Document:

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                                                                   EXHIBIT 10.45

                                PROMISSORY NOTE

                                LOAN TERMS TABLE

LENDER: KeyBank National Association, a national banking association,
        its successors and assigns
LOAN NO.: 10017019
LENDER'S ADDRESS: 911 Main Street, Suite #1500, Kansas City, Missouri 64105
LENDER'S FACSIMILE NO.: (816) 221-8848
BORROWER: Ramco/Coral Creek, LLC, a Michigan limited liability company
BORROWER'S ADDRESS: c/o Ramco-Gershenson Properties Trust, 27600 Northwestern
                    Highway, Suite 200, Southfield, Michigan 48034
BORROWER'S FACSIMILE NO.: (248) 350-9925
BORROWER'S TAX IDENTIFICATION NUMBER: 75-3060305
PROPERTY: Real property located at N. State Route 7 & Johnson Road, Pompano
          Beach, Florida 33073 in Broward County, Florida and certain personal
          property described in the Security Instrument
NOTE DATE: June __, 2002
ORIGINAL PRINCIPAL AMOUNT: $10,272,000.00
ANTICIPATED REPAYMENT DATE: July 1, 2012
MATURITY DATE: July 1, 2032
INTEREST RATE: See Section 25.1
INITIAL INTEREST PAYMENT PER DIEM: $1,934.56
MONTHLY PAYMENT: $66,828.97
MONTHLY PAYMENT DATE: August 1, 2002 and on the first day of each successive
                      month thereafter
FINANCIAL STATEMENT REPORTING DEPOSIT: $428.00

         1. LOAN AMOUNT AND RATE. FOR VALUE RECEIVED. Borrower promises to pay
to the order of Lender, the Original Principal Amount (or so much thereof as is
outstanding from time to time, which is referred to herein as the "OUTSTANDING
PRINCIPAL BALANCE" or "OPB"), with interest on the unpaid OPB from the date of
disbursement of the Loan (as hereinafter defined) evidenced by this Promissory
Note ("NOTE") at the Interest Rate. Interest shall be calculated based on the
daily rate which is produced assuming a three hundred sixty (360) day year
multiplied by the actual number of days elapsed. The loan evidenced by this
Note will sometimes hereinafter be called the "LOAN". The above Loan Terms Table
(hereinafter referred to as the "TABLE") is a part of the Note and all terms
used in this Note that are defined in the Table shall have the meanings set
forth herein.

         2. PRINCIPAL AND INTEREST PAYMENTS. Payments of principal and interest
shall be made as follows:

         (a) An interest payment on the date of disbursement of the Loan
proceeds in an amount calculated by multiplying the Initial Interest Payment Per
Diem by the number of days from (and including) the date of the disbursement of
the Loan proceeds through the last day of the calender month in which the
disbursement was made;
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         (b) A Monthly Payment on each Monthly Payment Date until the Maturity
Date, each of such payments to be applied: (i) to the payment of interest
computed at the Interest Rate; and (ii) the balance applied toward the reduction
of the principal balance of the Loan; and

         (c) If not sooner paid, the balance of the principal amount of the
Loan, all unpaid interest thereon, and all other amounts owed to Lender pursuant
to this Note or any other Loan Document (as hereinafter defined) or otherwise in
connection with the Loan or the security for the Loan shall be due and payable
on the Maturity Date.

         3. SECURITY FOR NOTE. This Note is secured by a first deed of trust,
mortgage, or deed to secure debt (which is herein called the "SECURITY
INSTRUMENT") encumbering the Property. This Note, the Security Instrument, and
all other documents and instruments evidencing and/or securing this Note whether
now or hereafter executed by Borrower or others in connection with or related to
the Loan, including any assignments of leases and rents, other assignments,
security agreements, financing statements, guaranties, indemnity agreements
(including environmental indemnity agreements), letters of credit, or
completion/repair, debt service, tenant finish/leasing commissions, earn-out or
other escrow/holdback or similar agreements or arrangements, together with all
amendments, modifications, substitutions or replacements thereof, are sometimes
herein collectively referred to as the "LOAN DOCUMENTS" or individually as a
"LOAN DOCUMENT". All amounts that are now or in the future become due and
payable under this Note, the Security Instrument, or any other Loan Document,
including any Prepayment Consideration (as hereinafter defined) and all
applicable expenses, costs, charges, and fees will referred to herein as the
"DEBT." The remedies of Lender as provided in this Note, any other Loan
Document, or under applicable law shall be cumulative and concurrent, may be
pursued singularly, successively, or together at the sole discretion of Lender,
and may be exercised as often as an occasion shall occur. The failure to
exercise any right or remedy shall not be construed as a waiver or release of
the right or remedy respecting the same or any subsequent default.

         4. FINANCIAL STATEMENT REPORTING DEPOSIT; REBATE OF DEPOSIT. In
addition to and concurrently with each Monthly Payment, Borrower shall also pay
to Lender a constant monthly amount equal to the Financial Statement Reporting
Deposit. On the first day of the fourteenth (14th) month following the date of
the initial disbursement of funds under this Note (the "DISBURSEMENT DATE"), and
on an annual basis thereafter during the term of this Note, Lender shall remit
to Borrower a portion of the Financial Statement Reporting Deposit then held by
Lender in an amount equal to the aggregate amount of the Financial Statement
Reporting Deposit actually received by Lender during the twelve (12) month
period ending upon the immediately prior annual anniversary of the Disbursement
Date (the "ANNUAL COMPLIANCE PERIOD") provided that no Event of Default (as
hereinafter defined), including any failure by Borrower to strictly comply with
the financial reporting requirements set forth in the Security Instrument, is
currently existing or has occurred in the Annual Compliance Period.

         5. PAYMENTS. All amounts payable hereunder shall be payable in lawful
money of the United States of America to Lender at Lender's Address or such
other place as the holder hereof may designate in writing. Each payment made
hereunder shall be made in immediately available funds and must state the
Borrower's Loan Number. If any payment of principal or interest on this Note is
due on a day other than a Business Day (as hereinafter defined), such
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payment shall be made on the next succeeding Business Day, and such extension of
time shall be included in computing interest in connection with such payment.
Any payment on this Note received after 2:00 o'clock p.m. (CST or other
applicable current time in Kansas City, Missouri) shall be deemed to have been
made on the next succeeding Business Day. All amounts due under this Note shall
be payable without set off, counterclaim, or any other deduction whatsoever. All
payments from Borrower to Lender following the occurrence of an Event of Default
shall be applied in such order and manner as Lender elects in its sole
discretion in reduction of costs, expenses, charges, disbursements and fees
payable by Borrower hereunder or under any other Loan Document in reduction of
interest due on unpaid principal, or in of principal. Lender may, without notice
to Borrower or any other person, accept one or more partial payments of any sums
due or past due hereunder from time to time while an uncured Event of Default
exists hereunder, after Lender accelerates the indebtedness evidenced hereby,
and/or after Lender commences enforcement of its remedies under any Loan
Document or applicable law, without thereby waiving any Event of Default,
rescinding any acceleration, or waiving, delaying, or forbearing in the pursuit
of any remedies under the Loan Documents. Lender may endorse and deposit any
check or other instrument tendered in connection with such a partial payment
without thereby giving effect to or being bound by any language purporting to
make acceptance of such instrument an accord and satisfaction of the
indebtedness evidenced hereby. As used herein, the term "Business Day" shall
mean a day upon which commercial banks are not authorized or required by law to
close in Kansas City, Missouri.

         6. LATE CHARGE. If any sum payable under this Note or any other Loan
Document is not received by Lender by close of business on the fifth (5th) day
after the date on which it was due, Borrower shall pay to Lender an amount (the
"LATE CHARGE") equal to the lesser of (a) five percent (5%) of the full amount
of such sum or (b) the maximum amount permitted by applicable law in order to
help defray the expenses incurred by Lender in handling and processing such
delinquent payment and to compensate Lender for the loss of the use of such
delinquent payment. Any such Late Charge shall be secured by the Security
Instrument and other Loan Documents. The collection of any Late Charge shall be
in addition to, and shall not constitute a waiver of or limitation of, a default
or Event of Default hereunder or a waiver of or limitation of any other rights
or remedies that Lender may be entitled to under any Loan Document or applicable
law.

         7. DEFAULT RATE. Upon the occurrence of an Event of Default (including
the failure of Borrower to make full payment on the Maturity Date), Lender shall
be entitled to receive and Borrower shall pay interest on the outstanding
Principal Balance at the rate of five percent (5%) per annum above the Interest
Rate ("DEFAULT RATE") but in no event greater than the maximum rate permitted
by applicable law. Interest shall accrue and be payable at the Default Rate from
the occurrence of an Event of Default until all Events of Default have been
fully cured. Such accrued interest shall be added to the Outstanding Principal
Balance, and interest shall accrue thereon at the Default Rate until fully paid.
Such accrued interest shall be secured by the Security Instrument and other Loan
Documents. Borrower agrees that Lender's right to collect interest at the
Default Rate is given for the purpose of compensating Lender at reasonable
amounts for Lender's added costs and expenses that occur as a result of
Borrower's default and that are difficult to predict in amount, such as
increased general overhead, concentration of management resources on problem
loans, and increased cost of funds. Lender and Borrower agree that Lender's
collection of interest at the Default Rate is not a fine or penalty, but is

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intended to be and shall be deemed to be reasonable compensation to Lender for
increased costs and expenses that Lender will incur if there occurs an Event of
Default hereunder. Collection of interest at the Default Rate shall not be
construed as an agreement or privilege to extend the Maturity Date or to limit
or impair any rights and remedies of Lender under any Loan Documents. If
judgment is entered on this Note, interest shall continue to accrue
post-judgment at the greater of (a) the Default Rate or (b) the applicable
statutory judgment rate.

        8. ENFORCEMENT AND DEFENSE EXPENSES. Borrower shall pay on demand, in
addition to the principal and interest due hereunder, all expenses of protecting
the security for this Note and all expenses incurred or paid by Lender in
connection with or relating to the Loan Documents and the enforcement thereof,
including costs and expenses incurred or paid in protecting Lender or its
related to or arising out of any lawsuit or proceeding brought by or against
Lender in any court or other forum, including actions or proceedings brought by
or on behalf of Borrower's bankruptcy estate or any guarantor or indemnitor) or
in connection with the collection of any amounts payable hereunder or in
enforcing Lender's rights under the Security Instrument and the other Loan
Documents with respect to the Property, whether or not any legal proceeding is
commenced hereunder or thereunder and whether or not any default or Event of
Default shall have occurred and is continuing, together with interest thereon at
the Default Rate from the date paid or incurred by Lender until such expenses
are paid by Borrower. Such costs and expenses shall include costs for title
insurance searches and endorsements, retention of collection agents, court costs
and litigation expenses in connection with any proceedings of any nature,
including appellate and bankruptcy proceedings, and all reasonable attorneys'
fees and expenses, whether incurred as part of or separately from any formal
legal proceedings.

          9. PREPAYMENT; DEFEASANCE.

         (a) RESTRICTIONS. Voluntary prepayment of this Note is prohibited
except during the last ninety (90) days of the term when prepayment may be made
in whole, but not in part, without payment of any premium or penalty, on any
Monthly Payment Date.

         (b) DEFEASANCE.

             (i) Provided that as of the Release Date (as hereinafter defined)
the Debt has not been accelerated, no Event of Default exists, and no event has
occurred that with the passage of time, giving of notice, or modification or
termination of the automatic stay of Section 362 of the United States Bankruptcy
Code may become an Event of Default ("DEFAULT"), Borrower may cause the release
of the Property from the lien of the Security Instrument and the other Loan
Documents ("DEFEASANCE") on any Monthly Payment Date following the date which is
two (2) years and fifteen (15) days after the "startup day" within the meaning
of Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended (together
with any successor statute and the related Treasury Department Regulations
including temporary regulations, the "CODE") of any "real estate mortgage
investment conduit" within the meaning of Section 860D of the Code ("REMIC")
that holds this Note upon Borrower's satisfaction of the following conditions:

                  (A) Borrower shall provide Lender not less than thirty (30)
         days prior written notice specifying a Monthly Payment Date (such Date,
         or any extended date upon which
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Borrower and Lender may mutually agree is referred to herein as the "RELEASE
DATE") on which the Defeasance Collateral (as hereinafter defined) is to be
delivered;

         (B)  On the Release Date Borrower shall pay in full all accrued and
unpaid interest and all other sums due under this Note and under the other Loan
Documents up to the Release Date, including all costs and expenses including
attorneys' fees incurred by Lender or is servicers or other agent(s) or to or on
behalf of any rating agencies in connection with such release and related
transactions (including the review of the proposed Defeasance Collateral and the
preparation of the Defeasance Security Agreement (as hereinafter defined) and
related documentation) together with a defeasance processing fee in an amount
equal to one-half of one percent (0.5%) of the then Outstanding Principal
Balance but in no event less than (A) $10,000 or greater than (B) $20,000; and

         (C)  Borrower shall deliver the following, all of which must be
satisfactory to Lender in its sole discretion, at or prior to the release of the
Property and substitution of the Defeasance Collateral:

             (1)  Direct, non-callable and non-redeemable securities evidencing
an obligation to pay principal and interest in a full and timely manner that
are direct obligations of the Untied States of America for the payment of which
its full faith and credit is pledged (the "DEFEASANCE COLLATERAL") in amounts
sufficient to pay all scheduled principal and interest payments required under
this Note, which securities provide for payments prior, but as close as
possible, to the Business Day prior to each successive Monthly Payment Date
occurring after the Release Date, with each such payment being equal to or
greater than the amount of the corresponding Monthly Payment required to be made
hereunder for the balance of the term hereof plus the amount required to be paid
on the Maturity Date (the "SCHEDULED DEFEASANCE PAYMENTS"), each of which shall
be duly endorsed by the holder thereof as directed by Lender or accompanied by a
written instrument of transfer in form and substance satisfactory to Lender in
its sole discretion (including such instruments as may be required by the
depository institution or other entity holding such securities or the issuer
thereof, as the case may be, to effectuate book-entry transfers and pledges
through the book-entry facilities of such institution) in order to perfect upon
the delivery of the Defeasance Security Agreement (as hereinafter defined) a
valid, first priority lien and security interest therein in favor of Lender in
conformity with all applicable state and federal laws governing granting of such
security interest;

             (2)  any and all agreements, certificates, opinions, documents or
instruments required by Lender in its sole discretion in connection with the
Defeasance including (a) a pledge and security agreement, in form and substance
satisfactory to Lender in its sole discretion, creating a first priority
security interest in favor of Lender in the Defeasance Collateral (the
"DEFEASANCE SECURITY AGREEMENT"), and (b) any and all agreements, certificates,
opinions, documents, or instruments required by Lender in its sole discretion
that affect or relate in any way to the maintenance by any REMIC that holds this
Note of its qualification and status for tax purposes as a REMIC;
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             (3)  a certificate of Borrower certifying that (a) all of the
requirements set forth in the Section 9(b) have been satisfied, (b) the
transactions that are being carried out pursuant to this section 9(b) (including
specifically the release of the lien of the Security Instrument) are being
effected to facilitate the disposition of the Property or any other customary
commercial transaction and not as part of an arrangement to collateralize a
REMIC offering with obligations that are not real estate mortgages, and (c) the
amounts of the Defeasance Collateral comply with all the requirements of this
section including the requirement that the Defeasance Collateral shall generate
monthly amounts equal to or greater than the Scheduled Defeasance Payments
required to be paid under this Note through the Maturity Date;

             (4)  an  opinion of counsel for Borrower, delivered by counsel
acceptable to Lender in its sole discretion, stating, among other things but
without substantive qualification, that (a) Lender has a valid, duly perfected,
first priority security interest in the Defeasance Collateral and that the
Defeasance Security Agreement is enforceable against Borrower in accordance with
its terms, (b) neither the Defeasance nor any other transaction that occurs
pursuant to the provisions of this Section 9(b) has caused or will cause the
Loan (including for this purpose of the Loan Documents) to cease to be a
"qualified mortgage" within the meaning of Section 860G of the Code, either
under the provisions of Treasury Regulation Sections 1.860G-2(a)(8) or
1.860G-2(b) (as such regulations may be amended or superseded from time to time)
or under any other provision of the Code or otherwise, and (c) the tax
qualification and status of any REMIC or any other entity that holds this Note
will not be adversely impaired or affected as a result of the Defeasance and/or
any other transaction that occurs pursuant to the provisions of this Section
9(b);

             (5)  a certificate and opinion delivered by an independent
certified public accounting firm acceptable to Lender in its sole discretion (a)
certifying that the amounts of the Defeasance Collateral comply with all the
requirements of this Section including the requirement that the Defeasance
Collateral shall generate monthly amounts equal to or greater than the Scheduled
Defeasance Payments required to be paid under this Note through the Maturity
Date; and (b) setting forth the change in the yield of the Loan that results
from the Defeasance and any other transactions that occur pursuant to the
provisions of this Section 9(b), including supporting computations which shall
be made in a manner that is consistent with the provisions of Treasury
Regulation Sections 1.1001-3(e)(1) and (2), and opining that such change has not
constituted or caused and will not constitute or cause a significant
modification of the Loan (including for this purpose the Loan Documents) under
such provisions of the regulations;

             (6)  written confirmation from the rating agencies that have rated
any of the securities issued by any REMIC that holds this Note to the effect
that the Defeasance will not result in a downgrading, withdrawal or
qualification of the respective ratings in effect immediately prior to such
Defeasance for any rated securities then outstanding, and if required by any
rating agency or Lender, a non-consolidation opinion with respect to the
Defeasance Obligor (as hereinafter defined) in form and substance satisfactory
to Lender and such rating agency; and

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             (7)  Borrower shall (unless otherwise agreed to in writing by
         Lender in its sole discretion), at Borrower's sole expense, assign all
         of its obligations under this Note, together with the Defeasance
         Collateral, to a successor entity ("DEFEASANCE OBLIGOR") designated by
         Lender in its sole discretion (including to an entity that is owned
         and/or controlled by Lender) that is a single purpose, bankruptcy
         remote entity as determined by Lender in its sole discretion.  The
         Defeasance Obligor shall execute an assumption agreement pursuant to
         which it shall assume Borrower's obligations under this Note, the Loan
         Documents, and the Defeasance Security Agreement.  As conditions to
         such assignment and assumption, Borrower shall (a) deliver to Lender an
         opinion of counsel delivered by counsel acceptable to Lender in its
         sole discretion stating, among other things, that such assumption
         agreement has been duly authorized and is enforceable against Borrower
         and the Defeasance Obligor in accordance with its terms, that the Note,
         the Defeasance Security Agreement and the other Loan Documents, as so
         assumed, have been duly authorized and are enforceable against the
         Defeasance Obligor in accordance with their respective terms, and that
         the delivery of the Defeasance Collateral to the Defeasance Obligor
         does not constitute a fraudulent transfer, preferential payment, or
         other voidable transfer under applicable bankruptcy law and (b) pay all
         costs and expenses including attorneys' fees incurred by Lender or its
         servicer or other agent(s) in connection with such assignment and
         assumption (including the review of the proposed transferee and the
         preparation of the assumption agreement and related documentation).
         Upon such assumption, Borrower shall be relieved of its obligations
         under this Note, the Defeasance Security Agreement and the other Loan
         Documents, other than those obligations which are specifically intended
         to survive the payment of this Note and the termination, satisfaction
         or assignment of this Note, the Defeasance Security Agreement or the
         other Loan Documents to the exercise of Lender's rights and remedies
         under any of such documents and instruments.

                  (ii)  Upon compliance with the requirements of this Section,
Lender shall release the Property from the lien of the Security Instrument and
the other Loan Documents, and the Defeasance Collateral shall constitute
collateral which shall secure this Note and all other obligations under the Loan
Documents.  Lender will, at Borrower's expense, execute and deliver any
agreements reasonably requested by Borrower to release the lien of the security
Instrument from the Property. Borrower, pursuant to the Defeasance Security
Agreement, shall authorize and direct that the payments received from Defeasance
Collateral be made directly to Lender and applied to satisfy the obligations to
Borrower under this Note.

                  (iii)  Upon the release of the Property in accordance with
this Section 9(b), Borrower shall have no further right to prepay this Note.
Borrower shall pay any revenue, documentary stamp or intangible taxes or any
other tax or charge due in connection with the transfer of this Note or
otherwise required to accomplish the agreements of this Section.

                  (iv)  If any notice of defeasance is given pursuant to Section
9(b)(i)(A), Borrower shall be required to defease the Loan on the Release Date
(unless such notice is revoked by Borrower prior to the Release Date in which
event Borrower shall immediately reimburse Lender for any and all reasonable
costs and expenses incurred by Lender in connection with Borrower's giving of
such notice and revocation).

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                  (v)  At Borrower's request, Lender may agree in its sole
discretion that Lender or its servicer or other agent, acting on Borrower's
behalf as Borrower's agent and attorney-in-fact, shall purchase the Defeasance
Collateral that Borrower is required to deliver the Lender pursuant to Section
9(b)(i)(C)(1).  If such and agreement is made then Borrower shall deposit with
Lender or Lender's servicer or other agent, as directed by Lender or Lender's
agent(s), on or prior to the Release Date a sum money sufficient to purchase the
Defeasance Collateral.  By making such deposit Borrower shall thereby appoint
Lender or Lender's servicer or other agent as Borrower's agent and
attorney-in-fact, with full power of substitution, for the purpose of purchasing
the Defeasance Collateral with the funds so provided and delivering the
Defeasance Collateral to Lender pursuant to Section 9(b)(i)(C)(1).

                  (vi)  Notwithstanding any release of the Security Instrument
or any Defeasance hereunder, the Defeasance Obligor shall be bound by and
obligated under Section 3.1 (Payment of Debt), 7.2 (Further Acts Etc.), 7.4(a)
(Estoppel Certificates), 11.2 (Application of Proceeds), 11.7 (Other Rights
Etc.), and 14.2 (Marshalling and Other Matters) and Article 13 (Indemnification)
of the Security Instrument; provided, however, that all references therein to
"PROPERTY" or "PERSONAL PROPERTY" shall be deemed to refer only to the
Defeasance Collateral delivered to Lender.

         (c)  DEFAULT PREPAYMENT.  If a Default Prepayment (as hereinafter
defined) occurs, such Default Prepayment shall be deemed to be a voluntary
prepayment under this Note and in such case the applicable Prepayment
Consideration (as hereinafter defined) shall be due and payable to Lender in
connection with such Default Prepayments.  The Prepayment Consideration shall be
secured by all security and collateral for the Loan and shall be added to the
Outstanding Principal Balance for all purposes including accrual of interest,
judgment on the Note, foreclosure (whether through power of sale, judicial
proceeding, or otherwise), redemption, and bankruptcy (including pursuant to
Section 506 to the United States Bankruptcy Code).  The term "DEFAULT
PREPAYMENT"  shall mean a prepayment of any portion of the principal amount of
this Note made after occurrence of a Default or Event of Default under any
circumstances including a prepayment in connection with reinstatement of the
Security Instrument provided by statute under foreclosure proceedings or
exercise of power of sale, any statutory right of redemption exercised by
Borrower or any other party having a statutory right to redeem or prevent
foreclosure or power of sale, any sale in foreclosure or under exercise of a
power of sale or otherwise (including pursuant to a credit bid made by Lender in
connection with such sale), or any other collection action by Lender.
Classification and treatment of Lender's claim pursuant to a plan of
reorganization in bankruptcy shall also be deemed to be a Default Prepayment
hereunder.  The "PREPAYMENT CONSIDERATION" (as the term is used in this Note)
shall mean the present value, as of the date of the occurrence of the Default,
of the remaining scheduled payments of principal and interest from the date of
the occurrence of the Default through the Maturity Date (including any balloon
payment), which shall be determined by discounting such payments at the Discount
Rate (hereinafter defined) less the amount of principal being prepaid. The term
"DISCOUNT RATE" shall mean the rate that, when compounded monthly, is equivalent
to the Treasury Rate (hereinafter defined) when compounded semi-annually. The
term "TREASURY RATE" shall mean the yield calculated by the linear interpolation
of the yields, as reported in Federal Reserve Statistical Release H.15-Selected
Interest Rates under the heading U.S. Government Securities/Treasury Constant
Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury
constant maturities with maturity dates (one longer and one

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shorter) most nearly approximating the Maturity Date. (If Release H.15 is no
longer published, Lender shall select a comparable publication to determine
the Treasury Rate.)

         10. MAXIMUM RATE PERMITTED BY LAW. All agreements in this Note and all
other Loan Documents are expressly limited so that in no contingency or event
whatsoever, whether by reason of acceleration of maturity of the indebtedness
evidenced hereby or otherwise, shall the amount agreed to be paid hereunder for
the use, forbearance, or detention of money exceed the highest lawful rate
permitted under applicable usury laws. If, from any circumstance whatsoever,
fulfillment of any provision of this Note or any other Loan Document at the time
performance of such provision shall be due shall involve exceeding any usury
limit prescribed by law that a court of competent jurisdiction may deem
applicable hereto, then, ipso facto, the obligations to be fulfilled shall be
reduced to allow compliance with such limit, and if, from any circumstance
whatsoever, Lender shall ever receive as interest an amount that would exceed
the highest lawful rate, the receipt of such excess shall be deemed a mistake
and shall be cancelled automatically or, if theretofore paid, such excess shall
be credited against the principal amount of the indebtedness evidenced hereby to
which the same may lawfully be credited, and any portion of such excess not
capable of being so credited shall refunded immediately to Borrower.

         11. EVENTS OF DEFAULT; ACCELERATION OF AMOUNT DUE. Lender may in its
sole discretion, without notice to Borrower, declare the entire Debt, including
the principal balance of the Loan, all accrued interest, and all costs,
expenses, charges and fees payable under any Loan Document, together with any
applicable Prepayment Consideration, immediately due and payable, and Lender
shall have all remedies available to it at law or equity for collection of the
amounts due, if any of the following (the "EVENTS OF DEFAULT") occurs:

                  (a) Borrower fails to make full and punctual payment of any
Monthly Payment or any other amount payable on a monthly basis under this Note,
the Security Instrument or any other Loan Document within five (5) days of the
date on which such payment was due; or

                  (b) Borrower fails to make full payment of the Debt when due,
whether on the Maturity Date, upon acceleration or prepayment, or otherwise; or

                  (c) Borrower fails to make full and punctual payment of any
Late Charges, costs and expenses due hereunder, or any other sum of money
required to be paid to Lender under this Note, the Security Instrument or under
any other Loan Document (other than any payment described in subclauses(a) and
(b) immediately above), which failure is not cured on or before the fifth (5th)
day after Lender's written notice to Borrower that such payment is required.

                  (d) an Event of Default occurs under the Security Instrument
or any other Loan Document.

         12. TIME OF ESSENCE. Time is of the essence with regard to each
provision contained in this Note.

         13. TRANSFER AND ASSIGNMENT. This Note may be freely transferred and
assigned by Lender. Borrower's right to transfer its rights and obligations with
respect to the Debt, and to be released from liability under this Note, shall be
governed by the Security Instrument.

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         14. AUTHORITY OF PERSONS EXECUTING NOTE.  Borrower warrants and
represents that the persons or officers who are executing this Note and the
other Loan Documents on behalf of Borrower have full right, power and authority
to do so, and that this Note and the other Loan Documents constitute valid and
binding documents, enforceable against Borrower in accordance with their terms,
and that no other person, entity, or party is required to sign, approve, or
consent to, this Note.

         15. SEVERABILITY. The terms of this Note are severable, and should any
provision be declared by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions shall, at the option of Lender, remain
in full force and effect and shall in no way, be impaired.

         16. BORROWER'S WAIVERS. Borrower and all others liable hereon hereby
waive presentation for payment, demand, notice of dishonor, protest, and notice
of protest, notice of intent to accelerate, and notice of acceleration, stay of
execution and all other suretyship defenses to payment generally. No release of
any security  held for the payment of this Note, or extension of any time
periods for any payments due hereunder, or release of collateral that may be
granted by Lender from time to time, and no alteration, amendment or waiver of
any provision of this Note or of any of the other Loan Documents, shall modify,
waive, extend, change, discharge, terminate or affect the liability of Borrower
and any others that may at any time be liable for the payment of this Note or
the performance of any covenants contained in any of the Loan Documents.

         17. GOVERNING LAW. This Note shall be governed and construed generally
according to the laws of the jurisdiction in which the real property collateral
for this Note is located without regard to the conflicts of law provisions
thereof ("GOVERNING STATE").

         18. JURISDICTION AND VENUE. BORROWER HEREBY CONSENTS TO PERSONAL
JURISDICTION IN THE GOVERNING STATE. VENUE OF ANY ACTION BROUGHT TO ENFORCE THIS
NOTE OR ANY OTHER LOAN DOCUMENT OR ANY ACTION RELATING TO THE LOAN OR THE DEBT
OR THE RELATIONSHIPS CREATED BY OR UNDER THE LOAN DOCUMENTS ("ACTION") SHALL, AT
THE ELECTION OF LENDER, BE IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN
ANOTHER VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) A
STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED IN THE GOVERNING
STATE. BORROWER HEREBY CONSENTS AND SUBMITS TO THE PERSONAL JURISDICTION OF THE
STATE COURTS OF THE GOVERNING STATE AND OF FEDERAL COURTS LOCATED IN THE
GOVERNING STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVES ANY AND ALL
PERSONAL RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO OBJECT TO JURISDICTION
WITHIN SUCH STATE FOR PURPOSES OF ANY ACTION. Borrower herby waives and agrees
not to assert, as a defense to any Action or a motion to transfer venue of any
Action, (i) any claim that it is not subject to such jurisdiction, (ii) any
claim that any Action may not be brought against it or is not maintainable in
those courts or that this Note or any of the other Loan Documents may not be
enforced in or by those courts, or that it is exempt or immune from execution,
(iii) that the Action is brought in an inconvenient forum, or (iv) that the
venue for the Action is in any way improper.

                                       10
<PAGE>
         19. NOTICES. Any notice required or permitted to be given hereunder
must be in writing and given (a) by depositing same in the United States mail,
addressed to the party to be notified, postage prepaid and registered or
certified with return receipt requested; (b) by delivering the same in person to
such party; (c) by transmitting a facsimile copy to the correct facsimile phone
number of the intended recipient (with a second copy sent by registered or
certified regular mail); or (d) by depositing the same into the custody of a
nationally recognized overnight delivery service addressed to the party to be
notified. In the event of mailing, notices shall be deemed effective three (3)
days after posting; in the event of overnight delivery, notices shall be deemed
effective on the next Business Day following deposit with the delivery service;
in the event of personal service or facsimile transmissions, notices shall be
deemed effective when delivered. For purposes of notice, the addresses of the
parties shall be as set forth in the Table. From time to time either party may
designate another address than the address set forth for all purposes of this
Note by giving the other party no less than ten (10) days advance notice of such
change of address in accordance with the notice provisions hereof.

         20. AVOIDANCE OF DEBT PAYMENTS. To the extent that any payment to
Lender and/or any payment or proceeds of any collateral received by Lender in
reduction of the Debt is subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to a trustee, to Borrower
(or Borrower's successor) as a debtor in possession, or to a receiver or any
other party under any bankruptcy law, state or federal law, common law or
equitable cause, then the portion of the Debt intended to have been satisfied by
such payment or proceeds shall remain due and payable hereunder, be evidenced by
this Note, and shall continue in full force and effect as if such payment or
proceeds had never been received by Lender whether or not this Note has been
marked "paid" or otherwise cancelled or satisfied and/or has been delivered to
Borrower, and in such event Borrower shall be immediately obligated to return
the original Note to Lender and any marking of "paid" or other similar marking
shall be of no force and effect.

         21. NONRECOURSE.

                  (a) Subject to the provisions of subsections (b) and (c) of
this Section 21, Lender shall not be entitled to recover any deficiency judgment
against Borrower or any general partner (if any) of Borrower on this Note,
provided, however, the foregoing shall not be interpreted to: (i) impair or
affect the right of Lender to enforce any of its rights or remedies (other than
any right to a deficiency judgment) provided for in any of the Loan Documents or
under applicable law in full accordance with the terms thereof including but not
limited to the right of Lender to name Borrower or any general partner of
Borrower as a party defendant in any action or suit for specific performance,
foreclosure, or sale (or similar remedy) under the Security Instrument, or any
other Loan Document; (ii) impair or affect the validity or enforceability of any
guaranty, indemnity agreement (including but not limited to any environmental
indemnity agreement), letter of credit, or other similar third party agreement
or undertaking made in connection with this Note, the Security Instrument, or
any other Loan Document; (iii) impair or affect Lender's right to offset any and
all amounts outstanding under any of the Loan Documents against any claim or
amount that may be asserted against Lender by Borrower or any partners, members,
shareholders, or other owners of legal or beneficial interests in Borrower; or
(iv) affect the validity or enforceability of or impair the right of Lender to
bring suit and obtain specific performance or personal, recourse judgment to
enforce the liability of

                                       12

<PAGE>
Borrower or any other person or entity to the extent of, and Borrower hereby
agrees to be personally liable for, any loss, damage, cost, expense, liability,
or claim incurred by or made against Lender (including all attorneys' fees and
expenses and other collection and litigation expenses) arising out of or in
connection with any of the following:

                  (A) Borrower or any affiliate, agent, or employee of Borrower
         misappropriates any rents or other Property income or collateral
         proceeds including but not limited to insurance or condemnation
         proceeds or awards;

                  (B) Borrower or any affiliate, agent, or employee of Borrower
         fails to apply or pay over any tenant security deposits or other
         refundable deposits in accordance with the terms of the applicable
         lease or other agreement or the Security Instrument or any other Loan
         Document;

                  (C) Borrower or any affiliate, agent, or employee of Borrower
         receives rents or other payments from tenants more than one month in
         advance and fails to apply them accordance with the Loan Documents;

                  (D) following the occurrence of an Event of Default, Borrower
         or any affiliate, agent, or employee of Borrower (including Borrower in
         its capacity as a debtor or debtor in possession in a bankruptcy
         proceeding) fails either to apply rents or other Property income,
         whether collected before or after such Event of Default, to the
         ordinary, customary, and necessary expenses of operating the Property
         or, upon demand, to deliver such rents or other Property income to
         Lender;

                  (E) waste is committed on the Property during a period while
         Borrower or any affiliate, agent, or employee of Borrower is in
         possession thereof ("waste" meaning the diminution in the Property's
         value resulting from Borrower's negligent or willful failure to manage,
         maintain, repair and otherwise operate the Property in a commercially
         reasonable manner);

                  (F) any damage to the Property or the Lender is caused as a
         result of the intentional misconduct or gross negligence of Borrower or
         any affiliate, agent, or employee of Borrower;

                  (G) any Property is removed in violation of the terms of the
         Loan Documents;

                  (H) Borrower fails, in accordance with the terms of the Loan
         Documents, to maintain insurance or to pay taxes, assessments, or other
         liens or claims that could create liens affecting the Property (unless
         Lender is escrowing funds therefor and fails to make such payments or
         has taken possession of the Property following an Event of Default,
         has received all rents from the Property applicable to the period for
         which such insurance, taxes or other items are due, and thereafter
         fails to make such payments);

                  (I) there is any fraud or material misrepresentation by
         Borrower or any of its affiliates, and guarantor, any indemnitor or any
         agent, employee, or other

                                       13

<PAGE>
         person with actual or apparent authority to make statements or
         representations on behalf of Borrower, any affiliate of Borrower, or
         any guarantor or indemnitor ("apparent authority" meaning such
         authority as the principal knowingly or negligently permits the agent
         to assume, or which he holds the agent out as possessing); or

             (J) Borrower fails, following an Event of Default, to deliver to
         Lender on demand all security deposits, books and records relating to
         the Property and in the possession or control of Borrower or any
         affiliate, agent, or employee of Borrower.

         (b) Notwithstanding anything to the contrary in the provisions of
subsection (a) of this Section, Borrower and any general partner of Borrower
shall be personally liable for the Debt if the Property or any part thereof
shall at any time hereafter become property of the estate, or an asset in a
bankruptcy, insolvency, receivership, liquidation, winding up, or other similar
type of proceeding or if Borrower shall at any time hereafter make a general
assignment for the benefits of its creditors.

         (c) Nothing herein shall be deemed to constitute a waiver by Lender of
any right Lender may have under Sections 506(a), 506(b), 1111(b) or any other
provision of the United States Bankruptcy Code to file a claim for the full
amount of the Debt (as defined in the Security Instrument) or to require that
all collateral shall continue to secure all of the Debt.

         22. MISCELLANEOUS. Neither this Note nor any of the terms hereof,
including but not limited to the provisions of this Section, may be terminated,
amended, supplemented, waived or modified orally, but only by an instrument in
writing executed by the party against which enforcement of the termination,
amendment, supplement, waiver or modification is sought, and the parties hereby:
(a) expressly agree that it shall not be reasonable for any of them to rely on
any alleged, non-written amendment to this Note; and (c) expressly agree that it
shall be beyond the scope of authority (apparent or otherwise) for any of their
respective agents to agree to any non-written modification of this Note. If
Borrower consists of more than one person or entity, then the obligations and
liabilities of each person or entity shall be joint and several. As used in this
Note, (i) the terms "include," "including" and similar terms shall be construed
as if followed by the phrase "without being limited to," (ii) words of
masculine, feminine, or neuter gender shall mean and include the correlative
words of the other genders, and words importing the singular number shall mean
and include the plural number, and vice versa, (iii) all captions to the
Sections hereof are used for convenience and reference only and in no way
define, limit or describe the scope or intent of, or in any way affect, this
Note, (iv) no inference in favor of, or against, Lender or Borrower shall be
drawn from the fact that such party has drafted any portion hereof any other
Loan Document, and (v) the words "Lender" and "Borrower" shall include their
respective successors, assigns, heirs, personal representatives, executors and
administrators. In the event of a conflict between or among the terms,
covenants, conditions or provisions of the Loan Documents, the term(s),
covenant(s), condition(s) and/or provision(s) that Lender may elect to enforce
from time to time so as to enlarge the interest of Lender in its security,
afford Lender the maximum financial benefits or security for the Debt, and/or
provide Lender the maximum assurance of payment of Debt in full shall control.
BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS BEEN PROVIDED WITH SUFFICIENT AND
NECESSARY TIME AND OPPORTUNITY TO REVIEW THE TERMS OF THIS

                                       13

<PAGE>

         NOTE, THE SECURITY INSTRUMENT, AND EACH OF THE LOAN DOCUMENTS, WITH ANY
         AND ALL COUNSEL IT DEEMS APPROPRIATE, AND THAT NO INFERENCE IN FAVOR
         OF, OR AGAINST, LENDER OR BORROWER SHALL BE DRAWN FROM THE FACT THAT
         EITHER SUCH PARTY HAS DRAFTED ANY PORTION HEREOF, OR THE SECURITY
         INSTRUMENT, OR ANY OF THE LOAN DOCUMENTS.

                  23. [INTENTIONALLY OMITTED].

                  24. LOCAL LAW PROVISIONS. In the event of any inconsistencies
         between the terms and conditions of this Section and any other terms
         and conditions of this Note (other than the terms and conditions of
         Section 25), the terms and conditions of this Section shall be binding.

                  24.1 WAIVER OF COUNTERCLAIM AND JURY TRIAL. BORROWER HEREBY
         KNOWINGLY WAIVES THE RIGHT TO ASSERT ANY COUNTERCLAIM, OTHER THAN A
         COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT AGAINST
         BORROWER BY LENDER OR ITS AGENTS. ADDITIONALLY, BORROWER AND LENDER
         HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY
         MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THE
         LOAN OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THE LOAN, THIS
         NOTE, THE SECURITY INSTRUMENT, OR ANY OTHER LOAN DOCUMENTS, OR ANY
         COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR
         WRITTEN), OR ACTION OF BORROWER OR LENDER. THIS PROVISION IS MATERIAL
         INDUCEMENT FOR LENDER'S MAKING OF THE LOAN.

                  24.2 DOCUMENTARY STAMP TAX AND INTANGIBLE TAX. All documentary
         stamp tax required pursuant to Chapter 201, Florida Statutes, and
         intangible tax required pursuant to Chapter 199, Florida Statutes, are
         being paid in connection with the recording of Security Instrument in
         the Public Records of Broward County, Florida.

                  25. ADDITIONAL PROVISIONS. In the event of any inconsistencies
         between the terms and conditions of this Section and any other terms
         and conditions of this Note, the terms and conditions of this Section
         shall be binding.

                      25.1 INTEREST RATE. From the date disbursement of the Loan
                  proceeds, until the Anticipated Repayment Date (as hereinafter
                  defined) interest shall accrue on the OPB at a rate 6.78
                  percent (6.78%) per annum ("INITIAL INTEREST RATE"). From and
                  after the Anticipated Repayment Date (as hereinafter defined),
                  interest shall accrue on the OPB at a rate equal to the
                  greater of: (i) Initial Interest Rate plus two (2) percent per
                  annum; or (ii) the Treasury Rate for the week ending prior to
                  the Anticipated Repayments Date plus two (2) percent per annum
                  ("ADJUSTED INTEREST RATE"). As used in this Note, the term
                  "Interest Rate" shall mean the Initial Interest Rate or the
                  Adjusted Interest Rate, as applicable. From and after
                  Anticipated Repayment Date, interest shall accrue on the OPB
                  at the Adjusted Interest Rate. Interest accrued at the
                  Adjusted Interest Rate and not paid pursuant to this Section
                  shall be deferred and added to the OPB of this Note (together
                  with all accrued interest thereon) and shall earn interest at
                  the Adjusted Interest Rate to the extent permitted by
                  applicable law (such accrued interest, together with any

                                       14
<PAGE>
together with any interest accrued thereon is hereinafter defined as "ACCRUED
INTEREST"). All of the OPB, including and Accrued Interest, shall be due and
payable on the Maturity Date.

         25.2  PREPAYMENT RESTRICTIONS.  Section 9(a) is amended in its entirety
to provide as follows: Voluntary prepayment of this Note is prohibited except
during the last 243 months of the term when prepayment may be made in whole, but
not in part, without payment of any payment premium or penalty on any Monthly
Payment Date.

         Borrower's right to cause a Defeasance (as hereinafter defined) in
accordance with Section 9(b) shall end on the Anticipated Repayment Date (as
hereinafter defined). In the tenth line of Section 9(b)(i)(C)(1), and the final
line of Section 9(b)(i)(C)(3), and the sixth line of Section 9(b)(i)(C)(5), and
the twenty-first line of Section 9(c), and the last line of Section 9(c) the
phrase "Maturity Date" is deleted and the phrase "Anticipated Repayment Date" is
substituted therefor.

         25.3  HYPERAMORTIZATION.  Contemporaneously herewith, Borrower has
executed a Collection and Disbursement Agreement (the "DISBURSEMENT AGREEMENT").
The Disbursement Agreement provides that all sums deposited on the Disbursement
Account shall be applied as set forth therein. From and after the Anticipated
Repayment Date, provided no Event of Default has occurred and is continuing and
no event has occurred which, with the passage of time, notice or both, would
constitute an Event of Default, all funds in the Disbursement Account shall be
disbursed, unless Lender in its reasonable discretion determines otherwise, by
Lender from such account in accordance with Section 3 of the Disbursement
Agreement.

         25.4  SECURITY FOR NOTE.  The fourth line of Section 3 is hereby
modified by deleting "or others" and substituting "and/or indemnitors" therefor.

         25.5  FINANCIAL STATEMENT REPORTING DEPOSIT.  Notwithstanding any
provision to the contrary herein, the provisions of Section 4 are hereby waived
so long as the following conditions precedent remain satisfied: (i) Borrower
shall have remained in strict compliance with the financial reporting
requirements set forth in the Security Instrument for the immediately preceding
year; and (ii) no Event of Default shall have occurred and be continuing. If
either of the foregoing conditions are, at any time, not satisfied, the
provisions of Section 4 shall immediately be reinstated.

         25.6  DEFAULT RATE.  The first line of Section 7 is hereby modified by
deleting "Upon the occurrence" and substituting therefor: "During the
continuance".

         25.7  ENFORCEMENT AND DEFENCE EXPENSES.  The second line of Section 8
is hereby modified by inserting "reasonable" between "all" and "expenses".

         Notwithstanding any provision in Section 8 to the contrary, Borrower
shall not be responsible for the costs and expenses of protecting or enforcing
the Security Instrument and other Loan Documents if, but only if, said costs and
expenses arise due to Lender's gross negligence or willful misconduct.

                                       15
<PAGE>
         25.8 DEFEASANCE. The second line of Section 9(b)(i) is hereby modified
by deleting "exists" and substituting "is continuing" therefor.

         The third line of Section 9(b)(i)(B) is hereby modified by inserting
"reasonable" between "all" and "costs".

         The second line of Section 9(b)(i)(C) is hereby modified by deleting
"sole" and substituting "reasonable" therefor.

         The second line of Section 9(b)(i)(C)(2) is hereby modified by deleting
"sole" and substituting "reasonable" therefor.

         The seventh line of Section 9(b)(i)(C)(2) is hereby modified by
deleting "sole" and substituting "reasonable" therefor.

         The second line of Section 9(b)(i)(C)(5) is hereby modified by deleting
"sole" and substituting "reasonable" therefor.

         The second, fourth and sixth lines of Section 9(b)(i)(C)(7) are hereby
modified by deleting "sole" and substituting "reasonable" therefor.

         The first line of Section 9(b)(i)(C)(7)(b) is hereby modified by
inserting "reasonable" between "all" and "costs".

         25.9 BORROWER'S WAIVERS. The seventh line of Section 16 is hereby
modified by inserting "otherwise" and substituting "shall" and "modify".

         The eighth line of Section 16 is hereby modified by inserting
"otherwise" between "or" and "affect".

         25.10 NOTICES. In addition to the requirements of Section 19 hereof,
Lender shall use reasonable efforts to provide a courtesy copy of any notice
required or permitted to be given by Lender to Borrower hereunder to the
following addressees:

Chief Financial Officer of Borrower
c/o Ramco-Gershenson Properties Trust
27600 Northwestern Highway, Suite 200
Southfield, Michigan 48034

Alan M. Hurvitz
Honigman Miller Schwartz & Cohn LLP
32270 Telegraph Road, Suite 225
Bingham Farms, Michigan 48025-2457
Phone: 248/566-8454
Fax: 2487/566-8455

         Lender's failure to send such courtesy copies shall not impair the
effect of the notice sent to Borrower.

                                       16

<PAGE>
         25.11 NONRECOURSE. Section 21 is hereby deleted and the following
substituted therefor:

    "(a) Notwithstanding anything in the Loan Documents to the contrary, but
subject to the qualifications hereinbelow set forth, Lender agrees that (i)
Borrower shall be liable upon the indebtedness evidenced hereby and for the
other obligations arising under the Loan Documents to the full extent (but only
to the extent) of the Property, (ii) if default occurs in the timely and proper
payment of all or any part of such indebtedness evidenced hereby or in the
timely and proper performance of the other obligations of Borrower under the
Loan Documents, any judicial proceedings brought by Lender against Borrower
shall be limited to the preservation, enforcement and foreclosure, or any
thereof, of the liens, security titles, estates, assignments, rights and
security interests now or at any time hereafter securing the payment of this
Note and/or the other obligations of Borrower under the Loan Documents, and
confirmation of any sale under power of sale, and no attachment, execution or
other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Borrower or its managers or members other than the
Property except with respect to the liability described below in this Section,
and (iii) in the event of a foreclosure of such liens, security titles, estates,
assignments, right or security interests securing the payment of this Note
and/or the other obligations of Borrower under the Loan Documents, whether by
judicial proceedings or exercise of power of sale, no judgment for any
deficiency upon the indebtedness evidenced hereby shall be sought or obtained by
Lender against Borrower, except with respect to the liability described below in
this Section; provided, however, that notwithstanding the foregoing provisions
of this Section, Borrower shall be fully and personally liable and subject to
legal action (a) for proceeds paid under any insurance policies (or paid as a
result of any other claim or cause of action against any person or entity) by
reason of damage, loss or destruction to all or any portion of the Property, to
the full extent of such proceeds not previously delivered to Lender, but which,
under the terms of the Loan Documents, should have been delivered to Lender, (b)
for proceeds or awards resulting from the condemnation or other taking in lieu
of condemnation of all or any portion of the Property, or any of them, to the
full extent of such proceeds or awards not previously delivered to Lender, but
which, under the terms of the Loan Documents, should have been delivered to
Lender, (c) for all tenant security deposits or other refundable deposits paid
to or held by Borrower or any other person or entity in connection with leases
of all or any portion of the Property which are not applied in accordance with
the terms of the applicable lease or other agreement, (d) for rent and other
payments received from tenants under leases of all or any portion of the
Property paid more than one (1) month in advance and not otherwise paid towards
debt service under the Loan, paid to Lender or applied towards the ordinary and
necessary operating expenses of owning and operating the Property, (e) for
rents, issues, profits and revenues of all or any portion of the Property
received or applicable to a period after any notice of default (and during the
continuance of said default) from Lender hereunder or under the Loan Documents
in the event of any default by Borrower hereunder or thereunder which are not
either applied to the ordinary and necessary expenses of owning and operating
the Property or paid to Lender, (f) for damage to the Property as a result of
the intentional misconduct or gross negligence of Borrower or any of its
principals, officers, managers, members or general partners, or any
removal of all or any portion of the Property in violation of the terms of

                                       17
<PAGE>
the Loan Documents, to the full extent of the losses or damages incurred by
Lender on account of such damage or removal, (g) for Borrower's failure to pay
any valid taxes, assessments, mechanic's liens, materialment's liens or other
liens which could create liens on any portion of the Property which would be
superior to the lien or security title of the Security Instrument or the other
Loan Documents, to the full extent of the amount claimed by such lien claimant,
(h) for all obligations and indemnities of Borrower under the Loan Documents
relating to hazardous or toxic substances or compliance with the environmental
laws and regulations to the full extent of any losses or damages (including
those resulting from diminution in value of any Property) incurred by Lender as
a result of the existence of such hazardous or toxic substances or failure to
comply with environmental laws or regulations, (i) for failure to pay, in
accordance with the terms of the Loan Documents, the Taxes and Insurance
Premiums (as defined in the Security Instrument) attributable to the (A) the
premises demised by that certain lease between Publix Super Markets, Inc. and
Borrower dated July 17, 1989 (the "PUBLIX LEASE") and (B) the premises demised
by that certain lease between Walgreen Co. and Borrower dated February 9, 1990
(the "WALGREENS LEASE"), (j) for fraud or material misrepresentation by
Borrower or any of its principals, officers, managers, members or general
partners, any guarantor, any indemnitor or other person authorized or
apparently authorized to make statement or representations on behalf of
Borrower, any principal, officer, manager, member or partner of Borrower, any
guarantor or any indemnitor, to the full extent of any losses, damages and
expenses of Lender on account thereof.

         b. Notwithstanding anything to the contrary in the provisions of
subsection (a) of this section, nothing contained in this section shall (i) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Borrower under the Loan Documents or the lien of the
Loan Documents upon the Property, or (ii) preclude Lender from foreclosing the
Loan Documents in case of any default or from enforcing any of the other rights
of Lender except as stated in this section, or (iii) limit or impair in any way
whatsoever the Environmental Indemnity Agreement of even date executed and
delivered in connection with the indebtedness evidenced by this Note or
release, release, reduce, waive or impair in any way whatsoever,any obligation
or any party to such Environmental Indemnity Agreement.

         c. Notwithstanding anything to the contrary in the provisions of
subsection (a) of this section, Lender shall be entitled to recover a deficiency
judgement against Borrower and any general partner, and Borrower and any general
partner of Borrower shall be personally liable for the Debt, if the Property or
any part thereof shall at any time hereafter through he actions of Borrowers,
become property of the estate, or an asset in a bankruptcy, insolvency,
receivership, liquidation, winding up, or other similar type or proceeding or if
Borrower shall at any time hereafter make a general assignment for the benefit
of its creditors.

         d. Nothing herein shall be deemed to constitute a waiver by Lender of
any right which Lender may have under Sections 506(b), 1111(b) or any other
provisions of the United State Bankruptcy Code to file a claim for the full
amount of the Debt or to require that all collateral shall continue to secure
all of the Debt.

                                       18
<PAGE>
         Intending to be fully bound, Borrower has executed this Note effective
as of the day and year first above written

BORROWER:       RAMCO/CORAL CREEK, LLC,
                a Michigan limited liability company
                                                                        (SEAL)
                By:     RAMCO/CORAL CREEK MANAGER, LLC,
                        a Michigan limited liability company, Manager

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

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

                                        By: /s/ Dennis Gershenson
                                           -------------------------------------
                                                PRESIDENT
                                        Its:
                                            ------------------------------------

WITNESSES:

/s/ Terra L. Stenerson
--------------------------
Name: Terra L. Stenerson
     ---------------------

Date: 6/4/02
     ---------------------

/s/ Catherine Clark
--------------------------
Name: Catherine Clark
     ---------------------

Date: 6/4/02
     ---------------------

    Pay to the order of                                 , without recourse.
                        --------------------------------

                                KEYBANK NATIONAL ASSOCIATION, a
                                national banking association

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

                                       19

<PAGE>

         STATE OF Michigan       )
                                 )ss.
         COUNTY OF Wayne         )

                  The foregoing instrument was acknowledged before me this 4th
         day of June, 2002, by Dennis Gershenson, President of Ramco-Gershenson
         Properties Trust, a Maryland real estate investment Trust, General
         Partner of Ramco-Gershenson Properties, L.P., a Delaware limited
         partnership, Member of Ramco/Coral Creek Manager, LLC, a Michigan
         limited liability company, Manager of Ramco/Coral Creek, LLC, a
         Michigan limited liability company and on behalf of Ramco/Coral Creek,
         LLC, a Michigan limited liability company. He is personally known to me
         or has produced Drivers License as identification.

                                      /s/ Stephanie Hall
                                      ------------------------------------------
                                      Signature of person taking acknowledgment

                                      Stephanie Hall
                                      ------------------------------------------
                                      Name, typed, or printed or stamped

                                      Notary
                                      ------------------------------------------
                                      Title or rank

                                      --------------------------------------
                                      Serial number if any

                                       20<PAGE>

                                                                   EXHIBIT 10.46

                           PURCHASE AND SALE AGREEMENT

         THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), is executed and
delivered as of the ____ day of May, 2002, by and between RAMCO-GERSHENSON
PROPERTIES, L.P., a Delaware limited partnership ("Ramco"), having an office at
27600 Northwestern Highway, Suite 200, Southfield, Michigan, and SHOP INVEST,
LLC, a Delaware limited liability company ("Investcorp"), having an office at
280 Park Avenue, 37th Floor, New York, New York.

                                    RECITALS

         A. Ramco and Investcorp heretofore entered into that certain Limited
Liability Company Agreement of RPT/Invest L.L.C., dated as of August 23, 1999 (a
copy of which is attached hereto and made a part hereof as Exhibit A, the
"Operating Agreement"), regarding the parties' respective rights, interests and
obligations with respect to RPT/Invest L.L.C., a Delaware limited liability
company ("RPT/Invest"). Ramco and Investcorp (each, a "Member") collectively own
one hundred percent (100%) of the "Membership Interests" (as hereinafter
defined) in RPT/Invest.

         B. Pursuant to the terms of Section 4.09 of the Operating Agreement,
Ramco desires to purchase from Investcorp all of Investcorp's Membership
Interests in and to RPT/Invest, and thereby become the sole member of
RPT/Invest, and Investcorp desires to convey to Ramco all of Investcorp's
Membership Interests in and to RPT/Invest, subject to and in accordance with the
terms and conditions hereinafter set forth.

         C. An affiliate of Ramco, Ramco-Gershenson, Inc., a Michigan
corporation ("RGI") and Investcorp are the sole shareholders of each of (i)
Chester Springs SC Holdings Corp., a Delaware corporation, and (ii) Rivertowne
Holdings Corp., a Delaware corporation. Pursuant to the terms of Section 4.09 of
the Operating Agreement, Ramco desires that RGI purchase from Investcorp all of
Investcorp's shares in each of Chester Springs SC Holdings Corp. and Rivertowne
Holdings Corp., and Investcorp desires to convey to RGI, at Ramco's request, all
of Investcorp's shares in each of Chester Springs SC Holdings Corp. and
Rivertowne Holdings Corp., subject to and in accordance with the terms and
conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the mutual promises and agreements
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Ramco and Investcorp hereby
agree as follows:

                                    AGREEMENT

         1. Definitions.

                  (a) The following capitalized terms shall have the following
meanings herein:

                           Chester Springs SC Holdings Corp. "Chester Springs SC
Holdings Corp." shall mean that certain Delaware corporation, incorporated as of
August 17, 1999, pursuant to that certain Certificate of Incorporation of
Chester Springs SC Holdings Corp. As of the date hereof, RGI owns 250 shares of
stock, no par value, of Chester Springs SC Holdings Corp. and Investcorp owns
750 shares of stock, no par value, of Chester Springs SC Holdings Corp.

                           Chester Springs SC, LLC. "Chester Springs SC, LLC"
shall mean that certain Delaware limited liability company, formed as of June
24, 1999 and operating pursuant to the terms of that certain Operating Agreement
of Chester Springs SC, LLC, dated as of June 24, 1999. As of the date hereof,
the sole

<PAGE>

members of Chester Springs SC, LLC are (i) RPT/Invest, as the 100% equity
non-managing member, and (ii) Chester Springs SC Holding Corp., a Delaware
corporation, as the 0% equity managing member.

                           Chester Springs Shopping Center. "Chester Springs
Shopping Center" shall mean that certain shopping center owned by Chester
Springs SC, LLC and located in Morris County, New Jersey, as more particularly
described in Exhibit "A" to the Operating Agreement of Chester Springs SC, LLC.

                           Closing. "Closing" shall mean the consummation of the
transactions contemplated by this Agreement, which Closing shall occur
simultaneously with the execution and delivery of this Agreement. The Closing
shall occur by mail at the offices of Gibson, Dunn & Crutcher LLP, 200 Park
Avenue, 48th Floor, New York, New York 10166.

                           Closing Date. "Closing Date" shall mean the date upon
which the Closing shall occur.

                           Existing Lender. "Existing Lender" shall mean Bankers
Trust Company, or its successor(s) and/or assign(s) as holder(s) of the Existing
Loan Documents.

                           Existing Loan Documents. "Existing Loan Documents"
shall mean, collectively, (i) that certain Promissory Note dated August 25,
1999, executed by Chester Springs SC, LLC in the original principal amount of
Sixteen Million Dollars ($16,000,000), and all other instruments, documents and
agreements evidencing and/or securing the subject loan, and (ii) that certain
Promissory Note dated August 25, 1999, executed by RSSC, LLC in the original
principal amount of Six Million Dollars ($6,000,000), and all other instruments,
documents and agreements evidencing and/or securing the subject loan.

                           Existing Loan Liabilities. "Existing Loan
Liabilities" shall mean the outstanding balance of the loans from the Existing
Lender to Chester Springs SC, LLC (the "Chester Springs Loan Liabilities") and
RSSC, LLC (the "RSSC Loan Liabilities"),including, without limitation, all
principal, interest and other amounts due under the Existing Loan Documents, as
of the Closing Date.

                           Liabilities. "Liabilities" shall mean any and all
claims, losses, liabilities, damages, obligations, fines, penalties, suits,
actions, proceedings, costs or expenses of any nature whatsoever (including,
without limitation, attorneys' fees and expenses and court costs), whether now
known or unknown, asserted or unasserted, accrued or unaccrued, liquidated or
unliquidated or due or to become due, including, without limitation, any
liabilities in respect of any applicable laws.

                           Membership Interests. "Membership Interests" shall
mean, with respect to any Member, all right, title and interest of such Member
in and to RPT/Invest at such time, including, without limitation, all right,
title and interest in and to the Operating Agreement, any and all rights to
receive any participation or distribution, any and all voting rights, and any
and all other benefits to which such Member may be entitled pursuant to the
Operating Agreement, together with the obligations of such Member to comply with
the terms and provisions of the Operating Agreement.

                           Purchase Price. "Purchase Price" shall mean a
confirmed wire transfer of immediately available funds in the amount of EIGHT
MILLION SEVEN HUNDRED THIRTEEN THOUSAND SEVEN HUNDRED AND SEVENTY-NINE AND
00/100 Dollars ($8,713,779.00), which amount Ramco and Investcorp acknowledge
and agree is in full satisfaction of the parties' obligations under Section
4.09(c) of the Operating Agreement.

                           Rivertowne Holdings Corp. "Rivertowne Holdings Corp."
shall mean that certain Delaware corporation incorporated as of August 17, 1999,
pursuant to that certain Certificate of Incorporation of Rivertowne Holdings
Corp. As of the date hereof, RGI owns 250 shares of stock, no par value, of

                                      -2-

<PAGE>

Rivertowne Holdings Corp. and Investcorp owns 750 shares of stock, no par value,
of Rivertowne Holdings Corp.

                           Rivertowne Square Shopping Center. "Rivertowne Square
Shopping Center" shall mean that certain shopping center owned by RSSC, LLC and
located in Broward County, Florida, as more particularly described in Exhibit
"A" to the Operating Agreement of RSSC, LLC.

                           RSSC, LLC. "RSSC, LLC" shall mean that certain
Delaware limited liability company, formed as of August 6, 1999 and operating
pursuant to that certain Amended and Restated Operating Agreement of RSSC, LLC,
dated as of August 25, 1999. As of the date hereof, the sole members of RSSC,
LLC are (i) RPT/Invest, as the 100% equity non-managing member, and (ii)
Rivertowne Holdings Corp., a Delaware corporation, as the 0% equity managing
member.

                           Shares. "Shares" shall mean those certain shares of
stock, no par value, owned by Ramco or Investcorp in Chester Springs SC Holdings
Corp. and Rivertowne Holdings Corp., as the case may be.

                  (b) Capitalized terms used but not defined herein and defined
in the Operating Agreement shall have the meanings ascribed to such terms in the
Operating Agreement.

         2. Assignment of Membership Interest; Transfer of Stock.

                  (a) At the Closing, Investcorp shall (i) transfer and assign
to Ramco all of Investcorp's Membership Interests in and to RPT/Invest, and
Ramco shall accept such conveyance from Investcorp pursuant to the Assignment
and Assumption Agreement in the form attached hereto and made a part hereof as
Exhibit B (the "Assignment"), and (ii) at Ramco's direction, transfer and assign
to RGI all of the Shares owned by Investcorp in and to Chester Springs SC
Holdings Corp. and Rivertowne Holdings Corp., and RGI shall accept such
conveyance from Investcorp as evidenced by the Stock Power in the form attached
hereto and made a part hereof as Exhibit C (the "Stock Power").

                  (b) The Investment Committee (as defined in the Operating
Agreement) has consented to the terms, covenants and conditions of this
Agreement, including, without limitation, the Assignment and the Stock Power, as
evidenced by the Investment Committee's execution and delivery of this
Agreement.

         3. [RESERVED].

         4. Conditions Precedent.

                  (a) The obligation of Investcorp to consummate the
transactions contemplated hereby is subject to the timely performance and
complete satisfaction of each and all of the following conditions on or before
the Closing Date:

                           (i) Ramco shall have delivered or caused to be
delivered the Purchase Price and all other funds, documents and other items
required to be delivered to Investcorp hereunder, including, without limitation,
the funds, documents and other items set forth in Section 5 hereof;

                           (ii) The representations and warranties of Ramco set
forth herein shall be true, complete and accurate in all respects;

                           (iii) Investcorp shall have obtained all necessary
consents or approvals of all necessary parties to the consummation of the
transactions contemplated hereby; and

                                      -3-
<PAGE>

                           (iv) Ramco shall have obtained all necessary consents
or approvals of all necessary parties, including, without limitation, the
Existing Lender, if necessary, to the consummation of the transactions
contemplated hereby.

                  (b) The obligation of Ramco to consummate the transactions
contemplated hereby is subject to the timely performance and complete
satisfaction of each and all of the following conditions on or before the
Closing Date:

                           (i) Investcorp shall have delivered or caused to be
delivered all documents and other items required to be delivered to Ramco
hereunder, including, without limitation, the documents and other items set
forth in Section 5 hereof; and

                           (ii) The representations and warranties of Investcorp
set forth herein shall be true, complete and accurate in all respects.

         5.       Deliveries.

                  (a) Deliveries by Ramco. On or prior to the Closing Date,
Ramco shall deliver or cause to be delivered to Investcorp the following funds,
documents and items, all in the form required by this Agreement or otherwise in
form, scope and substance satisfactory to Investcorp in its sole and absolute
discretion:

                           (i) Purchase Price. The Purchase Price in immediately
available funds pursuant to the wire instructions attached hereto as Exhibit D.

                           (ii) Assignment. The Assignment, duly executed by
Ramco.

                           (iii) Resolutions, Etc. All appropriate resolutions,
consents or approvals, including from any third parties, if necessary,
authorizing Ramco to consummate the transactions contemplated in this Agreement.

                           (iv) Release. The Release, duly executed by
RPT/Invest, Ramco, RGI, Chester Springs SC, LLC, RSSC, LLC, Chester Springs SC
Holdings Corp. and Rivertowne Holdings Corp. in the form attached hereto and
made a part hereof as Exhibit E.

                           (v) Existing Lender Releases. A release or releases
duly executed by the Existing Lender, in the form attached hereto as Exhibit F,
from any and all guaranties, obligations or other Existing Loan Liabilities in
connection the Existing Loan Documents, including, without limitation (i) that
certain Unconditional Guaranty (Carve-Outs), dated as of August 25, 1999, made
by Investcorp Properties Limited in favor of the Existing Lender in connection
with the Chester Springs Loan Liabilities, and (ii) that certain Unconditional
Guaranty (Carve-Outs), dated as of August 25, 1999, made by Investcorp
Properties Limited in favor of the Existing Lender in connection with the RSSC
Loan Liabilities.

                           (vi) Other Documents. Such other documents or
instruments reasonably required by Investcorp or its counsel to consummate or
further effectuate the transactions contemplated in this Agreement.

                  (b) Deliveries by Investcorp. On or prior to the Closing Date,
Investcorp shall deliver or cause to be delivered to Ramco the following
documents and items, all in the form required by this Agreement or otherwise in
form, scope and substance satisfactory to Ramco in its sole and absolute
discretion:

                           (i) Assignment. The Assignment, duly executed by
Investcorp.

                           (ii) Stock Power. The Stock power, duly executed by
Investcorp.

                                       -4-

<PAGE>

                           (iii) Resolutions, Etc. All appropriate resolutions,
consents or approvals authorizing Investcorp to consummate the transactions
contemplated in this Agreement.

                           (iv) FIRPTA. A certificate meeting the requirements
of Section 1445 of the Internal Revenue Code of 1986, stating that Investcorp in
not a "foreign seller".

                           (v) Resignations. A letter of resignation from Edward
G. Lord, John R. Fraser and F. Jonathan Dracos, from the Investment Committee
and as officers and directors of RPT/Invest, Chester Springs SC, LLC, RSSC, LLC,
Chester Springs SC Holdings Corp. and Rivertowne Holdings Corp., as the case may
be.

                           (vi) Other Documents. Such other documents or
instruments reasonably required by Ramco or its counsel to consummate or further
effectuate the transactions contemplated in this Agreement.

         6.       Representations, Warranties and Covenants.

                  (a) Ramco's Representations, Warranties and Covenants. Ramco
hereby makes the following representations and warranties to Investcorp, and
hereby covenants with and for the benefit of Investcorp as follows:

                           (i) Ramco is a duly organized and validly existing
Delaware limited partnership. Ramco has all requisite power and authority to
conduct its business and enter into and consummate the transactions contemplated
by this Agreement and the Assignment.

                           (ii) Ramco does not require the consent, waiver,
approval or authorization of any third party to execute, deliver, or perform its
obligations under this Agreement or any document, instrument or agreement
contemplated hereby, except any of the foregoing that shall have already been
satisfied as of the Closing Date.

                           (iii) This Agreement, the Assignment and every other
document delivered by Ramco pursuant to this Agreement will, upon execution and
delivery, have been duly authorized, executed and delivered by Ramco and
constitute legal, valid and binding obligations, enforceable against Ramco in
accordance with their respective terms.

                           (iv) No representations of any kind (whether oral or
written, express or implied) have been made by Investcorp to Ramco with respect
to the transactions contemplated hereby, except as specifically provided in
Section 6(b) hereof, and Ramco is entering into this Agreement and acquiring
Investcorp's Membership Interests and the Shares solely in reliance on Ramco's
own investigations and evaluation thereof.

                  (b) Investcorp's Representations, Warranties and Covenants.
Investcorp hereby makes the following representations and warranties to Ramco,
and hereby covenants with and for the benefit of Ramco as follows:

                           (i) Investcorp is a duly organized and validly
existing Delaware limited liability company. Investcorp has all requisite power
and authority to conduct its business and enter into and consummate the
transactions contemplated by this Agreement and the Assignment.

                           (ii) Investcorp does not require the consent, waiver,
approval or authorization of any third party to execute, deliver, or perform its
obligations under this Agreement or any document, instrument or agreement
contemplated hereby, except any of the foregoing that shall have already been
satisfied as of the Closing Date, provided, however, that no representation or
warranty is made by Investcorp as to whether the consent of the Existing Lender
is required for the execution of this Agreement or the consummation of the
transactions contemplated hereby.

                                      -5-
<PAGE>

                           (iii) This Agreement, the Assignment and every and
other document delivered by Investcorp pursuant to this Agreement will, upon
execution and delivery, have been duly authorized, executed and delivered by
Investcorp and constitute legal, valid and binding obligations, enforceable
against Investcorp in accordance with their respective terms.

                           (iv) Investcorp owns a seventy-five percent (75.0%)
Membership Interests in and to RPT/Invest, and Investcorp has not heretofore
assigned or transferred such Membership Interests, and there are no charges,
liens or other encumbrances upon such Membership Interests, except as may be set
forth in the Existing Loan Documents.

                           (v) Investcorp owns 750 shares in Chester Springs SC
Holdings Corp. and 750 shares in Rivertowne Holdings Corp., and Investcorp has
not heretofore assigned or transferred such Shares, and there are no charges,
liens or other encumbrances upon such Shares, except as may be set forth in the
Existing Loan Documents.

                  (c) Ramco and RGI are fully familiar with the business,
operation and management of the assets of RPT/Invest, Chester Springs SC, LLC,
Chester Springs SC Holdings Corp., RSSC, LLC, and Rivertowne Holdings Corp., and
the state of title to the Chester Springs Shopping Center and Rivertowne Square
Shopping Center, the present physical and financial condition of the Chester
Springs Shopping Center and Rivertowne Square Shopping Center and the present
state of repair of the Chester Springs Shopping Center and Rivertowne Square
Shopping Center. Except for the representations and warranties set forth in
Section 6(b)(iv) and (v) hereof, at the Closing, Ramco and RGI shall accept the
Investcorp's Membership Interests in RPT/Invest and Investcorp's Shares "AS IS",
"WHERE IS" AND "WITH ALL FAULTS" (whether latent, patent or detectable or not)
on the Closing Date. Ramco acknowledges and agrees that neither Investcorp nor
any of its direct or indirect principals, members, joint venturers, partners or
affiliates, nor any of its employees, agents, brokers and representatives
(collectively, "Investcorp's Representatives") nor any other person, has made
any representation, warranty, promise or covenant, express or implied, with
respect to (i) [INTENTIONALLY BLANK]; and/or (ii) the assets of the RPT/Invest,
Chester Springs SC, LLC, Chester Springs SC Holdings Corp., RSSC, LLC, and
Rivertowne Holdings Corp., the fitness, merchantability, suitability or adequacy
of the Chester Springs Shopping Center and Rivertowne Square Shopping Center for
any particular purpose, any environmental condition at or with respect to the
Chester Springs Shopping Center and Rivertowne Square Shopping Center, the
compliance or non-compliance of the Chester Springs Shopping Center and
Rivertowne Square Shopping Center or any tenant-occupied space under the
provisions of the ADA, the site or physical conditions applicable to or with
respect to the Chester Springs Shopping Center and Rivertowne Square Shopping
Center, the zoning regulations or other governmental requirements applicable to
or with respect to the Chester Springs Shopping Center and Rivertowne Square
Shopping Center, or any other matters whatsoever affecting the title, use,
enjoyment, occupancy, operation, management, leasing, ownership or condition to,
of or with respect to such, or any part thereof.

                  (d) Survival. The representations and warranties of Investcorp
set forth in this Section 6(b)(iv) and (v) hereof shall survive the Closing for
a period of one (1) year.

         7.       Closing Costs.

                  (a) Ramco shall pay any and all closing costs relating to the
transactions contemplated by this Agreement, including, without limitation, (i)
any and all transfer taxes, sales taxes, duties or fees that have been or may be
assessed or levied by any Federal, State or local authority with respect to the
transfer of Investcorp's Membership Interests and Shares to Ramco (but excluding
any capital gains, income or other similar taxes of Investcorp), and (ii) any
prepayments fees, penalties or other costs imposed or charged by the Existing
Lender in connection with the Assignment or otherwise as a result of the
transfer by Investcorp to Ramco of Investcorp's Membership Interests and Shares
as contemplated by this Agreement.

                                      -6-
<PAGE>

                  (b) Each party shall bear the expense of its own counsel.

                  (c) The obligations contained in this Section 7 shall survive
the Closing without limitation.

         8. Accuracy of Documents. Ramco and Investcorp hereby acknowledge that
this Agreement and the Assignment accurately reflect the agreements and
understandings of the parties hereto with respect to the subject matter hereof,
and Ramco and Investcorp hereby waive any claims against one another that they
may now have or may hereafter acquire to the effect that the actual agreements
and understandings of the parties hereto with respect to the subject matter
hereof may not be accurately set forth in this Agreement.

         9. No Third Parties Benefited. This Agreement is made and entered into
by Ramco and Investcorp for the benefit of such parties, and no other person or
entity shall have any rights or interest hereunder.

         10. Notices and Demands.

                  (a) All notices, demands, requests, consents and waivers under
this Agreement shall be in writing, shall refer to this Agreement and shall be
(i) delivered personally, (ii) sent by registered or certified mail, postage
prepaid, return receipt requested, (iii) sent by a nationally recognized
overnight courier, or (iv) sent by facsimile, with written confirmation of the
receipt of such telecopy, addressed as set forth below. If delivered personally,
any notice shall be deemed to have been given on the first (1st) business day on
or after the date delivered or refused. If mailed, any notice shall be deemed to
have been given on the earlier to occur of the first (1st) business day on or
after the date of delivery or the third (3rd) business day after such notice has
been deposited in the U.S. mail in accordance with this Section 10. If sent by
overnight courier, any notice shall be deemed to have been given on the first
(1st) business day on or after the date following the date such notice was
delivered to or picked up by the courier. If sent by facsimile, any notice shall
be deemed to have been given upon receipt. Copies of all notices shall be given
in accordance with the above as follows:

                If to Ramco:         c/o Ramco-Gershenson Properties Trust
                                     27600 Northwestern Highway, Suite 200
                                     Southfield, Michigan 40834
                                     Attention:        Chief Financial Officer
                                     Facsimile:        (248) 728-1600

                                       -7-
<PAGE>

               with a copy to:      Honigman Miller Schwartz & Cohn LLP
                                    32270 Telegraph Road, Suite 225
                                    Bingham Farms, Michigan  48025
                                    Attention:        Richard J. Burstein, Esq.
                                    Facsimile:        (248) 566-8310

               If to Investcorp:    c/o Investcorp International, Inc.
                                    280 Park Avenue, 37th Floor West
                                    New York, New York  10017
                                    Attention:        John R. Fraser
                                    Facsimile:        (212) 983-7073

               with a copy to:      Gibson, Dunn & Crutcher LLP
                                    200 Park Avenue
                                    New York, New York  10166
                                    Attention:        David J. Furman, Esq.
                                    Facsimile:        (212) 351-4035

                  (b) Any counsel designated above or any replacement counsel
which may be designated respectively by Ramco or Investcorp or such counsel by
written notice to the other party is hereby authorized to give notices hereunder
on behalf of its respective client.

         11.      Indemnity.

                  (a) Ramco, on behalf of itself and Chester Springs SC, LLC,
RSSC, LLC, Chester Springs SC Holdings Corp. and Rivertowne Holdings Corp.,
hereby agree to indemnify, protect, defend and hold harmless Investcorp and
Investcorp's past and present affiliates, and the respective past and present
direct and indirect officers, directors, members, partners, shareholders,
agents, and employees of each and all of the foregoing entities, and its and
their respective successors, heirs, and assigns, and any other person or entity
now, previously, or hereafter affiliated with any or all of the foregoing
entities (collectively the "Investcorp Indemnitees") from and against any and
all Liabilities of any kind or nature incurred by, imposed upon or asserted
against the Investcorp Indemnitees or any one or more of them, arising out of or
relating in any manner to (i) any failure by Ramco to pay any and all of the
costs set forth in Section 7(b) above, (ii) any and all activities of
RPT/Invest, Chester Springs SC, LLC, RSSC, LLC, Chester Springs SC Holdings
Corp. and Rivertowne Holdings Corp. after the Closing Date, (iii) any and all
activities of Ramco in connection with or related to RPT/Invest (other than
those activities of Ramco which have been specifically authorized, in writing,
by the Investment Committee pursuant to the terms of Section 5.02 of the
Operating Agreement); and/or (iv) related to the Chester Springs Shopping Center
and Rivertowne Square Shopping Center.

                                       -8-
<PAGE>

                  (b) Notwithstanding anything to the contrary contained herein
or in the Assignment and notwithstanding any amendment, modification or
restatement of the Operating Agreement, the terms and provisions of Sections
9.01 and 9.02 of the Operating Agreement shall be deemed remade and incorporated
herein, provided, however, that notwithstanding the above, neither Investcorp
nor any of the Investcorp Indemnitees shall have any liabilities, obligations or
be liable for any costs, damages or other expenses in connection with this
Section 11(b) or Sections 9.01 and 9.02 of the Operating Agreement.

                  (c) The terms of this Section 11 shall survive the Closing
without limitation.

         12. Tax Allocations. The parties acknowledge and agree that (i) tax
allocations by RPT/Invest to Investcorp will be determined as though the tax
year of RPT/Invest ended on the Closing Date, and (ii) RPT/Invest shall provide
Investcorp with all required tax information as soon as practicable, and in no
event later than the time that such information is required to be provided to
Investcorp (determined without regard to any extensions other than extensions to
which Investcorp has consented).

         13. Entire Agreement; Counterparts. This Agreement and the exhibits
hereto and documents referred to herein contain the entire agreement between the
parties hereto with respect to the subject matter hereof, and supersede any and
all prior agreements, verbal discussions and representations and warranties of
either party hereto. Separate counterparts of this Agreement may be executed by
the parties hereto, each of which shall constitute an original and all of which
shall constitute a single agreement, as though the same counterpart had been
executed simultaneously by all parties hereto.

         14. Assignment and Successors. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective representatives,
successors and assigns, provided, however, that Ramco may not assign or
otherwise transfer its rights or delegate its duties under this Agreement with
the express prior written consent of Investcorp in each instance.

         15. Attorneys' Fees. If any party hereto brings any action or suit
against another party hereto by reason of any breach of any of the agreements or
provisions of this Agreement, then, in such event, the prevailing party, as
determined in such action or suit, shall be entitled to have and recover from
the other party or parties all costs and expenses of such action or suit,
including, without limitation, reasonable attorneys' fees and expenses resulting
therefrom; it being understood and agreed that the determination of the
prevailing party shall be included in the matters which are the subject of such
action or suit.

         16. Written Modification. This Agreement or any provision hereof may be
changed, waived or terminated only by a statement in writing signed by the party
against which enforcement of the change, waiver or termination is sought to be
enforced. No waiver by any party of any breach hereunder shall be deemed a
waiver of any other or subsequent breach.

         17. Applicable Law. This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of Delaware.

         18. Interpretation; Severability. Each of the parties hereto has agreed
to the use of the particular language of the provisions of this Agreement, and
any question of doubtful interpretation shall not be resolved by any rule
providing for interpretation against the party who causes the uncertainty to
exist or against the drafter of this Agreement. The various headings of this
Agreement are included for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provision hereof.

         19. Further Assurances. Upon the written request of any party hereto,
from time to time, from and after the date hereof, the other parties shall do,
execute, acknowledge and deliver, at the sole cost and expense of the requesting
party, such further acts, deeds, conveyances, assignments, notices of assignment
or transfer and assurances as the requesting party may reasonably require in
order to better assure, convey, grant, assign,

                                       -9-
<PAGE>

transfer and confirm upon the requesting party the rights now or hereafter
intended to be granted under this Agreement or any other instrument executed in
connection with this Agreement; provided, however, that no party shall be
obligated to provide any further assurance that would materially increase the
liabilities or obligations of such party hereunder or materially reduce the
rights and benefits of such party hereunder.

         20. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION (i) ARISING HEREUNDER OR UNDER ANY DOCUMENT, INSTRUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR (ii) IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS
RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT EITHER PARTY TO
THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH
ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER
OF THEIR RIGHT TO TRIAL BY JURY.

         21. Brokers and Finders. Neither Ramco nor Investcorp have employed any
broker or finder or incurred any liability for any brokerage or finders' fees in
connection with the transactions contemplated hereby. Ramco and Investcorp shall
each indemnify, defend and hold harmless the other from and against any
Liabilities arising out of the breach of the representations or warranties
contained in this Section 21. The representations, warranties and indemnities
contained in this Section 21 shall survive the Closing without limitation.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -10-
<PAGE>

                  IN WITNESS WHEREOF, Investcorp and Ramco have executed this
Agreement as of the date and year first above written.

                                 "INVESTCORP"

                                  SHOP INVEST LLC,
                                  a Delaware limited liability company

                                  By:      __________________________
                                           By:
                                           Title:

                                 "RAMCO"

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

                                  By:      Ramco-Gershenson Properties Trust, a
                                           Maryland real estate investment trust

                                           By:      _______________________
                                                    By:
                                                    Title:

AGREED AND ACCEPTED:

RAMCO-GERSHENSON, INC.,
a Michigan corporation

By:   ______________________________________
      Name:
      Title:

                                      -11-
<PAGE>

                                     CONSENT

         By its execution below, each of the undersigned members of the
Investment Committee hereby consent to the terms, covenants and conditions of
this Agreement.

        Dated:  May ___, 2002              ______________________________
                                           Edward G. Lord III

        Dated:  May ___, 2002              ______________________________
                                           F. Jonathan Dracos

        Dated:  May ___, 2002              ______________________________
                                           John R. Fraser

        Dated:  May ___, 2002              ______________________________
                                           Dennis Gershenson

        Dated:  May ___, 2002              ______________________________
                                           Richard Smith

                                      -12-
<PAGE>

                                    EXHIBIT A

                    OPERATING AGREEMENT OF RPT/INVEST L.L.C.

                                 [See Attached]

<PAGE>

                                    EXHIBIT B

                    FORM ASSIGNMENT AND ASSUMPTION AGREEMENT

         THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment and
Assumption Agreement"), is effective as of the _____ day of May, 2002, and is
made by and between SHOP INVEST LLC, a Delaware limited liability company
("Assignor"), and RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited
partnership ("Assignee").

         WHEREAS, Assignor and Assignee entered into that certain Purchase and
Sale Agreement, dated as of May ____, 2002 (the "Purchase Agreement"), pursuant
to which Assignor agreed to assign, set over and transfer to Assignee all of
Assignor's right, title and interest in and to RPT/Invest L.L.C., a Delaware
limited liability company (the "Company"), as more described in the Purchase
Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements hereinafter
set forth, and for other good and valuable consideration, the receipt and
sufficiency of which is acknowledged by all parties hereto, the parties hereby
agree as follows:

         1. Assignor does hereby convey, transfer, assign and deliver to
Assignee and Assignee's successors and assigns, all of Assignor's right, title
and interest in and to its membership interest in the Company, and Assignee does
hereby accept all of the right, title and interest of Assignor in and to its
membership interest in the Company.

         2. Assignee does hereby assume, accept and agree to observe, perform,
discharge when due, and be bound by, each and all of the rights, liabilities and
obligations of Assignor in and to its membership interest in the Company.

         3. Assignor and Assignee shall each execute, acknowledge and deliver,
or cause the execution, acknowledgment and delivery of, such further documents
and instruments as may reasonably be requested by the other party hereto to
implement the purposes of this Assignment and Assumption Agreement.

         4. This Assignment and Assumption Agreement and the respective rights,
duties and obligations of the parties hereunder, shall be governed and construed
in accordance with the internal law of the State of Delaware.

         5. This Assignment and Assumption Agreement may be executed
simultaneously in one or more counterparts, each of which shall be deemed an
original and all of which shall constitute one and the same instrument.

         6. The provisions of this Assignment and Assumption Agreement shall be
binding upon, and shall inure to the benefit of, the successors and assigns of
Assignor and Assignee, respectively.

         7. This Assignment and Assumption Agreement is made and entered into by
Assignor and Assignee for the benefit and protection of such parties, and no
other person or entity shall have any rights or interest hereunder.

                         [SIGNATURES ON FOLLOWING PAGE]

<PAGE>

         IN WITNESS WHEREOF, this Assignment and Assumption Agreement has been
executed as of the date and year first above written.

                                    ASSIGNOR:

                                    SHOP INVEST LLC,
                                    a Delaware limited liability company

                                    By:      __________________________
                                             By:
                                             Title:

                                    ASSIGNEE:

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

                                    By:      Ramco-Gershenson Properties Trust,
                                             a Maryland real estate
                                             investment trust

                                             By:      ________________________
                                                      By:
                                                      Title:

                                      -15-
<PAGE>

                                    EXHIBIT C

                               FORM OF STOCK POWER

                                   STOCK POWER

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto RAMCO-GERSHENSON, INC., a Michigan corporation, Seven Hundred Fifty (750)
shares of common stock, no par value, of Chester Springs SC Holdings Corp., a
Delaware corporation ("Chester Springs"), represented by Certificate No. 1
standing in the name of the undersigned on the books of Chester Springs.

              The undersigned does hereby irrevocably constitute and appoint
Chester Springs or its designated agent as attorney to transfer the said stock
on the books of Chester Springs with full power of substitution in the premises:

         Dated: May ___, 2002

                                           SHOP INVEST LLC, a Delaware limited
                                           liability company

                                           By:  ____________________________
                                                Name:
                                                Title:

<PAGE>

                                   STOCK POWER

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto RAMCO-GERSHENSON, INC., a Michigan corporation, Seven Hundred Fifty (750)
shares of common stock, no par value, of Rivertowne Holdings Corp., a Delaware
corporation ("Rivertowne"), represented by Certificate No. 1 standing in the
name of the undersigned on the books of Rivertowne.

              The undersigned does hereby irrevocably constitute and appoint
Rivertowne or its designated agent as attorney to transfer the said stock on the
books of Rivertowne with full power of substitution in the premises:

         Dated: May ___, 2002

                                          SHOP INVEST LLC, a Delaware limited
                                          liability company

                                          By:   ______________________________
                                                Name:
                                                Title:

                                      -17-
<PAGE>

                                    EXHIBIT D

                          INVESTCORP WIRE INSTRUCTIONS

                                 [See Attached]

<PAGE>

                                    EXHIBIT E

                                 FORM OF RELEASE

         To all to whom these Presents shall come or may concern, know that, (i)
RPT/INVEST L.L.C., a Delaware limited liability company, (ii) RAMCO-GERSHENSON
PROPERTIES, L.P., a Delaware limited partnership, (iii) CHESTER SPRINGS SC
HOLDINGS CORP., a Delaware corporation, (iv) CHESTER SPRINGS SC, LLC, a Delaware
limited liability company, (v) RIVERTOWNE HOLDINGS CORP., a Delaware
corporation, (vi) RSSC, LLC, a Delaware limited liability company, and (vii)
RAMCO-GERSHENSON, INC., a Michigan corporation (collectively, the "Releasors"),
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, hereby

         Fully, forever and irrevocably release, discharge and acquit Shop
Invest, LLC ("Releasee") and Releasee's past and present affiliates, and the
respective past and present direct and indirect officers, directors, members,
partners, shareholders, agents, and employees of each and all of the foregoing
entities, and its and their respective successors, heirs, and assigns, and any
other person or entity now, previously, or hereafter affiliated with any or all
of the foregoing entities, from any and all actions, causes of action, suits,
debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims and demands
whatsoever, in law, admiralty or equity, which against the Releasee, Releasors
or Releasors' successors and assigns ever had, now have or hereafter can, shall
or may have, for, upon, or by reason of any matter, cause or thing whatsoever
from the beginning of the world to the date of the date of this Release,
including, without limitation, any and all liabilities, actions, damages or
controversies arising from or out of, connected with, or which relate to (A)
RPT/Invest L.L.C. or the membership, administration or management thereof, or
any ancillary documents related thereto, (B) Chester Springs SC, LLC or the
ownership, administration or management thereof, or any ancillary documents
related thereto, (C) RSSC, LLC or the ownership, administration or management
thereof, or any ancillary documents related thereto, and (D) the Chester Springs
Shopping Center and the Rivertowne Shopping Center, or the ownership,
administration or management thereof.

         This Release may not be changed orally. This Release shall be governed
and construed in accordance with the internal law of the State of Delaware.

                         [SIGNATURES ON FOLLOWING PAGE]

<PAGE>

         IN WITNESS WHEREOF, Releasors have caused this Release to be executed
on this ____ of May, 2002.

                        RPT/INVEST, LLC, a Delaware limited liability company

                        By:    Ramco-Gershenson Properties, L.P.,
                               a Delaware limited liability company, Member

                               By:    Ramco-Gershenson Properties Trust,
                                      A Maryland real estate investment trust,
                                      its general partner

                                      By:  __________________________________
                                           Name:
                                           Title:

                        RAMCO-GERSHENSON PROPERTIES, L.P.,
                             a Delaware limited liability company

                        By:    Ramco-Gershenson Properties Trust,
                               a Maryland real estate investment trust
                               its general partner

                               By:  ____________________________________
                                    Name:
                                    Title:

                        CHESTER SPRINGS SC HOLDINGS SC CORP.,
                             a Delaware corporation

                               By:  _____________________________________
                                    Name:
                                    Title:

                                      -20-
<PAGE>

                    CHESTER SPRINGS SC, LLC,
                         a Delaware limited liability company

                    By:    RPT/Invest, LLC,
                           a Delaware limited liability company

                           By:    Ramco-Gershenson Properties, L.P.,
                                  a Delaware limited liability company, Member

                                  By:    Ramco-Gershenson Properties Trust,
                                         A Maryland real estate investment
                                         trust, its general partner

                                         By:   ________________________________
                                               Name:
                                               Title:

                    RIVERTOWNE HOLDINGS CORP., a Delaware corporation

                    By:  ______________________________________________________
                         Name:
                         Title:

                    RSSC, LLC, a Delaware limited liability company

                    By:    RPT/Invest, LLC,
                           a Delaware limited liability company

                           By:    Ramco-Gershenson Properties, L.P.,
                                  a Delaware limited liability company, Member

                                  By:    Ramco-Gershenson Properties Trust,
                                         A Maryland real estate investment
                                         trust, its general partner

                                         By:   ________________________________
                                               Name:
                                               Title:

                    RAMCO-GERSHENSON, INC., a Michigan corporation

                    By:  ______________________________________________________
                         Name:
                         Title:

                                      -21-
<PAGE>

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the President of Ramco-Gershenson Properties
Trust, a Maryland real estate investment trust, the general partner of
Ramco-Gershenson Properties, L.P., a Delaware limited partnership, Member of
RPT/Invest, LLC, a Delaware limited liability company, on behalf of the company.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the President of Ramco-Gershenson Properties
Trust, a Maryland real estate investment trust, the general partner of
Ramco-Gershenson Properties, L.P., a Delaware limited partnership, on behalf of
the partnership.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the Vice President of Chester Springs SC
Holdings Corp., a Delaware corporation, on behalf of the corporation.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

                                      -22-
<PAGE>

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the Vice President of Rivertowne Holdings
Corp., a Delaware corporation, on behalf of the corporation.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the President of Ramco-Gershenson Properties
Trust, a Maryland real estate investment trust, the general partner of
Ramco-Gershenson Properties, L.P., a Delaware limited partnership, Member of
RSSC, LLC, a Delaware limited liability company, on behalf of the company.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

STATE OF MICHIGAN
                       ss.:
COUNTY OF OAKLAND

         The foregoing instrument was acknowledged before me this ____ day of
May, 2002, by Dennis Gershenson, the Executive Vice President of
Ramco-Gershenson, Inc., a Michigan corporation on behalf of the corporation.

                                       -----------------------------------------
                                       Notary Public, Oakland County, Michigan
                                       My Commission Expires:

                                      -23-
<PAGE>

                                    EXHIBIT F

                             FORM OF LENDER RELEASE

         This RELEASE is made as of the _____ day of May, 2002, by DEUTSCHE BANK
TRUST COMPANY AMERICAS (F/K/A/ BANKERS TRUST COMPANY), a New York banking
corporation ("Lender"), having an address at 130 Liberty Street, 25th Floor, MS
2257, New York, New York, on behalf of itself and its past and present
affiliates, successors, assigns and/or participants, in favor of INVESTCORP
PROPERTIES LIMITED, a Delaware corporation ("Guarantor") and SHOP INVEST, LLC, a
Delaware limited liability company ("Shop Invest"), each having an address at
280 Park Avenue, 37th Floor, New York, New York.

         WHEREAS, pursuant to that certain Unconditional Guaranty (Carve-Outs),
dated as of August 25, 1999 (the "Guaranty"), by Guarantor in favor of Lender,
Guarantor agreed, pursuant to the terms and conditions of the Guaranty, to
guaranty certain obligations of Chester Springs SC, LLC, a Delaware limited
liability company ("Borrower") in connection with that certain $16,000,000 loan
to Borrower from Lender (the "Loan"), as evidenced by that certain Promissory
Note, dated as of August 25, 1999, executed by Borrower in favor of Lender, and
other related loan documents, including, without limitation, the loan documents
listed on Schedule 1 annexed hereto and made a part hereof (the "Loan
Documents"); and

         WHEREAS, it is a condition under that certain Purchase and Sale
Agreement, dated as of May ___, 2002 (the "Purchase Agreement"), by and between
Shop Invest, and Ramco-Gershenson Properties, L.P., that Lender fully, forever
and irrevocably release, discharge and acquit Guarantor and Shop Invest, and
their respective past and present affiliates, from any obligations or liability
they may have in connection with the Guaranty, the Loan Documents and/or the
Loan.

         NOW THEREFORE, To all to whom these Presents shall come or may concern,
know that Lender, on behalf of itself and its past and present affiliates,
successors, assigns and/or participants, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, hereby fully,
forever and irrevocably releases, discharges and acquits Guarantor and Shop
Invest, and their respective past and present affiliates, and the respective
past and present direct and indirect officers, directors, members, partners,
shareholders, agents, and employees of each and all of the foregoing entities,
and its and their respective successors, heirs, and assigns, and any other
person or entity now, previously, or hereafter affiliated with any or all of the
foregoing entities, from any and all actions, causes of action, suits, debts,
dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, guaranties, extents, executions, claims and demands whatsoever, in
law, admiralty or equity, which against the Guarantor, Shop Invest, and their
respective past and present affiliates, Lender or Lender's past and present
affiliates, successors, assigns and/or participants ever had, now have or
hereafter can, shall or may have, from the beginning of the world to the date of
this Release, for, upon, arising under, or by reason of the Guaranty, the Loan
Documents and/or the Loan.

         This Release shall be governed and construed in accordance with the
laws of the State of NEW JERSEY.

                         [SIGNATURES ON FOLLOWING PAGE]

<PAGE>

         IN WITNESS WHEREOF, Lender has caused this Release to be executed on
this ____ of May, 2002.

                                       DEUTSCHE BANK TRUST COMPANY
                                       AMERICAS (F/K/A/ BANKERS TRUST
                                       COMPANY), a New York banking corporation

                                       By:      ________________________________
                                                Name:
                                                Title:

                                      -25-
<PAGE>

                                   SCHEDULE 1

                                 LOAN DOCUMENTS

     1.  Promissory Note, dated as August 25, 1999, by Borrower in favor of
         Lender.

     2.  Mortgage, Security Agreement, Assignment of Leases and Rents, Fixture
         Filing and Financing Statement, dated as August 25, 1999, by Borrower
         in favor of Lender.

     3.  Environmental Indemnity Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

     4.  UCC-1 Financing Statements, dated as August 25, 1999, by Borrower in
         favor of Lender.

     5.  Project Escrow Agreement, dated as August 25, 1999, by and among
         Borrower and Lender and Bankers Trust Company, as escrow agent.

     6.  Springing Lockbox and Security Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

     7.  Rent Roll Certificate, dated as August 25, 1999, by Borrower in favor
         of Lender.

     8.  Interest Rate cap Security Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

                                      -26-
<PAGE>

STATE OF                   , COUNTY OF                           ss.:

         On ___________, 2002__ before me personally came _______________to me
known, who, by me duly sworn, did depose and say that deponent resides at
_______________________, that deponent is the ________________ of
__________________ the corporation described in, and which executed the
foregoing RELEASE, that deponent knows the seal of the corporation, that the
seal affixed to the RELEASE is the corporate seal, that it was affixed by order
of the board of _____________ of the corporation; and that deponent signed
deponent's name by like order.

              _______________________________

                                      -27-
<PAGE>

                                     RELEASE

         This RELEASE is made as of the _____ day of May, 2002, by DEUTSCHE BANK
TRUST COMPANY AMERICAS (F/K/A/ BANKERS TRUST COMPANY), a New York banking
corporation ("Lender"), having an address at 130 Liberty Street, 25th Floor, MS
2257, New York, New York, on behalf of itself and its past and present
affiliates, successors, assigns and/or participants, in favor of INVESTCORP
PROPERTIES LIMITED, a Delaware corporation ("Guarantor") and SHOP INVEST, LLC, a
Delaware limited liability company ("Shop Invest"), each having an address at
280 Park Avenue, 37th Floor, New York, New York.

         WHEREAS, pursuant to that certain Unconditional Guaranty (Carve-Outs),
dated as of August 25, 1999 (the "Guaranty"), by Guarantor in favor of Lender,
Guarantor agreed, pursuant to the terms and conditions of the Guaranty, to
guaranty certain obligations of RSSC, LLC, a Delaware limited liability company
("Borrower") in connection with that certain $6,000,000 loan to Borrower from
Lender (the "Loan"), as evidenced by that certain Promissory Note, dated as of
August 25, 1999, executed by Borrower in favor of Lender, and other related loan
documents, including, without limitation, the loan documents listed on Schedule
1 annexed hereto and made a part hereof (the "Loan Documents"); and

         WHEREAS, it is a condition under that certain Purchase and Sale
Agreement, dated as of May ___, 2002 (the "Purchase Agreement"), by and between
Shop Invest, and Ramco-Gershenson Properties, L.P., that Lender fully, forever
and irrevocably release, discharge and acquit Guarantor and Shop Invest, and
their respective past and present affiliates, from any obligations or liability
they may have in connection with the Guaranty, the Loan Documents and/or the
Loan.

         NOW THEREFORE, To all to whom these Presents shall come or may concern,
know that Lender, on behalf of itself and its past and present affiliates,
successors, assigns and/or participants, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, hereby fully,
forever and irrevocably releases, discharges and acquits Guarantor and Shop
Invest, and their respective past and present affiliates, and the respective
past and present direct and indirect officers, directors, members, partners,
shareholders, agents, and employees of each and all of the foregoing entities,
and its and their respective successors, heirs, and assigns, and any other
person or entity now, previously, or hereafter affiliated with any or all of the
foregoing entities, from any and all actions, causes of action, suits, debts,
dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, guaranties, extents, executions, claims and demands whatsoever, in
law, admiralty or equity, which against the Guarantor, Shop Invest, and their
respective past and present affiliates, Lender or Lender's past and present
affiliates, successors, assigns and/or participants ever had, now have or
hereafter can, shall or may have, from the beginning of the world to the date of
this Release, for, upon, arising under, or by reason of the Guaranty, the Loan
Documents and/or the Loan.

         This Release shall be governed and construed in accordance with the
laws of the State of FLORIDA.

                         [SIGNATURES ON FOLLOWING PAGE]

<PAGE>

         IN WITNESS WHEREOF, Lender has caused this Release to be executed on
this ____ of May, 2002.

                                    DEUTSCHE BANK TRUST COMPANY
                                    AMERICAS (F/K/A/ BANKERS TRUST
                                    COMPANY), a New York banking corporation

                                    By:      ________________________________
                                             Name:
                                             Title:

                                      -29-
<PAGE>

                                   SCHEDULE 1

                                 LOAN DOCUMENTS

     1.  Promissory Note, dated as August 25, 1999, by Borrower in favor of
         Lender.

     2.  Mortgage, Security Agreement, Assignment of Leases and Rents, Fixture
         Filing and Financing Statement, dated as August 25, 1999, by Borrower
         in favor of Lender.

     3.  Environmental Indemnity Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

     4.  UCC-1 Financing Statements, dated as August 25, 1999, by Borrower in
         favor of Lender.

     5.  Project Escrow Agreement, dated as August 25, 1999, by and among
         Borrower and Lender and Bankers Trust Company, as escrow agent.

     6.  Springing Lockbox and Security Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

     7.  Rent Roll Certificate, dated as August 25, 1999, by Borrower in favor
         of Lender.

     8.  Interest Rate cap Security Agreement, dated as August 25, 1999, by
         Borrower in favor of Lender.

                                      -30-
<PAGE>

STATE OF                   , COUNTY OF                           ss.:

         On ___________, 2002__ before me personally came _______________to me
known, who, by me duly sworn, did depose and say that deponent resides at
_______________________, that deponent is the ________________ of
__________________ the corporation described in, and which executed the
foregoing RELEASE, that deponent knows the seal of the corporation, that the
seal affixed to the RELEASE is the corporate seal, that it was affixed by order
of the board of _____________ of the corporation; and that deponent signed
deponent's name by like order.

              _______________________________

                                      -31-

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