.

                  "DETERMINATION DATE" shall mean, with respect to each
Interest Period, the date which is two Eurodollar Business Days before the
commencement of such Interest Period.

                  "DOLLARS" and "$" shall mean dollars in lawful money of the
United States of America.

                  "EURODOLLAR BUSINESS DAY" shall mean a Business Day on
which banks in the City of London, England, are open for interbank or foreign
exchange transactions.

                  "INTEREST PERIOD" shall mean (i) the period from July 11,
2001 through August 10, 2001 and (ii) each period thereafter from the 11th
day of each calendar month through the 10th day of each calendar month;
except that the Interest Period, if any, that would otherwise commence before
and end after the Maturity Date shall end on the Maturity Date.

                  "INTEREST RATE" shall mean for each Interest Period
commencing with the Interest Period which commenced on July 11, 2001, the per
annum rate of 3.95% plus the greater of (i) LIBOR for such Interest Period
and (ii) 4.10% (or, when applicable pursuant to this Note or any other Loan
Document, the Default Rate).

                  "LIBOR" shall mean with respect to each Interest Period, the
rate (expressed as a percentage per annum) for deposits in Dollars for a
one-month period that appears on Telerate Page 3750 (or the successor thereto)
as of 11:00 a.m., London time, on the related Determination Date. If such rate
does not appear on Telerate Page 3750 as of 11:00 a.m. London time, on such
Determination Date, LIBOR shall be the arithmetic mean of the offered rates
(expressed as a percentage per annum) for deposits in U.S. dollars for a
one-month period that appear on the Reuters Screen LIBOR Page as of 11:00 a.m.,
London time, on such Determination Date, if at least two such offered rates so
appear. If fewer than two such offered rates appear on the Reuters Screen LIBOR
Page as of 11:00 a.m., London time, on such Determination Date, Payee shall
request the principal London Office of any four major reference banks in the
London interbank market selected by Payee to provide such bank's offered
quotation (expressed as a percentage per annum) to prime banks in the London
interbank market for deposits in U.S. dollars for a one-month period as of 11:00
a.m., London time, on such Determination Date for amounts

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approximately equal to the principal balance of this Note. If at least two
such offered quotations are so provided, LIBOR shall be the arithmetic mean
of such quotations. If fewer than two such quotations are so provided, Payee
shall request any three major banks in New York City selected by Payee to
provide such bank's rate (expressed as a percentage per annum) for loans in
U.S. dollars to leading European banks for a one month period as of
approximately 11:00 a.m., New York City time on the applicable Determination
Date for amounts approximately equal to the principal balance of this Note.
If at least two such rates are so provided, LIBOR shall be the arithmetic
mean of such rates. If fewer than two rates are so provided, then LIBOR for
the applicable Interest Period shall be LIBOR that was in effect for the next
preceding Interest Period. LIBOR shall be determined in accordance with this
section by Payee or its agent.

                  "MATURITY DATE" shall mean the date on which the final
payment of principal of this Note becomes due and payable, whether at the
Stated Maturity Date, by declaration of acceleration, or otherwise.

                  "PAYMENT DATE" shall mean the 11th day of each calendar
month or, if such day is not a Business Day, the first Business Day
thereafter. The first Payment Date hereunder shall be August 11, 2001.

                  "STATED MATURITY DATE" shall mean July 11, 2002.

         2.       LOAN DOCUMENTS. This Note is evidence of that certain
loan made by Payee to Maker contemporaneously herewith (the "LOAN") and is
executed pursuant to the terms and conditions of the Loan Agreement. This
Note is secured by, among other things, (a) the Mortgages, (b) the
Assignments of Agreements, (c) the Assignments of Leases and (d) the other
Loan Documents. Reference is made to the Mortgages, Assignments of
Agreements, Assignments of Leases and the other Loan Documents for a
description of the nature and extent of the security afforded thereby, the
rights of the holder hereof in respect of such security, the terms and
conditions upon which this Note is secured and the rights and duties of the
holder of this Note. The holder of this Note is entitled to the benefits of
the Mortgages, Assignments of Agreements, Assignments of Leases and the other
Loan Documents and may enforce the agreements contained therein and exercise
the remedies provided therein or otherwise in respect thereof, all in
accordance with the terms thereof. No reference herein to any of the
Mortgages, Assignments of Agreements, Assignments of Leases and the other
Loan Documents and no other provision of this Note or of any of the
Mortgages, Assignments of Agreements, Assignments of Leases and the other
Loan Documents shall alter or impair the obligation of Maker, which is
absolute and unconditional, to pay the principal of and interest on this Note
at the time and place and at the rates and in the monies and funds described
herein. All of the agreements, conditions, covenants, provisions and
stipulations contained in the Mortgages, Assignments of Agreements,
Assignments of Leases and the other Loan Documents which are to be kept and
performed by Maker are by this reference hereby made part of this Note to the
same extent and with the same force and effect as if they were fully set
forth in this Note, and Maker covenants and agrees to keep and perform the
same, or cause the same to be kept and performed, in accordance with their
terms.

         3.       PAYMENTS OF PRINCIPAL AND INTEREST.

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<Page>

                  A. On August 11, 2001 (which shall be the first Payment
Date hereunder) and each Payment Date thereafter through and including the
Maturity Date, Maker shall pay (1) interest, calculated at the Interest Rate,
on the unpaid principal balance of this Note which has accrued through the
last day of the Interest Period immediately preceding such Payment Date, and
(2) a payment of principal in the amount of $225,000.00. Interest shall be
calculated for the actual number of days elapsed on the basis of a 360-day
year and from and including the first date of the applicable Interest Period
to, but not including (i) the date on which the next Interest Period
commences or (ii) the date of repayment, as the case may be.

                  B. All sums payable to Payee hereunder shall be payable in
Dollars in immediately available funds without deduction, set-off or
counterclaim in the manner set forth in the Loan Agreement.

                  C. If by reason of a change occurring after the date hereof
in any laws or regulations of the United States of America or the State in
which any Property is located, Maker is required by any such laws or
regulations to make any deduction or withholding in respect of any taxes
(other than taxes imposed on or measured by the net income of Payee or any
franchise tax imposed on Payee), duties or other charges from any payment due
hereunder, the sum due from Maker in respect of such payment shall be
increased to the extent necessary to ensure that, after the making of such
deduction or withholding, Payee receives and retains a net sum equal to the
sum which it would have received had no such deduction or withholding been
required to be made. Maker shall promptly deliver to Payee receipts,
certificates or other proof evidencing the amounts (if any) paid or payable
in respect of any such deduction or withholding.

                  D. Unless sooner prepaid, at the Maturity Date, the
remaining portion of the outstanding principal balance, together with accrued
interest and any other sums required to be paid by Maker hereunder or under
the Loan Documents, shall be due and payable.

         4.       LATE PAYMENT CHARGE. If any sum payable under this Note
is not paid on the date on which it is due, Maker shall pay to Payee upon
demand an amount equal to the lesser of five percent (5%) of such unpaid sum
or the maximum amount permitted by applicable law in order to defray a
portion of the expenses incurred by Payee in handling and processing such
delinquent payment and to compensate Payee for the loss of the use of such
delinquent payment. If the day when any payment required under this Note is
due is not a Business Day, then payment shall be due on the first Business
Day thereafter.

         5.       DEBT. The whole of the principal sum of this Note, together
with all interest accrued and unpaid thereon and all other sums due under the
Loan Documents (all such sums hereinafter collectively referred to as the
"DEBT"), or any portion thereof, shall without notice become immediately due and
payable at the option of Payee if any payment required in this Note is not paid
on the date on which it is due or upon the happening of any other Event of
Default. In the event that it should become necessary to employ counsel to
collect or enforce the Debt or to protect or foreclose the security therefor,
Maker also shall pay on demand all costs of collection incurred by Payee,
including attorneys' fees and costs incurred for the services of counsel whether
or not suit be brought.

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<Page>

         6.       DEFAULT RATE. Maker does hereby agree that upon the
occurrence and during the continuance of an Event of Default, Payee shall be
entitled to receive and Maker shall pay to Payee interest on the entire
unpaid principal sum and any other amounts due at a rate per annum (the
"DEFAULT RATE") equal to the lesser of (i) the maximum rate permitted by
applicable law, or (ii) the rate otherwise applicable hereunder plus five
percent (5%). Interest at the Default Rate shall be computed from the
occurrence of the Event of Default until the actual receipt and collection of
the Debt (or that portion thereof that is then due). Interest at the Default
Rate shall be added to the Debt and shall be secured by the Mortgages. This
paragraph, however, shall not be construed as an agreement or privilege to
extend the date of the payment of the Debt, nor as a waiver of any other
right or remedy accruing to Payee by reason of the occurrence of any Event of
Default. Maker acknowledges that an Event of Default occurred on July 11,
2001 and that as a result, Interest shall accrue at the Default Rate from
such date until the date hereof.

         7.       PREPAYMENT. This Note may be prepaid at any time upon
fifteen (15) days notice. If any such prepayment is not made on a Payment
Date, Borrower shall also pay interest that would have accrued on such
prepaid Principal to but not including the next Payment Date.

         8.       COMPLIANCE WITH USURY LAWS. It is expressly stipulated
and agreed to be the intent of Maker and Payee at all times to comply with
applicable state law or applicable United States federal law (to the extent
that it permits Payee to contract for, charge, take, reserve, or receive a
greater amount of interest than under state law) and that this paragraph
shall control every other covenant and agreement in this Note and the other
Loan Documents. If the applicable law (state or federal) is ever judicially
interpreted so as to render usurious any amount called for under this Note or
under any of the other Loan Documents, or contracted for, charged, taken,
reserved, or received with respect to the Debt, or if Payee's exercise of the
option to accelerate the Maturity Date, or if any prepayment by Maker results
in Maker having paid any interest in excess of that permitted by applicable
law, then it is Payee's express intent that all excess amounts theretofore
collected by Payee shall be credited on the principal balance of this Note
and all other Debt and the provisions of this Note and the other Loan
Documents immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new documents, so as to comply with the applicable law, but
so as to permit the recovery of the fullest amount otherwise called for
hereunder or thereunder. All sums paid or agreed to be paid to Payee for the
use, forbearance, or detention of the Debt shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term of the Debt until payment in full so that the rate or amount
of interest on account of the Debt does not exceed the maximum lawful rate
from time to time in effect and applicable to the Debt for so long as the
Debt is outstanding. Notwithstanding anything to the contrary contained
herein or in any of the other Loan Documents, it is not the intention of
Payee to accelerate the maturity of any interest that has not accrued at the
time of such acceleration or to collect unearned interest at the time of such
acceleration.

         9.       AMENDMENTS. This Note may not be modified, amended, waived,
extended, changed, discharged or terminated orally or by any act or failure to
act on the part of Maker or Payee, but only by an agreement in writing signed by
the party against whom enforcement of any

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<Page>

modification, amendment, waiver, extension, change, discharge or termination
is sought. Whenever used, the singular number shall include the plural, the
plural the singular, and the words "PAYEE" and "MAKER" shall include their
respective successors, assigns, heirs, executors and administrators.

         10.      WAIVER. Maker and all others who may become liable for
the payment of all or any part of the Debt do hereby severally waive
presentment and demand for payment, notice of dishonor, protest, notice of
protest, notice of nonpayment, notice of intent to accelerate the maturity
hereof and of acceleration. No release of any security for the Debt or any
person liable for payment of the Debt, no extension of time for payment of
this Note or any installment hereof, and no alteration, amendment or waiver
of any provision of the Loan Documents made by agreement between Payee and
any other person or party shall release, modify, amend, waive, extend,
change, discharge, terminate or affect the liability of Maker, and any other
person or party who may become liable under the Loan Documents for the
payment of all or any part of the Debt.

         11.      CUMULATIVE REMEDIES. The remedies of the holder hereof as
provided in this Note or in any of the Mortgages, Assignments of Agreements,
Assignments of Leases or other Loan Documents shall be cumulative and
concurrent, and may be pursued singly, successively, or together at the sole
discretion of the holder hereof, and may be exercised as often as occasion
therefor shall occur; and the failure to exercise any such right or remedy
shall in no event be construed as a waiver or release thereof. Nothing herein
contained shall be construed as limiting the holder of this Note to the
remedies mentioned above.

         12.      DUE AUTHORITY AND EXECUTION. Maker (and the undersigned
representative of Maker, if any) represents that Maker has full power,
authority and legal right to execute, deliver and perform its obligations
pursuant to this Note, the Loan Agreement, the Mortgages and the other Loan
Documents and that this Note, the Loan Agreement, the Mortgages and the other
Loan Documents constitute valid and binding obligations of Maker.

         13.      NOTICES. All notices or other communications required or
permitted to be given pursuant hereto shall be given in the manner specified
in the Loan Agreement directed to the parties at their respective addresses
as provided therein.

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<Page>

         14.      WAIVER OF JURY TRIAL. MAKER AND PAYEE HEREBY AGREES NOT
TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES
ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY MAKER AND PAYEE,
AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO
WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. MAKER AND PAYEE
ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER.

         15.      GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS (WITHOUT
REGARD TO PRINCIPLES OR CONFLICTS OF LAWS) AND THE APPLICABLE LAWS OF THE
UNITED STATES OF AMERICA.

         16.      SECOND AMENDMENT AND RESTATEMENT. This Note amends and
restates the terms of the Existing Note in its entirety. While this Note
amends and restates the Existing Note, this Note is not given in payment or
satisfaction of the Existing Note and does not extinguish the indebtedness
represented thereby, but rather, the indebtedness represented thereby is now
evidenced by the terms of this Note. In the event of a conflict between the
terms of this Note and the terms of the Existing Note, the terms of this Note
shall control.

              [REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

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<Page>

Executed as of the date first written above.

                MAKER:

                THIRD HORIZON GROUP LIMITED PARTNERSHIP, an Delaware limited
                partnership

                By:     Third HGI, L.L.C., a Delaware limited liability company
                        its general partner

                        By:     Horizon Group Properties, L.P., a  Delaware
                                limited partnership, its managing member

                                By:    Horizon Group Properties, Inc., a
                                       Maryland corporation, its general partner

                                       By:     _______________________________
                                                 Name:
                                                 Title:

                PAYEE:

                CDC MORTGAGE CAPITAL INC.

                By:     ________________________________
                        Name:
                        Title:

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                                    EXHIBIT A

                                  EXISTING NOTE

That certain Note dated as of June 15, 1998 in the original principal amount
of $108,205,000 (the "NOTE") made by Maker, Nebraska L.L.C. and Indiana
L.L.C., jointly and severally (collectively, "BORROWER"), payable to NACC,
which Note (1) was amended and restated by that certain Amended and Restated
Note dated as of June 15, 1998 made by Borrower payable to NACC, (2) was then
assigned by NACC to The Capital Company of America LLC ("CCA"), (3) was then
assigned by CCA to LaSalle and (4) was then assigned by LaSalle to Payee.

                                       89

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