Document:

Exhibit 4.2

FORM OF GLOBAL
NOTE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE
THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. 1

  	
   

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. 828807 BX 4

  	
   

  	
  $600,000,000

  

 

GLOBAL SECURITY

SIMON PROPERTY GROUP, L.P.

5.00% Note due 2012

Simon Property Group, L.P., a Delaware limited
partnership (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co. or its registered assigns, the principal sum of SIX
HUNDRED MILLION dollars on March 1, 2012 (the “Maturity Date”), and to pay
interest thereon from December 12, 2006, semi-annually in arrears on March 1
and September 1 of each year (each, an “Interest Payment Date”), commencing on
March 1, 2007, and on the Maturity Date, at the rate of 5.00% per annum, until
payment of said principal sum has been made or duly provided for.

The interest so payable and punctually paid or duly
provided for on any Interest Payment Date and on the Maturity Date shall be
paid to the Holder in whose name this Note (or one or more predecessor
Notes) is registered in the Security Register applicable to this Note at
the close of business on the “Record Date” for such payment, which shall be the
15th calendar day immediately prior to such payment
date or the Maturity Date, as the case may be, regardless of whether such day
is a Business Day (as defined below). 
Any interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may be paid
to the Holder in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on a subsequent record date for the payment
of such defaulted interest (which shall be not less than 10 calendar days prior
to the date of the payment of such defaulted interest) established by
notice given by mail by or on behalf of the Issuer to the Holders of the Notes
not less than 10 calendar days preceding such subsequent record date, or may be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully
provided in the Indenture (as defined below). 
Interest on this Note shall be computed on the basis of a 360-day year
of twelve 30-day months.

 
 

 

Interest payable on this Note on any Interest Payment
Date and on the Maturity Date, as the case may be, shall be the amount of
interest accrued from and including the immediately preceding Interest Payment
Date (or from and including December 12, 2006, in the case of the initial
Interest Payment Date) to but excluding the applicable Interest Payment
Date or the Maturity Date, as the case may be. 
If any date for the payment of principal, premium, if any, interest on, or
any other amount with respect to, this Note (each a “Payment Date”) falls
on a day that is not a Business Day, the principal, premium, if any, or
interest payable with respect to such Payment Date shall be made on the next
succeeding Business Day with the same force and effect as if made on such Payment
Date, and no interest shall accrue on the amount so payable for the period from
and after such Payment Date to such next succeeding Business Day.  “Business Day” means any day, other than a
Saturday or a Sunday on which banking institutions in New York, New York are
open for business.

The principal of this Note payable on the Maturity
Date shall be paid against presentation and surrender of this Note at the
office or agency of the Issuer maintained for that purpose in The Borough of
Manhattan, The City of New York.  The
Issuer hereby initially designates the Corporate Trust Office of the Trustee in
The City of New York as the office to be maintained by it where Notes may be
presented for payment, registration of transfer or exchange, and where notices
to or demands upon the Issuer in respect of the Notes or the Indenture referred
to on the reverse hereof may be served.

Payments of principal and interest in respect of this
Note shall be made by wire transfer of immediately available funds in such coin
or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

Reference is made to the further provisions of this
Note set forth on the reverse hereof after the Trustee’s Certificate of Authentication.  Such further provisions shall for all
purposes have the same effect as though fully set forth at this place.

This Note shall not be entitled to the benefits of the
Indenture or be valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

Capitalized terms used herein which are not otherwise
defined shall have the respective meanings assigned to them in the Indenture
and the Nineteenth Supplemental Indenture hereinafter referred to.

 2
 

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be signed manually or by facsimile by its
authorized officers.

Dated:  December 12, 2006

	
   

  	
   

  	
   

  	
  SIMON PROPERTY GROUP, L.P.

  
	
   

  	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   SIMON
  PROPERTY GROUP, INC.

  
	
   

  	
   

  	
   

  	
   

  	
  its sole General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

 3
 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the
Securities of the series designated herein referred to in the within-mentioned
Indenture.

	
   

  	
  THE BANK OF NEW YORK

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
	
   

  	
   

  	
   

  

 

 4
 

 

[REVERSE
OF NOTE]

SIMON PROPERTY GROUP, L.P.

5.00% Note due 2012

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a
part), to which Indenture and all indentures supplemental thereto relating to
this Note (including, without limitation, the Nineteenth Supplemental
Indenture, dated as of December 12, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the
Issuer and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered and for the
definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. 5.00% Notes due
2012, initially limited in aggregate principal amount to $600,000,000 (the “Notes”).

In case an Event of Default with respect to the Notes
shall have occurred and be continuing, the principal amount of the Notes and
the Make-Whole Amount may be declared accelerated and thereupon become due and
payable, in the manner, with the effect, and subject to the conditions provided
in the Indenture.

The Notes may be redeemed at any time at the option of
the Issuer, in whole or from time to time in part, at a redemption price equal
to the sum of (i) 100% of the principal amount of the Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such Notes.  If the Notes are redeemed on or after 90 days
prior to the Maturity Date, the redemption price shall not include the
Make-Whole Amount.  Notice of any
optional redemption shall be given to Holders at their addresses, as shown in
the Security Register for the Notes, not more than 60 nor less than 30 days
prior to the date fixed for redemption. 
The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

The Indenture contains provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less than a
majority of the aggregate principal amount of the Securities at the time
Outstanding of all series to be affected (voting as one class), evidenced as
provided in the Indenture, to execute supplemental indentures adding any provisions
to or changing in any manner or eliminating any of the provisions of the
Indenture or of any supplemental indenture or modifying in any manner the
rights of the Holders of the Securities of each series; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security so affected, (i) change the Stated Maturity of the
principal of, or premium, (if any) or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate
or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the
currency or currencies, currency unit or units or composite currency or
currencies in which, the principal of any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof, or
(ii) reduce the aforesaid 

 5
 

 

percentage of Securities the Holders of which are
required to consent to any such supplemental indenture, or (iii) reduce
the percentage of Securities the Holders of which are required to consent to
any waiver of compliance with certain provisions of the Indenture or any waiver
of certain defaults and consequences thereunder or to reduce the quorum or
voting requirements set forth in the Indenture, or (iv) effect certain
other changes to the Indenture or any supplemental indenture or in the rights
of Holders of the Securities.  The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be),
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities.  Any such consent or waiver by the Holder of
this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note that may be issued in exchange or substitution hereof,
irrespective of whether or not any notation thereof is made upon this Note or
such other Note.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of, premium,
if any, and interest on this Note in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

Notwithstanding any other provision of the Indenture
to the contrary, no recourse shall be had, whether by levy or execution or
otherwise, for the payment of any sums due under the Securities, including,
without limitation, the principal of, premium, if any, or interest payable
under the Securities, or for the payment or performance of any obligation
under, or for any claim based on, the Indenture or otherwise in respect
thereof, against any partner of the Issuer, whether limited or general,
including Simon Property Group, Inc. or such partner’s assets or against any
principal, shareholder, officer, director, trustee or employee of such
partner.  It is expressly understood that
the sole remedies under the Securities and the Indenture or under any other
document with respect to the Securities, against such parties with respect to
such amounts, obligations or claims shall be against the Issuer.

This Note is issuable only in registered form without
Coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.  This Note may be exchanged for
a like aggregate principal amount of Notes of other authorized denominations at
the office or agency of the Issuer in The Borough of Manhattan, The City of New
York, in the manner and subject to the limitations provided in the Indenture,
but without the payment of any service charge, except for any tax or other
governmental charge imposed in connection therewith.

Upon due presentment for registration of transfer of
this Note at the office or agency of the Issuer in The Borough of Manhattan,
The City of New York, one or more new Notes of authorized denominations in an
equal aggregate principal amount shall be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection
therewith.

The Issuer, the Trustee and any authorized agent of
the Issuer or the Trustee may deem and treat the Person in whose name this Note
is registered as the absolute owner of this Note (whether or not this Note
shall be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment of, or on account of, the
principal and any premium hereof or hereon, and subject to the provisions on
the face hereof, interest hereon, and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

 6
 

 

This Note, including the validity hereof, and the
Indenture shall be governed by and construed in accordance with the laws of the
State of New York, and for all purposes shall be construed in accordance with
the laws of such state, except as may otherwise be required by mandatory
provisions of law.

Capitalized terms used herein which are not otherwise
defined shall have the respective meanings assigned to them in the Indenture
and the Nineteenth Supplemental Indenture referred to herein.

 7
 

 

[ABBREVIATIONS]

The following abbreviations, when used in the
inscription on the face of this Note, shall be construed as though they were
written out in full according to applicable laws or regulations:

TEN COM — as
tenants in common

UNIF GIFT MIN ACT —           
 Custodian       (Cust)        

(minor) under Uniform Gifts to Minors Act                               
(State)

TEN ENT — as tenants by the entireties

JT TEN — as joint tenants with right of survivorship and not as tenants in
common

Additional abbreviations may also be used though not
in the above list.

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

(Please print or typewrite name and address including
postal zip code of assignee.)

This Note and all rights thereunder hereby irrevocably
constituting and appointing Attorney to transfer this Note on the books of the
Trustee, with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice: The signature(s) on this Assignment
  must correspond with the name(s) as written upon the face of this Note
  in every particular, without alteration or enlargement or any change
  whatsoever

  

 

 8Exhibit 4.3

FORM
OF GLOBAL NOTE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE
THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

	
  REGISTERED

  	
  REGISTERED

  
	
  NO. 1

  	
  PRINCIPAL AMOUNT

  
	
  CUSIP NO. 828807 BW 6

  	
  $650,000,000

  

 

GLOBAL
SECURITY

SIMON PROPERTY GROUP, L.P.

5.25% Note due 2016

Simon Property Group, L.P., a Delaware limited
partnership (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co. or its registered assigns, the principal sum of SIX
HUNDRED FIFTY MILLION dollars on December 1, 2016 (the “Maturity Date”), and to
pay interest thereon from December 12, 2006, semi-annually in arrears on June 1
and December 1 of each year (each, an “Interest Payment Date”), commencing on
June 1, 2007, and on the Maturity Date, at the rate of 5.25% per annum, until
payment of said principal sum has been made or duly provided for.

The interest so payable and punctually paid or duly
provided for on any Interest Payment Date and on the Maturity Date shall be
paid to the Holder in whose name this Note (or one or more predecessor
Notes) is registered in the Security Register applicable to this Note at
the close of business on the “Record Date” for such payment, which shall be the
15th calendar day immediately prior to such payment
date or the Maturity Date, as the case may be, regardless of whether such day
is a Business Day (as defined below). 
Any interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may be paid
to the Holder in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on a subsequent record date
for the payment of such defaulted interest (which shall be not less than 10
calendar days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 10 calendar days preceding
such subsequent record date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture (as defined below).  Interest on this Note shall be computed on
the basis of a 360-day year of twelve 30-day months.

 
 

 

Interest payable on this Note on any Interest Payment
Date and on the Maturity Date, as the case may be, shall be the amount of
interest accrued from and including the immediately preceding Interest Payment
Date (or from and including December 12, 2006, in the case of the initial
Interest Payment Date) to but excluding the applicable Interest Payment
Date or the Maturity Date, as the case may be. 
If any date for the payment of principal, premium, if any, interest on,
or any other amount with respect to, this Note (each a “Payment Date”) falls
on a day that is not a Business Day, the principal, premium, if any, or
interest payable with respect to such Payment Date shall be made on the next
succeeding Business Day with the same force and effect as if made on such
Payment Date, and no interest shall accrue on the amount so payable for the
period from and after such Payment Date to such next succeeding Business
Day.  “Business Day” means any day, other
than a Saturday or a Sunday on which banking institutions in New York, New York
are open for business.

The principal of this Note payable on the Maturity
Date shall be paid against presentation and surrender of this Note at the
office or agency of the Issuer maintained for that purpose in The Borough of
Manhattan, The City of New York.  The
Issuer hereby initially designates the Corporate Trust Office of the Trustee in
The City of New York as the office to be maintained by it where Notes may be
presented for payment, registration of transfer or exchange, and where notices
to or demands upon the Issuer in respect of the Notes or the Indenture referred
to on the reverse hereof may be served.

Payments of principal and interest in respect of this
Note shall be made by wire transfer of immediately available funds in such coin
or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

Reference is made to the further provisions of this
Note set forth on the reverse hereof after the Trustee’s Certificate of
Authentication.  Such further provisions
shall for all purposes have the same effect as though fully set forth at this
place.

This Note shall not be entitled to the benefits of the
Indenture or be valid or obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by the Trustee under such
Indenture.

Capitalized terms used herein which are not otherwise
defined shall have the respective meanings assigned to them in the Indenture
and the Nineteenth Supplemental Indenture hereinafter referred to.

 2
 

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be signed manually or by facsimile by its
authorized officers.

Dated:  December 12, 2006

	
   

  	
   

  	
   

  	
  SIMON PROPERTY GROUP, L.P.

  as Issuer

   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  SIMON PROPERTY
  GROUP, INC.

  its sole General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 3
 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture.

	
   

  	
   

  	
   

  	
  THE BANK OF NEW YORK

  as Trustee

   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Officer

  

 

 4
 

 

[REVERSE OF NOTE]

SIMON PROPERTY GROUP, L.P.

5.25% Note due 2016

This security is one of a duly authorized issue of
debt securities of the Issuer (hereinafter called the “Securities”), issued or
to be issued under and pursuant to an Indenture dated as of November 26,
1996 (herein called the “Indenture”), duly executed and delivered by the Issuer
to The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a
part), to which Indenture and all indentures supplemental thereto relating to
this Note (including, without limitation, the Nineteenth Supplemental
Indenture, dated as of December 12, 2006, between the Issuer and the
Trustee) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered and for
the definition of capitalized terms used hereby and not otherwise defined.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions (if any),
and may otherwise vary as provided in the Indenture or any indenture
supplemental thereto.  This Security is
one of a series designated as the Simon Property Group, L.P. 5.25% Notes due
2016, initially limited in aggregate principal amount to $650,000,000 (the “Notes”).

In case an Event of Default with respect to the Notes
shall have occurred and be continuing, the principal amount of the Notes and
the Make-Whole Amount may be declared accelerated and thereupon become due and
payable, in the manner, with the effect, and subject to the conditions provided
in the Indenture.

The Notes may be redeemed at any time at the option of
the Issuer, in whole or from time to time in part, at a redemption price equal
to the sum of (i) 100% of the principal amount of the Notes being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the
Make-Whole Amount, if any, with respect to such Notes.  If the Notes are redeemed on or after 90 days
prior to the Maturity Date, the redemption price shall not include the
Make-Whole Amount.  Notice of any
optional redemption shall be given to Holders at their addresses, as shown in
the Security Register for the Notes, not more than 60 nor less than 30 days
prior to the date fixed for redemption. 
The notice of redemption shall specify, among other items, the
redemption price and the principal amount of the Notes to be redeemed.

The Indenture contains provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less than a
majority of the aggregate principal amount of the Securities at the time
Outstanding of all series to be affected (voting as one class), evidenced as
provided in the Indenture, to execute supplemental indentures adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of any supplemental indenture or modifying in any manner the
rights of the Holders of the Securities of each series; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security so affected, (i) change the Stated Maturity of the
principal of, or premium, (if any) or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate
or amount of interest thereon or any premium payable upon the redemption or
acceleration thereof, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the
currency or currencies, currency unit or units or composite currency or
currencies in which, the principal of any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof, or
(ii) reduce the aforesaid 

 5
 

 

percentage of Securities the Holders of which are
required to consent to any such supplemental indenture, or (iii) reduce
the percentage of Securities the Holders of which are required to consent to
any waiver of compliance with certain provisions of the Indenture or any waiver
of certain defaults and consequences thereunder or to reduce the quorum or
voting requirements set forth in the Indenture, or (iv) effect certain
other changes to the Indenture or any supplemental indenture or in the rights
of Holders of the Securities.  The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be),
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities.  Any such consent or waiver by the Holder of
this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note that may be issued in exchange or substitution hereof,
irrespective of whether or not any notation thereof is made upon this Note or
such other Note.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of, premium,
if any, and interest on this Note in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

Notwithstanding any other provision of the Indenture
to the contrary, no recourse shall be had, whether by levy or execution or
otherwise, for the payment of any sums due under the Securities, including,
without limitation, the principal of, premium, if any, or interest payable
under the Securities, or for the payment or performance of any obligation
under, or for any claim based on, the Indenture or otherwise in respect
thereof, against any partner of the Issuer, whether limited or general,
including Simon Property Group, Inc. or such partner’s assets or against any
principal, shareholder, officer, director, trustee or employee of such
partner.  It is expressly understood that
the sole remedies under the Securities and the Indenture or under any other
document with respect to the Securities, against such parties with respect to
such amounts, obligations or claims shall be against the Issuer.

This Note is issuable only in registered form without
Coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.  This Note may be exchanged for
a like aggregate principal amount of Notes of other authorized denominations at
the office or agency of the Issuer in The Borough of Manhattan, The City of New
York, in the manner and subject to the limitations provided in the Indenture,
but without the payment of any service charge, except for any tax or other
governmental charge imposed in connection therewith.

Upon due presentment for registration of transfer of
this Note at the office or agency of the Issuer in The Borough of Manhattan,
The City of New York, one or more new Notes of authorized denominations in an
equal aggregate principal amount shall be issued to the transferee in exchange
therefor, subject to the limitations provided in the Indenture, without charge,
except for any tax or other governmental charge imposed in connection
therewith.

The Issuer, the Trustee and any authorized agent of
the Issuer or the Trustee may deem and treat the Person in whose name this Note
is registered as the absolute owner of this Note (whether or not this Note
shall be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment of, or on account of, the
principal and any premium hereof or hereon, and subject to the provisions on
the face hereof, interest hereon, and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

 6
 

 

This Note, including the validity hereof, and the
Indenture shall be governed by and construed in accordance with the laws of the
State of New York, and for all purposes shall be construed in accordance with
the laws of such state, except as may otherwise be required by mandatory
provisions of law.

Capitalized terms
used herein which are not otherwise defined shall have the respective meanings
assigned to them in the Indenture and the Nineteenth Supplemental Indenture
referred to herein.

 7
 

 

[ABBREVIATIONS]

The following abbreviations, when used in the
inscription on the face of this Note, shall be construed as though they were
written out in full according to applicable laws or regulations:

TEN COM — as tenants in
common

UNIF GIFT MIN ACT —           
 Custodian       (Cust)        

(minor) under
Uniform Gifts to Minors Act                               
(State)

TEN ENT — as tenants by
the entireties

JT TEN — as joint
tenants with right of survivorship and not as tenants in common

Additional abbreviations may also be used though not
in the above list.

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

Please print or typewrite name and address including
postal zip code of assignee.)

 

This Note and all
rights thereunder hereby irrevocably constituting and appointing Attorney to
transfer this Note on the books of the Trustee, with full power of substitution
in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Notice: The signature(s) on this Assignment
  must correspond with the name(s) as written upon the face of this Note
  in every particular, without alteration or enlargement or any change
  whatsoever

  

 

 8

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