Document:

<PAGE>

                                                                   EXHIBIT 10.61

                          FIRST MODIFICATION AGREEMENT

         THIS FIRST MODIFICATION AGREEMENT ("MODIFICATION") is made this ______
day of January, 2004, by BEN MAR, LLC, an Indiana limited liability company (the
"OLD BORROWER"), having its principal place of business c/o The Linder Company,
8555 North River Road, Suite 375, Indianapolis, Indiana 46240, Attn: Gary I.
Linder, RAMCO-MERCHANTS SQUARE LLC, a Delaware limited liability company, having
its principal place of business c/o Ramco-Gershenson Properties Trust, 27600
Northwestern Highway, Suite 200, Southfield, Michigan 48034 (the "NEW
BORROWER"), for the benefit of TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF
AMERICA ("TIAA"), a New York corporation, having an address at 730 Third Avenue,
New York, New York 10017 (the "LENDER").

                                    RECITALS:

         WHEREAS, Lender has made a loan (the "LOAN") to Old Borrower in the
maximum amount of $25,000,000.00. To evidence the Loan, Old Borrower executed
and delivered to Lender a Promissory Note (the "NOTE"), dated July 29, 1999 in
the original principal amount of Twenty-Five Million and No/100 Dollars
($25,000,000.00) to order of TIAA (this amount or so much as is outstanding from
time to time is referred to as the "PRINCIPAL"). The Note, among other things,
evidences the Old Borrower's current obligation to repay to the Lender with
interest those amounts described in the Note. In order to secure the Note, Old
Borrower executed and delivered to Lender,

                           (i)      a certain Mortgage, Assignment of Leases and
                  Rents, Security Agreement and Fixture Filing Statement, dated
                  July 29, 1999, and recorded with Hamilton County, Indiana (the
                  "RECORDER'S OFFICE") on August 2, 1999 as Document No.
                  199909945462, (the "MORTGAGE"), which currently encumbers Old
                  Borrower's fee simple interest in the property and
                  improvements located at 2160 East 166th Street, Carmel,
                  Indiana as more particularly described therein and other
                  property of Old Borrower (as further defined in the Mortgage,
                  the "PROPERTY");

                           (ii)     a certain Assignment of Rents and Leases,
                  dated July 29, 1999, and recorded with the Recorder's Office
                  on August 2, 1999, as Document No. 199909945463 (the
                  "ASSIGNMENT OF RENTS AND LEASES"); and

                           (iii)    those certain UCC-1 Financing Statements
                  filed with the Secretary of State of Indiana and the
                  Recorder's Office (the "FINANCING STATEMENTS").

The Note is further evidenced and secured by that certain (a) Environmental
Indemnity dated July 29, 1999 executed by Gary I. Linder, (b) Guaranty dated
July 29, 1999

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executed by Gary I. Linder, and (c) Escrow and Security Agreement dated July 29,
1999 (the foregoing documents are collectively referred to herein as the "LOAN
DOCUMENTS");

         WHEREAS, as of the date of this Modification, the Loan Documents have
not been modified or amended;

         WHEREAS, immediately prior to the execution and delivery of this
Modification, Old Borrower has conveyed (the "TRANSACTION") to New Borrower the
Property;

         WHEREAS, New Borrower's sole member is Ramco-Gershenson Properties,
L.P., a Delaware limited partnership ("RGPLP"), the general partner is
Ramco-Gershenson Properties Trust, a Maryland real estate investment trust (the
"GENERAL PARTNER"), which General Partner is a publicly traded company listed on
the New York Stock Exchange and RGPLP's limited partners are comprised of
various individuals and entities, including General Partner, which owns a
majority of the limited partnership interests in RGPLP;

         WHEREAS, the parties hereto desire to amend the Loan Documents to
reflect the Transaction and to modify the Mortgage in certain other respects;
and

         WHEREAS, to induce Lender to consent to the Transaction, New Borrower
desires to reaffirm its obligations under the Loan Documents.

                                   AGREEMENTS:

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

         1.       The foregoing Recitals are incorporated in this Modification
as if fully set forth therein. Any initially capitalized term not otherwise
defined herein shall have the meaning ascribed to such term in the Mortgage.

         2.       Lender acknowledges and consents to the Transaction as
contemplated hereby in this Modification.

         3.       Lender acknowledges the receipt of the one percent (1%) of the
Note's principal balance as required under that certain letter from Lender's
loan servicer to Ms. Catherine Clark, Vice President Acquisitions/Dispositions,
Ramco-Gershenson Properties Trust dated November 7, 2003 (the "TRANSFER FEE"),
and the payment of Lender's expenses in connection with the Transfer, including
Lender's administrative fees.

         4.       Lender certifies to New Borrower that as of the date hereof,
the Loan Documents are in full force and effect; neither the Borrower or any
guarantor or indemnitor is in default thereunder; and the Loan Documents have
not been modified, supplemented or amended and constitute all of the material
documents relating to the Note and the transaction contemplated thereby.

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         5.       As of the date hereof, the outstanding balance of the Note is
$_______________. Old Borrower acknowledges that it has no existing and asserted
(and no basis for any unasserted) claims, counterclaims, defenses or rights of
setoff whatsoever with respect to any payment obligations under the Note or any
other obligations under the Mortgage or any other document evidencing or
securing the Note, and any such claims, counterclaims, defenses and rights of
setoff are hereby waived and relinquished. New Borrower acknowledges that it has
no existing and asserted (and no basis for any unasserted) claims,
counterclaims, defenses or rights of setoff whatsoever with respect to any
payment obligations under the Note or any other obligations under the Mortgage
or any other document evidencing or securing the Note, and any such claims,
counterclaims, defenses and rights of setoff are hereby waived and relinquished.
The Loan Documents are ratified and confirmed hereby and are in full force and
effect. New Borrower hereby assumes the obligations of Old Borrower under the
Loan Documents.

         6.       New Borrower represents, warrants and covenants that following
the date of this Modification, the Property be managed by Ramco-Gershenson, Inc.
(the "PROPERTY MANAGER"), a wholly owned subsidiary of RGPLP, and the Property
shall continue to be managed by Property Manager unless as otherwise permitted
by the Lender. Lender hereby approves Property Manager as the manager of the
Property.

         7.       New Borrower represents and warrants that the Transaction
shall not result in the violation of Section 8.3 of the Mortgage.

         8.       Section 12.1(b) of the Mortgage is hereby deleted in its
entirety and shall be replaced by the following:

                  "(b)     Borrower represents, warrants and covenants that:

                           (i)      Borrower is a Delaware limited liability
                           company, the sole member of which is RGPLP.

                           (ii)     RGPLP is a Delaware limited partnership
                           whose sole general partner is the General Partner,
                           owning one percent (1%) of the partnership interests
                           in RGPLP as a general partner and ____ percent (__%)
                           of the partnership interests in RGPLP as a limited
                           partner (as of the date hereof). The balance of the
                           partnership interests in RGPLP are all limited
                           partnership interests and are held by numerous
                           individuals and entities.

                  (The sole general partner and the limited partners of RGPLP
                  are referred to as the "EXISTING PARTNERS".)

                           (iii)    The General Partner is a publicly traded
                           real estate investment trust currently traded on the
                           New York Stock Exchange and is currently thousands of
                           individual and entity shareholders.

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         9.       Section 12.2(b) of the Mortgage is hereby deleted in its
entirety and replaced by the following:

                  "(b)     Upon compliance with the conditions set forth in the
                  preceding subsection, the following Transfers (the "PERMITTED
                  TRANSFERS") may occur without Lender's prior consent:

                           (i)      Transfers of limited partnership interests
                           in RGPLP, provided that subsequent to the Transfer,
                           the General Partner (or a transferee pursuant to a
                           Permitted Transfer hereunder) remains as the sole
                           general partner of RGPLP,

                           (ii)     Transfers by the shareholders of General
                           Partner, provided that subsequent to such transfer,
                           the General Partner (or a transferee pursuant to a
                           Permitted Transfer hereunder) is the sole general
                           partner of RGPLP, and

                           (iii)    Transfers of interests in the General
                           Partner by means of merger, whether or not the
                           General Partner is the surviving entity, so long as
                           following such merger, the surviving entity having at
                           least equivalent or better net worth and retail
                           shopping center ownership and management experience
                           to the General Partner."

         10.      The Borrower's principal place of business shall be c/o
Ramco-Gershenson Properties Trust, 27600 Northwestern Highway, Suite 200,
Southfield, Michigan 48034. The address for Borrower provided under Notice
provisions under Section 17.1 of the Mortgage shall be replaced by the
following:

                  "If to Old Borrower:     Ben Mar, LLC
                                           The Linder Company
                                           8555 North River Road, Suite 375
                                           Indianapolis, Indiana 46240
                                           Attn:  Gary I. Linder

                   If to New Borrower:     Ramco-Merchants Square LLC
                                           c/o Ramco-Gershenson Properties Trust
                                           27600 Northwestern Highway, Suite 200
                                           Southfield, Michigan 48034
                                           Attn:  Chief Financial Officer

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                  With courtesy copies to:  Teachers Insurance and Annuity
                                            Association of America
                                            730 Third Avenue
                                            New York, New York 10017
                                            Attn:    Managing Director,
                                                     Portfolio-Midwest/Southwest
                                                     Mortgage and Real Estate
                                            TIAA Appl. #IN-223
                                            TIAA Mtge. #000453100

                                            and:

                                            Teachers Insurance and Annuity
                                            Association of America
                                            730 Third Avenue
                                            New York, New York 10017
                                            Attn:    Vice President and Chief
                                                     Counsel,
                                                     Investment Management Law
                                            TIAA Appl. #IN-223
                                            TIAA Mtge. #000453100

         11.      New Borrower hereby certifies as follows as of the date hereof
and at all times while the Loan is outstanding:

                  (a)      New Borrower or its respective constituents or
                           affiliates are in violation of any Laws relating to
                           terrorism or money laundering, including Executive
                           Order No. 13224 on Terrorist Financing (effective
                           September 24, 2001) (the "EXECUTIVE ORDER"), and the
                           Uniting and Strengthening America by Providing
                           Appropriate Tools Required to Intercept and Obstruct
                           Terrorism Act of 2001 (Public Law 107-56, the
                           "PATRIOT ACT").

                  (b)      None of New Borrower or its respective constituents
                           or affiliates, any of their respective brokers or
                           other agents acting or benefiting in any capacity in
                           connection with the Loan is a "Prohibited Person"
                           which is defined as follows:

                           (i)      a person or entity that is listed in the
                                    Annex to, or is otherwise subject to the
                                    provisions of, the Executive Order No. 13224
                                    on Terrorist Financing, effective September
                                    24, 2001 and relating to Blocking Property
                                    and Prohibiting Transactions With Persons
                                    Who Commit, Threaten to Commit, or Support
                                    Terrorism the Executive Order;

                           (ii)     a person or entity owned or controlled by,
                                    or acting for or on behalf of, any person or
                                    entity that is listed in the Annex

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                                  to, or is otherwise subject to the
                                  provisions of, the Executive Order;

                           (iii)  a person or entity with whom Lender is
                                  prohibited from dealing or otherwise
                                  engaging in any transaction by any terrorism
                                  or money laundering law, including the
                                  Executive Order and the Patriot Act;

                           (iv)   a person or entity who commits, threatens or
                                  conspires to commit or supports "terrorism"
                                  as defined in the Executive Order;

                           (v)    a person or entity that is named as a
                                  "specially designated national and blocked
                                  person" on the most current list published
                                  by the U.S. Treasury Department Office of
                                  Foreign Assets Control at its official
                                  website, http://www.treas.gov/ofac/tllsdn.pdf
                                  or at any replacement website or other
                                  replacement official publication of such
                                  list; and

                           (vi)   a person or entity who is affiliated with a
                                  person or entity listed above.

                  (c)      None of New Borrower or its respective affiliates or
                           constituents, any of their respective brokers or
                           other agents acting in any capacity in connection
                           with the Loan is or will (i) conduct any business or
                           engage in any transaction or dealing with any
                           Prohibited Person, including the making or receiving
                           any contribution of funds, goods or services to or
                           for the benefit of any Prohibited Person, (ii) deal
                           in, or otherwise engage in any transaction relating
                           to, any property or interests in property blocked
                           pursuant to the Executive Order; or (iii) engage in
                           or conspire to engage in any transaction that evades
                           or avoids, or has the purpose of evading or avoiding,
                           or attempts to violate any of the prohibitions sets
                           forth in the Executive Order or the Patriot Act.

         12.      New Borrower assumes all of the obligations under the Escrow
and Security Agreement dated July 29, 1999.

         13.      Lender acknowledges that, anything to the contrary set forth
in the Loan Documents notwithstanding, New Borrower shall not be liable for any
breach of warranty or misrepresentation made by Old Borrower under the Loan
Documents, nor shall same be a default under the Loan Documents with respect to
New Borrower; provided, however, the foregoing shall not release Old Borrower
nor the guarantors or indemnitors of Old Borrower's obligations with respect to
any such breach or misrepresentation.

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<PAGE>

         14.      Section 10 of the Mortgage shall be modified by providing that
all Financial Statement requirements for the Borrower shall be satisfied by
providing the consolidated financial statements of General Partner, and that
rather than a cash basis, such Financial Statements will be prepared on an
accrual (GAAP) basis, provided that Borrower shall provide Lender with
sufficient information to enable Lender to convert the accrual basis to cash
basis Financial Statements.

         15.      Lender hereby releases Old Borrower from its obligations under
the Loan Documents with respect to matters, which arise from and after the date
of this Modification. Lender hereby releases Gary I. Linder from his obligations
under the Environmental Indemnity and Guaranty with respect to matters which
arise from and after the date of this Modification.

         16.      There is a state approved remediation plan (the "SARP") for
the remediation of the contamination of the Property with the chemicals
perchloroethylene and trichloroethylene (collectively "perc"). New Borrower
agrees to perform the SARP as required by the terms hereof. Lender agrees that,
so long as New Borrower is in compliance with the SARP and environmental laws
with respect to the perc, that the presence on the Property of perc, shall not
be an Event of Default under the Mortgage.

         17.      This Modification does not create any new or further
indebtedness and is not intended and shall not be construed to disturb,
discharge, cancel, impair or extinguish the indebtedness and repayment
obligations evidenced by the Note or any of the Loan Documents.

         18.      This Modification may be executed in any number of identical
counterparts, each of which for all purposes is to be deemed an original, but
all of which constitute collectively one agreement.

         19.      This Modification shall be governed by and construed in
accordance with the internal laws of the State of Indiana

                            [SIGNATURES ON NEXT PAGE]

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

                                  OLD BORROWER:

                                  BEN MAR, LLC,
                                  an Indiana limited liability company

                                  By: ________________________________
                                      a ______________________________
                                      its General Partner

                                      By:      _______________________
                                               Name:
                                               Title:

                            [SIGNATURES ON NEXT PAGE]

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                                  NEW BORROWER:

                                  RAMCO-MERCHANTS SQUARE LLC,
                                  a Delaware limited liability company

                                  By:     ___________________________
                                          Name:
                                          Title:

                            [SIGNATURES ON NEXT PAGE]

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                                  LENDER:

                                  TEACHERS INSURANCE AND ANNUITY
                                  ASSOCIATION OF AMERICA,
                                  a New York corporation

                                  By:   _______________________________________
                                  Name: _______________________________________
                                  Title:_______________________________________

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STATE OF INDIANA           )
                           )      ss
COUNTY OF ________________ )

         I, _____________________, a notary public in and for said County, in
the State aforesaid, DO HEREBY CERTIFY that _________________________, the
__________________ of BEN MAR, LLC, personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this
day in person and acknowledged that he/she signed, sealed and delivered the said
instrument in his/her capacity as ________________ of such limited liability
company as his/her free and voluntary act, for the uses and purposes therein set
forth.

         GIVEN under my hand and official seal, this ______ day of ___________,
2004.

                                  _____________________________________________
                                  Notary Public

My commission expires:

______________________

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STATE OF ________________  )
                           )      ss
COUNTY OF _______________  )

         I, _____________________, a notary public in and for said County, in
the State aforesaid, DO HEREBY CERTIFY that _________________________, the
__________________ of RAMCO-MERCHANTS SQUARE LLC, personally known to me to be
the same person whose name is subscribed to the foregoing instrument, appeared
before me this day in person and acknowledged that he/she signed, sealed and
delivered the said instrument in his/her capacity as ________________ of such
limited partnership as his/her free and voluntary act, for the uses and purposes
therein set forth.

         GIVEN under my hand and official seal, this ______ day of ___________,
2004.

                                  ____________________________________________
                                  Notary Public

My commission expires:

______________________

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STATE OF NEW YORK          )
                           )      ss
COUNTY OF NEW YORK         )

         I, _____________________, a notary public in and for said County, in
the State aforesaid, DO HEREBY CERTIFY that ______________________, the
Associate Director of TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA,
personally known to me to be the same person whose name is subscribed to the
foregoing instrument, appeared before me this day in person and acknowledged
that he/she signed, sealed and delivered the said instrument in his/her capacity
as Associate Director of such corporation as his/her free and voluntary act, for
the uses and purposes therein set forth.

         GIVEN under my hand and official seal, this ______ day of ____________,
2004.

                                  ______________________________________________
                                  Notary Public

My commission expires:

______________________

                                       13<PAGE>

                                                                   EXHIBIT 10.62

                                    GUARANTY

1. THE GUARANTY.

                  1.1 GUARANTORS' AGREEMENT. The undersigned "Guarantor",
         RAMCO-GERSHENSON PROPERTIES, L.P., a Delaware limited partnership,
         having its principal place of business at c/o Ramco-Gershenson
         Properties Trust, 27600 Northwestern Highway, Suite 200, Southfield,
         Michigan 48034, hereby unconditionally and irrevocably, guarantees (the
         "Guaranty") to TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA,
         730 Third Avenue, New York, New York 10017 (the "Lender") to pay and
         perform when due the Liabilities (defined below) and to pay on demand
         the Expenses (defined below). This Guaranty is absolute, independent
         and continuing under all circumstances, and is a guaranty of payment
         and performance, not of collection. Guarantor acknowledges that the
         Lender has given sufficient consideration for this Guaranty by having
         made that certain loan (the "Loan") to Ben Mar, LLC, an Indiana limited
         liability company, (referred to herein as the "Old Borrower"), as
         evidenced by that certain promissory note in the amount of
         $25,000,000.00 dated July 29, 1999 (as the same may from time to time
         be amended, modified or restated, collectively, the "Note") and made by
         Old Borrower, payable to the order of Lender, and on the date hereof
         allowing Ramco-Merchants Square LLC as New Borrower to assume the Loan
         and modify the Loan with New Borrower, whose general partner is
         Guarantor, and acknowledges that the Lender is doing so in reliance on
         each of the terms of this Guaranty.

                  1.2 LIABILITIES. For all purposes of this Guaranty, the term
         "Liabilities" shall mean any and all matters constituting those
         exclusions and exceptions from the limitation of liability ("Exceptions
         to Non-Recourse") which are set forth in Section 15.1(c) of that
         certain Mortgage, Assignment of Leases and Rents, Security Agreement
         and Fixture Filing Statement of even date herewith executed by Borrower
         in favor of Lender (as the same may from time to time be amended,
         modified or restated, the "Mortgage"). The provisions of the Mortgage
         are hereby incorporated in this Guaranty by reference as fully as if
         set forth herein, verbatim. Each Guarantor acknowledges that the amount
         of the Liabilities may exceed the amount necessary to pay in full the
         Note (as defined in the Mortgage) and all Expenses.

                  1.3 EXPENSES. For all purposes of this Guaranty, the term
         "Expenses" shall mean all attorneys' fees, court costs, and other legal
         expenses and all other costs and expenses of any kind which the Lender
         may at any time reasonably pay or incur in attempting to collect,
         compromise or enforce in any respect the Liabilities or this Guaranty,
         whether or not suit is ever filed, and whether or not in connection
         with any insolvency, bankruptcy, reorganization, arrangement or other
         similar proceeding involving any Guarantor provided Lender is
         successful in the action for which such costs were incurred. If the
         Lender pays any such cost or expense, "Expenses" shall also

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         include interest at the Default Rate on any such payment from the date
         thereof until repayment of the Lender in full.

2. REPRESENTATIONS AND WARRANTIES. Guarantor hereby represents and warrants to
the Lender as follows:

                  2.1 REVIEW OF GUARANTY AND LOAN DOCUMENTS. Guarantor has
         reviewed with the benefit of its legal counsel the terms of this
         Guaranty, the Mortgage, the Note and each other of the Loan Documents
         (as defined in the Note);

                  2.2 FINANCIAL BENEFIT TO GUARANTOR. Guarantor is deriving a
         material financial benefit from the making of the Loan to Borrower.

                  2.3 ORGANIZATION; AUTHORIZATION. Guarantor, if not an
         individual is duly organized, validly existing and in good standing
         under the laws of the State of its formation, and duly qualified and in
         good standing under the laws of each other State in which its
         activities require that it be qualified. Guarantor has executed and
         delivered this Guaranty pursuant to proper authority duly granted;

                  2.4 ENFORCEABILITY. Each obligation under this Guaranty is
         legal, valid, binding and enforceable against Guarantor in accordance
         with its terms;

                  2.5 INTENTIONALLY LEFT BLANK.

                  2.6 NO EXISTING DEFAULTS AND NO LITIGATION. Guarantor is not
         in default under any agreement, the effect of which could materially
         adversely affect performance of its obligations under this Guaranty.
         There are no actions, suits or proceedings pending or, to the best of
         its knowledge, threatened against Guarantor before any court or any
         other governmental authority of any kind which could materially
         adversely affect performance of its obligations under this Guaranty;

                  2.7 GUARANTY WILL CAUSE NO VIOLATIONS OF LAW OR OTHER
         DEFAULTS. Neither the execution and delivery of this Guaranty nor
         compliance with its terms will violate any presently existing law,
         regulation, order, writ, injunction or decree of any court or other
         governmental authority of any kind, or result in any default by
         Guarantor under any other document or agreement of any kind;

                  2.8 NO MISSTATEMENTS OR OMISSIONS. This Guaranty does not
         contain any untrue statement of fact.

                  2.9 ERISA. Guarantor is not an "employee benefit plan" (within
         the meaning of Section 3(3) of the Employee Retirement Income Security
         Act of 1974, as amended from time to time ("ERISA")) to which ERISA
         applies and Guarantor's assets do not constitute assets of any such
         plan; and

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<PAGE>

                  2.10 SOLVENCY. Guarantor (i) is solvent on the date hereof and
         will not become insolvent as a result of the obligations incurred under
         this Guaranty; (ii) is not engaged in business or a transaction, and is
         not about to engage in business or a transaction, for which the
         property of Guarantor is an unreasonably small capital; and (iii) has
         not intended to incur, does not intend to incur, and does not believe
         that it is incurring, obligations that would be beyond Guarantor's
         ability to pay as such obligations mature.

3. AGREEMENTS. Guarantor agrees as follows:

                  3.1 Intentionally left blank.

                  3.2 Intentionally left blank.

                  3.3 RESCINDED, AVOIDED OR RETURNED PAYMENTS. If at any time
         any part of any payment previously applied by the Lender to any of the
         Liabilities is rescinded, avoided or returned by the Lender for any
         reason, including the insolvency, bankruptcy or reorganization of any
         of the Guarantor or any other party, such Liabilities shall be deemed
         to have continued in existence to the extent that such payment is
         rescinded, avoided or returned, and this Guaranty shall be reinstated
         as to such Liabilities as though such prior application by the Lender
         had not been made.

                  3.4 CERTAIN PERMITTED ACTIONS OF THE LENDER. The Lender may
         from time to time, in its sole discretion and without notice to any
         Guarantor, take any of the following actions without in any way
         affecting the obligations of any Guarantor: (a) obtain a security
         interest in any property to secure any of the Liabilities or any
         obligation hereunder; (b) obtain the primary or secondary obligation of
         any additional obligor or obligors with respect to any of the
         Liabilities; (c) extend, modify, subordinate, exchange or release any
         of the Liabilities; (d) modify, subordinate, exchange or release its
         security interest in any part of any property securing any of the
         Liabilities or any obligation hereunder, or extend, modify,
         subordinate, exchange or release any obligations of any obligor with
         respect to any such property; (e) alter the manner or place of payment
         of the Liabilities; (f) enforce this Guaranty against Guarantor for
         payment of any of the Liabilities, whether or not the Lender shall have
         (A) proceeded against any other Guarantor or any other party primarily
         or secondarily obligated with respect to any of the Liabilities or (B)
         resort to or exhaust any other remedy or any other security or
         collateral; and (g) foreclose on, take possession of or sell any of the
         collateral or security for the Liabilities or enforce any other rights
         under the Note, the Mortgage or any of the other Loan Documents.

                  3.5 LENDER'S OPTION TO RELEASE ANY GUARANTOR. The Lender may
         from time to time in its sole discretion release any of the Guarantor
         from any of its obligations hereunder or release any other obligor from
         any of the Liabilities without notice to any other Guarantor or any
         other party and without in any way releasing or affecting the liability
         of the other Guarantor.

                                       3
<PAGE>

                  3.6 APPLICATION OF PAYMENTS. The Lender may apply any payment
         made on account of the Liabilities toward such of the Liabilities, and
         in such order, as the Lender may from time to time elect in its sole
         discretion.

                  3.7 Intentionally left blank.

                  3.8 CERTAIN EVENTS NOT AFFECTING OBLIGATIONS OF GUARANTOR. The
         obligations of the Guarantor hereunder shall not be affected by any of
         the following: (a) the release or discharge of any other Guarantor in
         any creditors', receivership, bankruptcy, reorganization, insolvency,
         or other proceeding; (b) the rejection or disaffirmance in any such
         proceeding of any of the Liabilities; (c) the impairment or
         modification of any of the Liabilities, or of any remedy for the
         enforcement thereof, or of the estate of any other Guarantor in
         bankruptcy, resulting from any present or future federal or state
         bankruptcy law or any other law of any kind or from the decision or
         order of any court or other governmental authority; (d) any disability
         or defense of any other Guarantor; (e) the cessation of the liability
         of any other Guarantor for any cause whatsoever; (f) any sale,
         assignment, transfer or other conveyance (including any conveyance in
         lieu of foreclosure or any collateral sale pursuant to the Uniform
         Commercial Code) of any of the security for any of the Liabilities,
         regardless of the amount received by the Lender in connection
         therewith; or (g) any disability or defense of any kind now existing of
         any Guarantor with respect to any provision of this Guaranty.

                  3.9 NO OBLIGATION OF LENDER REGARDING SECURITY INTEREST. The
         Lender shall have no obligation to obtain, perfect or retain a security
         interest in any property to secure any of the Liabilities or this
         Guaranty, or to protect or insure any such property.

                  3.10 FILING OF CERTAIN CLAIMS. Guarantor shall promptly file
         in any bankruptcy or other proceeding in which the filing of claims is
         required by law all claims and proofs of such claims which Guarantor
         may have against any other Guarantor, and will collaterally assign to
         the Lender or its nominee all rights of Guarantor thereunder. If any
         Guarantor does not so file, Guarantor hereby irrevocably authorizes the
         Lender or its nominee to do so, either (in the Lender's discretion) as
         attorney-in-fact for Guarantor, or in the name of the Lender or the
         Lender's nominee. In all such cases, any party authorized to pay such
         claim shall pay to the Lender or its nominee the full amount thereof.

                  3.11 ERISA. For so long as this Guaranty shall be continuing
         pursuant to Paragraph 5.1 hereof, Guarantor hereby covenants to the
         Lender that, for the duration of the term of this Guaranty, Guarantor
         will not be an "employee benefit plan" (within the meaning of Section
         3(3) of ERISA) to which ERISA applies and Guarantor's assets will not
         constitute assets of any such plan.

                                       4
<PAGE>

4. WAIVERS. Guarantor hereby expressly waives:

                  4.1 NOTICES. Notice of the acceptance by the Lender of this
         Guaranty, notice of the existence or creation of any of the
         Liabilities, presentment, demand, notice of dishonor, protest, notice
         of protest, notice of acceleration, notice of intent to accelerate,
         under this Guaranty and all other notices except any specifically
         required by this Guaranty;

                  4.2 DISCLOSURES ABOUT ANY OTHER GUARANTOR. Guarantor hereby
         waives any obligation the Lender may have to disclose to Guarantor any
         facts the Lender now or hereafter may know or have reasonably available
         to it regarding any other Guarantor or its financial condition, whether
         or not the Lender has a reasonable opportunity to communicate such
         facts or has reason to believe that any such facts are unknown to
         Guarantor or materially increase the risk to Guarantor beyond the risk
         Guarantor intends to assume hereunder. Guarantor shall be fully
         responsible for keeping informed of the financial condition of each and
         every other Guarantor and of all other circumstances bearing on the
         risk of non-payment or non-performance of the Liabilities;

                  4.3 DILIGENCE IN COLLECTION. All diligence in collection of
         any of the Liabilities, any obligation hereunder, or any guaranty or
         other security for any of the foregoing;

                  4.4 BENEFIT OF CERTAIN LAWS. The benefit of all appraisement,
         valuation, marshalling, forbearance, stay, extension, redemption,
         homestead, exemption and moratorium laws now or hereafter in effect;

                  4.5 CERTAIN DEFENSES. Any defense based on the incapacity,
         lack of authority, death or disability of any other person or entity or
         the failure of the Lender to file or enforce a claim against the estate
         of any other person or entity in any administrative, bankruptcy or
         other proceeding;

                  4.6 ELECTION OF REMEDIES DEFENSE. Any defense based on an
         election of remedies by the Lender, whether or not such election may
         affect in any way the recourse, subrogation or other rights of
         Guarantor against any other Guarantor or any other person in connection
         with the Liabilities;

                  4.7 DEFENSES RELATING TO COLLATERAL SALE. Any defense based on
         the failure of the Lender to (a) provide notice to the Guarantor of a
         sale or other disposition (including any collateral sale pursuant to
         the Uniform Commercial Code) of any of the security for any of the
         Liabilities, or (b) conduct such a sale or disposition in a
         commercially reasonable manner;

                  4.8 DEFENSES RELATING TO LOAN ADMINISTRATION. Any defense
         based on the negligence of the Lender in administering the Loan, or
         taking or failing to take any action in connection therewith; and

                                       5
<PAGE>

                  4.9 RIGHTS OF SUBROGATION, CONTRIBUTION, ETC. Until payment by
         Guarantor of all amounts claimed under this Guaranty by Lender, any
         rights arising because of Guarantor's payment of any of the
         Liabilities, (a) against any other Guarantor, by way of subrogation of
         the rights of the Lender or otherwise, or (b) against any other
         Guarantor or any other party obligated to pay any of the Liabilities,
         by way of contribution or reimbursement or otherwise.

5. MISCELLANEOUS.

                  5.1 CONTINUING GUARANTY. This Guaranty shall in all respects
         be a continuing guaranty, remaining in full force and effect until all
         of the following have occurred: (a) all of the Liabilities have been
         satisfied in full, (b) all of the Guarantor's obligations hereunder
         have been satisfied in full, and (c) the Loan has been repaid in full.
         No notice of discontinuance or revocation shall affect any of the
         obligations of Guarantor hereunder or any other obligor under any of
         the Liabilities. The Lender shall not be obligated to accept at any
         time any deed in lieu of foreclosure, and all obligations of Guarantor
         hereunder shall survive any foreclosure, reinstatement, period of
         redemption or any deed in lieu of foreclosure, which the Lender may
         accept, to the extent any of the Liabilities remain unsatisfied or
         otherwise survive. Lender shall acknowledge that there is no further
         obligation under this Guaranty where (a) (b) and (c) above have
         occurred.

                  5.2 JOINT AND SEVERAL OBLIGATIONS; SUCCESSORS AND ASSIGNS. All
         obligations under this Guaranty are joint and several to any other
         party which hereafter guarantees any portion of the Liabilities, and
         shall be binding upon each of them and their respective heirs, legal
         representatives, successors and assigns.

                  5.3 ASSIGNMENT BY THE LENDER. The Lender may from time to
         time, without notice to any Guarantor, assign or transfer any interest
         in any of the Liabilities by loan participation or otherwise, and
         notwithstanding such assignment or transfer, such Liabilities shall
         remain Liabilities for purposes of this Guaranty. Each immediate and
         successive assignee or transferee of any interest in any of the
         Liabilities and this Guaranty shall, to the extent of such interest, be
         entitled to the benefits of this Guaranty to the same extent as if such
         assignee or transferee were the Lender. The Lender may deliver to any
         such assignee or transferee any financial statements delivered by any
         Guarantor in connection with this Guaranty.

                  5.4 LEGAL TENDER OF UNITED STATES. All payments hereunder
         shall be made in coin or currency, which at the time of payment is
         legal tender in the United States of America for public and private
         debts.

                  5.5 TIME OF ESSENCE. Time is of the essence of this Guaranty.

                  5.6 DEFINITIONS; CAPTIONS; GENDER. Any capitalized term not
         defined herein but defined in the Note shall have the same meaning
         herein as it has in the Note. With

                                       6
<PAGE>

         respect to any reference in this Guaranty to any defined term: (a) if
         such defined term refers to a person, or a trust, corporation,
         partnership or other entity, then it shall also mean all heirs,
         personal representatives, successors and assigns of such person or
         entity; and (b) if such defined term refers to a document, instrument
         or agreement, then it shall also include any replacement, extension or
         other modification thereof. Captions contained in this Guaranty in no
         way define, limit or extend the scope or intent of their respective
         provisions. Use of the masculine, feminine or neuter gender and of
         singular and plural shall not be given the effect of any exclusion or
         limitation herein.

                  5.7 INCLUDING MEANS WITHOUT LIMITATION. The use in this
         Guaranty of the term "including", and related terms such as "include",
         shall in all cases mean "without limitation".

                  5.8 NOTICES. Any notice or demand provided for in this
         instrument shall be in writing, addressed as provided below, and shall
         be delivered personally, sent by certified mail, return receipt
         requested or sent by reputable, national overnight delivery service,
         charges prepaid. Notice is deemed given on the earlier of (i) actual
         receipt; or (ii) three days after mailing if mailed or one day after
         delivery to the overnight service if a service is used. All notices and
         demands must include reference to the application number and the
         mortgage number referred to in this instrument.

         If to Guarantor:  Ramco-Merchants Square LLC
                           c/o Ramco-Gershenson Properties Trust
                           27600 Northwestern Highway, Suite 200
                           Southfield, Michigan 48034
                           Attn:   Chief Financial Officer

                           TIAA Appl. #IN-223
                           TIAA Mtge. #000453100

         If to Lender:     Teachers Insurance and Annuity Association of America
                           730 Third Avenue
                           New York, NY 10017
                           Attn: Managing Director-Mortgage and Real Estate
                                 Division
                           Region: Midwest/Southwest

                           TIAA Appl. #IN-223
                           TIAA Mtge. #000453100

                                       7
<PAGE>

         With a copy to:   Teachers Insurance and Annuity Association of America
                           730 Third Avenue
                           New York, NY 10017
                           Attn: Vice President and Chief Counsel in charge of
                                 Investment Management Law

                           TIAA Appl. #IN-223
                           TIAA Mtge. #000453100

                  5.9 ENTIRE AGREEMENT. This Guaranty constitutes the entire
         agreement of the Guarantor for the benefit of the Lender and supersedes
         any prior agreements with respect to the subject matter hereof.

                  5.10 NO MODIFICATION WITHOUT WRITING. This Guaranty may not be
         terminated or modified in any way nor can any right of the Lender or
         any obligation of any Guarantor be waived or modified, except by a
         writing signed by the Lender and Guarantor.

                  5.11 INDEPENDENT OBLIGATIONS. The obligations of Guarantor
         hereunder are independent of the obligations of any other Guarantor. In
         the event of any default hereunder, the Lender may institute a separate
         action against any Guarantor with or without joining or instituting a
         separate action against any other Guarantor or other obligor.

                  5.12 SEVERABILITY. Each provision of this Guaranty shall be
         interpreted so as to be effective and valid under applicable law, but
         if any provision of this Guaranty shall in any respect be ineffective
         or invalid under such law, such ineffectiveness or invalidity shall not
         affect the remainder of such provision or the remaining provisions of
         this Guaranty.

                  5.13 CUMULATIVE. The obligations of Guarantor hereunder are in
         addition to any other obligations it may now or hereafter have to the
         Lender, and shall not be affected in any way by the delivery to the
         Lender by Guarantor or any other guarantor of any other guaranty, or
         any combination thereof. All rights and remedies of the Lender and all
         obligations of Guarantor under this Guaranty are cumulative. In
         addition, the Lender shall have all rights and remedies available to it
         in law or equity for the enforcement of this Guaranty.

                  5.14 EFFECT OF LENDER'S DELAY OR ACTION. No delay by the
         Lender in the exercise of any right or remedy shall operate as a waiver
         thereof, and no single or partial exercise by the Lender of any right
         or remedy shall preclude any other exercise thereof or the exercise of
         any other right or remedy. No action of the Lender permitted hereunder
         shall in any way impair or

                                       8
<PAGE>

         otherwise affect any right of the Lender or obligation of Guarantor
         under this Guaranty. The Lender shall not be liable in any way for any
         decrease in the value or marketability of any property securing any of
         the Liabilities which may result from any action or omission of the
         Lender in enforcing any part of this Guaranty, the Note, the Mortgage
         or any other of the Loan Documents.

                  5.15 GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND
         CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF INDIANA
         WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

                  5.16 ENTIRE AGREEMENT. THIS GUARANTY, TOGETHER WITH THE NOTE,
         MORTGAGE, AND OTHER LOAN DOCUMENTS, REPRESENTS THE ENTIRE FINAL
         AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE TRANSACTIONS
         CONTEMPLATED HEREIN AND CANNOT BE MODIFIED, SUPPLEMENTED, AMENDED,
         RESCINDED OR CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
         SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES, EXCEPT BY AN INSTRUMENT IN
         WRITING SIGNED BY THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL
         AGREEMENTS BETWEEN THE PARTIES HERETO.

                  5.17 WAIVER OF JURY TRIAL. GUARANTOR AND THE LENDER HEREBY
         KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS THAT
         GUARANTOR OR LENDER MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION
         ARISING IN ANY WAY IN CONNECTION WITH THIS GUARANTY, THE NOTE, THE
         MORTGAGE OR ANY OF THE OTHER LOAN DOCUMENTS EXECUTED BY GUARANTOR, OR
         IN CONNECTION WITH ANY OTHER STATEMENTS OR ACTIONS OF THE LENDER OR
         GUARANTOR.

                            [SIGNATURE ON NEXT PAGE]

                                       9
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Guaranty as of
this _______ day of January, 2004.

                                  THE GUARANTOR:

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

                                  Name:_________________________
                                  Title:__________________________

                                 ACKNOWLEDGMENT

STATE OF ________________  )
                           )      ss
COUNTY OF _______________  )

         I, _____________________, a notary public in and for said County, in
the State aforesaid, DO HEREBY CERTIFY that _________________________, the
__________________ of RAMCO-GERSHENSON PROPERTIES, L.P., personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged that he/she signed,
sealed and delivered the said instrument in his/her capacity as ________________
of such limited partnership as his/her free and voluntary act, for the uses and
purposes therein set forth.

         GIVEN under my hand and official seal, this ______ day of ___________,
2004.

                                  _____________________________________________
                                  Notary Public

My commission expires:

______________________

                                       10

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