Document:

<PAGE>

                                                                     Exhibit 4.2

                                RIGHTS AGREEMENT

     THIS RIGHTS AGREEMENT is made and entered into this 27th day of July, 1993,
among GENERAL GROWTH PROPERTIES, INC., a Delaware limited partnership (the
"REIT"), and the persons whose names are set forth under the caption "Limited
Partners" on the signature pages hereto (collectively, the "Limited Partners").

                                   WITNESSETH

     WHEREAS, the REIT, as general partner, and the Limited Partners, as limited
partners, have heretofore formed a Delaware limited partnership known as GGP
Limited Partnership (the "Partnership") pursuant to that certain Agreement of
Limited Partnership dated April 6, 1993 (the "Original Partnership Agreement");

     WHEREAS, the common stock of the REIT, $.10 par value (the "Common Stock"),
is publicly traded on the New York Stock Exchange;

     WHEREAS, pursuant to the Original Partnership Agreement, the REIT granted
to the Limited Partners certain rights to convert a portion of their partnership
interests in the Partnership into shares of Common Stock and to sell all or a
portion of the remainder of their partnership interests to the REIT for cash or
Common Stock, at the option of the REIT;

     WHEREAS, concurrently herewith, the parties hereto, being all of the
current partners of the Partnership, are entering

<PAGE>

     WHEREAS, the parties hereto desire to set forth herein the terms and
conditions upon which the Limited Partners can convert and/or sell their
partnership interests in the Partnership into Common Stock and/or cash in lieu
of setting forth such provisions in the Partnership Agreement.

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

     1. DEFINITIONS. For purposes of this Agreement, the following terms and
phrases shall have the meanings set forth below:

          "AFFILIATE" shall have the meaning set forth in the Partnership
     Agreement.

          "ANNUAL LIMITATION" shall have the meaning set forth in. Section 6
     hereof.

          "BENEFICIALLY OWN" shall mean the ownership of shares of Common Stock
     by a Person who would be treated as an owner of such shares of Common Stock
     either directly or constructively through the application of Section 544 of
     the Code, as modified by Section 856(h)(1)(B) of the Code.

          "CHARTER" shall mean the Certificate of Incorporation of the REIT as
     filed with the Delaware Secretary of State, as the same may be amended from
     time to time.

                                        2

<PAGE>

          "COMMON STOCK" shall have the meaning set forth in the preliminary
     statement hereof.

          "COMPUTATION DATE" shall have the meaning set forth in Section 7
     hereof.

          "CONVERSION COMPONENT EXERCISE NOTICE" shall have the meaning set
     forth in Section 3(a) hereof.

          "CONVERSION FACTOR" shall, subject to adjustment as provided in
     Section 15 hereof, mean 1.0.

          "CONVERSION RIGHTS" shall have the meaning set forth in Section 3(a)
     hereof.

          "CODE" shall mean the Internal Revenue Code of 1986, as amended.

          "CURRENT PER SHARE MARKET PRICE" shall have the meaning set forth in
     the Partnership Agreement.

          "ELECTION NOTICE" shall mean the written notice to be given by the
     REIT to the Exercising Partners in response to the receipt by the REIT of a
     Sale Component Exercise Notice from such Exercising Partners, the form of
     which Election Notice is attached hereto as Schedule B.

          "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
     amended, or any successor statute.

          "EXERCISE NOTICE" shall mean a Conversion Component Exercise Notice or
     a Sale Component Exercise Notice.

          "EXERCISING PARTNERS" shall have the meaning set forth in Section 3
     hereof.

                                        3
<PAGE>

          "HSR ACT" shall mean the Hart-Scott-Rodino Antitrust Improvements Act
     of 1976, as amended.

          'LIENS" shall have the meaning set forth in the Partnership Agreement.

          "LIMITED PARTNERSHIP REPRESENTATIVES" shall have the meaning set forth
     in the Partnership Agreement.

          "MAJORITY-IN-INTEREST OF THE LIMITED PARTNERS" shall mean Limited
     Partner(s) who hold in the aggregate more than fifty-percent (50%) of the
     Percentage Interests then allocable to and held by the Limited Partners.

          "OFFERED UNITS" shall mean the Units of the Exercising Partners
     identified in a Conversion Component Exercise Notice or a Sale Component
     Exercise Notice which, pursuant to the exercise of Conversion Rights or
     Sale Rights, can be acquired by the REIT under the terms hereof.

          "OWNERSHIP LIMIT" shall have the meaning set forth in Section 5
     hereof.

          "PERCENTAGE INTERESTS" shall have the meaning set forth in the
     Partnership Agreement.

          "PERSON" shall mean any natural person, corporation, partnership,
     trust or other entity.

          "PROPERTY PARTNERSHIPS" shall have the meaning set forth in the
     Partnership Agreement.

          "PURCHASE PRICE" shall have the meaning set forth in Section 7 hereof.

                                        4

<PAGE>

          "REIT SHARES" shall mean shares of the Common Stock.

          "RIGHTS" shall have the meaning set forth in Section 2 hereof.

          "SALE COMPONENT EXERCISE NOTICE" shall have the meaning set forth in
     Section 3(b) hereof.

          "SALE RIGHTS" shall have the meaning set forth in Section 3(b) hereof.

          "SEC" shall mean the Securities and Exchange Commission.

          "SECURITIES ACT" shall mean the Securities Act of 1933, as amended, or
     any successor statute.

          "STOCK INCENTIVE PLAN" shall have the meaning set forth, in the
     Partnership Agreement.

          "TRANSACTION EXPENSES" shall have the meaning set forth in Section 9
     hereof.

          "UNITS" shall mean, with respect to any Limited Partner, the units in
     the Partnership owned by such Limited Partner.

     2. GRANT OF RIGHTS. Upon the terms and subject to the conditions contained
herein, the REIT hereby grants to the Limited Partners (and their successors and
assigns) the right to convert all or a portion of their Units (including
fractional Units) into REIT Shares and, once the Conversion Rights have, been
exercised to the fullest extent permissible hereunder, to sell all or a portion
of the remainder of their Units (including fractional Units) to the REIT
(collectively the "Rights").

                                        5

<PAGE>

     3. DELIVERY OF EXERCISE NOTICES. Any one or more Limited Partners
("Exercising Partners") may, subject to the limitations set forth herein:

          (a) deliver to the REIT written notice (the "Conversion Component
     Exercise Notice") pursuant to which such Exercising Partners elect to
     exercise their Rights to convert (the "Conversion Rights"), subject to the
     limitations contained in Sections 4 and 5 hereof, all or any portion of
     their Units (including fractional units) into the number of REIT Shares
     equal to the product of (i) the number of Units as to which the Conversion
     Rights are being exercised and (ii) the Conversion Factor; and

          (b) deliver to the REIT written notice (the "Sale Component Exercise
     Notice") pursuant to which such Exercising Partners elect to exercise their
     Rights to sell (the "Sale Rights"), subject to the limitations contained in
     Sections 4 and 6 hereof, all or any portion of their Units (including
     fractional Units) to the REIT (or the REIT's designee).

     4. LIMITATIONS ON DELIVERY OF EXERCISE NOTICES. The ability of Limited
Partners to exercise Rights shall be restricted as follows:

          (a) Only one (1) Exercise Notice may be delivered to the REIT during
     any calendar year; provided, however, such Exercise Notice may be delivered
     by or on behalf of one or more Exercising Partners;

          (b) Exercise Notices may only be delivered on or after April 1 of any
     calendar year; and.

          (c) The first Sale Component Exercise Notice may not be delivered to
     the REIT prior to April 16, 1996; provided, however, notwithstanding the
     foregoing, the Sale Rights may not be exercised prior to the time that
     Conversion Rights have been exercised to the fullest extent permissible
     under Section 5 below.

     5. LIMITATION ON EXERCISE OF CONVERSION RIGHTS. Conversion Rights may be
exercised at any time and from time to time, subject

                                        6
<PAGE>

to the limitations contained in Section 4 above, to the extent that, upon
exercise of the Conversion Rights, the number of REIT Shares Beneficially Owned
by Limited Partners and/or their Affiliates, in the aggregate, including REIT
Shares to be issued in connection with the exercise of such Conversion Rights,
shall not exceed twenty-five percent (25%) of the aggregate number of REIT
Shares issued and outstanding (the "Ownership Limit"). For purposes of computing
the Ownership Limit as of any date, the Limited Partners and their Affiliates
shall be deemed to own all REIT Shares issuable to the Limited Partners and
their Affiliates upon the exercise of stock options granted on or before such
date under the Stock Incentive Plan. If a Conversion Component Exercise Notice
is delivered to the REIT but, as a result of the Ownership Limit or as a result
of restrictions contained in the Charter, the Conversion Rights cannot be
exercised in full, the Conversion Component Exercise Notice shall be deemed to
be modified such that the Conversion Rights shall be exercised only to the
extent permitted under the Ownership Limit or under the Charter, with the
remainder of such Conversion Rights being deemed to be Sale Rights with the
corresponding portion of the Conversion Component Exercise Notice being deemed
to be a Sale Component Exercise Notice (or being deemed to have been withdrawn
to the extent a Sale Component Exercise Notice may not yet have been deliverable
pursuant to Section 4(c) above).

                                        7

<PAGE>

     6. LIMITATION ON EXERCISE OF SALE RIGHTS. Sale Rights may be exercised at
any time and from time to time, subject to the limitations contained in Section
4 hereof, and subject further to the limitation that, in any calendar year,
Offered Units which may, in the aggregate, be the subject of a Sale Component
Exercise Notice shall not exceed the number of Units equal to the quotient of
(a) the number of Units held by all Limited Partners immediately after
Conversion Rights have been exercised to the fullest extent permissible under
Section 5 divided by (b) four (4) (the "Annual Limitation"). In the event
Offered Units which are the subject of a Sale Component Exercise Notice would
exceed the Annual Limitation, the Exercising Partners shall be deemed to have
withdrawn their Sale Component Exercise Notice to the extent necessary such that
the Annual Limitation is not exceeded.

     7. COMPUTATION OF PURCHASE PRICE/FORM OF PAYMENT. The purchase price
("Purchase Price") payable by the REIT to each Exercising Partner with respect
to the exercise of Sale Rights shall be equal to the product of (a) the number
of Offered Units, (b) the Conversion Factor and (c) the Current Per Share Market
Price as of the date that the Exercise Notice was delivered to the REIT (the
"Computation Date"). The Purchase Price shall, in the sole and absolute
discretion of the REIT, be paid in the form of (a) cash or cashier's or
certified check or by wire transfer of immediately available funds to the
Exercising Partners' designated account(s), (b) by the issuance by the REIT of
a number of REIT

                                        8

<PAGE>

Shares equal to the product of the (i) number of Offered Units and (ii) the
Conversion Factor or (c) any combination of cash and REIT Shares (such REIT
Shares to be valued at the Current Per Share Market Price).

     8. CLOSING; DELIVERY OF ELECTION NOTICE. The closing of the acquisition of
Offered Units shall, unless otherwise mutually agreed, be held at the principal
offices of the REIT, on the following date(s):

          (a) With respect to the exercise of Conversion Rights, the closing
     shall occur on the date agreed to by the REIT and the Exercising Partners,
     which date shall in no event be later than the date which is the later of
     (i) ten (10) days after the date of the Conversion Component Exercise
     Notice and (ii) the expiration or termination of the waiting period
     applicable to each Exercising Partner, if any, under the HSR Act; and

          (b) With respect to the exercise of Sale Rights, the REIT shall,
     within thirty (30) days after receipt by the REIT of any Sale Component
     Exercise Notice delivered in accordance with the requirements hereof,
     deliver to the Exercising Partners an Election Notice, which Election
     Notice shall set forth the computation of the Purchase Price and shall
     specify the form of the Purchase Price (which shall be in accordance with
     Section 7 hereof) to be paid by the REIT to such Exercising Partners and
     the date, time and location for completion of the purchase and sale of the
     Offered Units, which date shall, to the extent required, in no event be
     more than (i) ten (10) days after delivery by the REIT of the Election
     Notice for Offered Units with respect to which the REIT has elected to pay
     the Purchase Price by issuance of shares of its Common Stock or (ii) sixty
     (60) days after the initial date of receipt by the REIT of the Sale
     Component Exercise Notice for Offered Units with respect to which the REIT
     has elected to pay the Purchase Price in cash; provided, however, that such
     sixty (60) day period may be extended for an additional period to the
     extent required for the REIT to cause additional REIT Shares to be issued
     to provide financing to be used to acquire the Offered Units.
     Notwithstanding the foregoing, the REIT agrees to use its best efforts to
     cause the closing of the acquisition of Offered Units hereunder to occur as
     quickly as possible.

                                        9
<PAGE>

     9. ADJUSTMENT TO PURCHASE PRICE. If, with respect to the exercise of Sale
Rights, the REIT elects to pay all or any portion of the Purchase Price in cash
and if as a result thereof the REIT elects to raise such cash through a public
offering of its securities, borrowings or otherwise, the aggregate Purchase
Price computed under Section 7 above for a given calendar year shall be reduced
by an amount ("Transaction Expenses") equal to the expenses incurred by the REIT
in connection with such raising of funds allocable to the amounts required to
pay the Purchase Price hereunder; provided, however, notwithstanding the
foregoing, the Purchase Price shall not be reduced hereunder by an amount
exceeding 5% of the Purchase Price computed without regard to the adjustment for
Transaction Expenses.

     10. CLOSING DELIVERIES. At the closing of the acquisition of Offered Units,
payment of the Purchase Price or delivery of REIT Shares shall be accompanied by
proper instruments of transfer and assignment and by the delivery of (i)
representations and warranties of (A) the Exercising Partners with respect to
their due authority to sell all of the right, title and interest in and to such
Offered Units to the REIT and with respect to the status of the Offered Units
being sold, free and clear of all Liens, and (B) the REIT with respect to due
authority for the purchase of such Offered Units, and (ii) to the extent that
any REIT Shares are issued in connection therewith, (A) an opinion of counsel
for the REIT, reasonably satisfactory to the Exercising Partners, to the

                                       10

<PAGE>

effect that such REIT Shares have been duly authorized, are validly issued,
fully-paid and non-assessable, and (B) a stock certificate or certificates
evidencing the REIT Shares to be issued and registered in the name of the
Exercising Partner or its designee.

     11. TERM OF RIGHTS. The rights of the parties hereunder commenced on April
16, 1993 and shall lapse for all purposes and in all respects on April 16, 2023;
provided, however, that the parties hereto shall continue to be bound by an
Exercise Notice delivered to the REIT prior to such date.

     12. ADDITIONAL COVENANTS OF THE REIT. To facilitate the REIT's ability to
fully perform its obligations hereunder, the REIT covenants and agrees as
follows:

          (a) At all times during the pendency of the Rights, the REIT shall
     reserve for issuance such number of REIT Shares as may be necessary to
     enable the REIT to issue REIT Shares upon the exercise of the Conversion
     Rights in regard to all Units of the Limited Partners which are from time
     to time outstanding.

          (b) As long as the REIT shall be obligated to file periodic reports
     under the Exchange Act, the REIT will timely file such reports in such
     manner as shall enable any recipient of Common Stock issued to Limited
     Partners hereunder in reliance upon an exemption from registration under
     the Securities Act to continue to be eligible to utilize Rule 144
     promulgated by the SEC pursuant to the Securities Act, or any successor
     rule or regulation or statute thereunder, for the resale thereof.

          (c) During the pendency of the Rights, the Limited Partner
     Representatives shall receive in a timely manner all reports filed by the
     REIT with the SEC and all other communications transmitted from time to
     time by the REIT to its stockholders generally.

          (d) The REIT shall not issue or sell any REIT Shares or other equity
     securities or any instrument convertible into any

                                       11

<PAGE>

     equity security for a consideration less than the fair value of such REIT
     Shares or other equity security, as determined in each case by the Board of
     Directors of the REIT, in consultation with the REIT's professional
     advisors.

          (e) Notwithstanding the REIT's determination as to the form in which
     the Purchase Price shall be payable, the REIT shall be required to pay the
     Purchase Price, or, in lieu of issuing REIT Shares upon the exercise of
     Conversion Rights, pay an amount equal to the product of (i) the number of
     REIT Shares to be issued and (ii) the Current Per Share Market Price as of
     the Computation Date, by cashier's check or wire transfer of immediately
     available funds to the extent that issuance of REIT Shares would disqualify
     the REIT from being characterized as a REIT.

     13. ADDITIONAL COVENANTS OF LIMITED PARTNERS. Each Limited Partner
covenants and agrees with the REIT that all Offered Units tendered to the REIT
in accordance with the exercise of Rights herein provided shall be delivered to
the REIT free and clear of all Liens and should any Liens exist or arise with
respect to such Offered Units, the REIT shall be under no obligation to acquire
the same unless, in connection, with such acquisition, the REIT has elected to
pay such portion of the Purchase Price in the form of cash consideration in
circumstances where such consideration will be sufficient to cause such existing
Lien to be discharged in full upon application of all or a part of such
consideration and the REIT is expressly authorized to apply such portion of the
Purchase Price as may be necessary to satisfy any indebtedness in full and to
discharge such Lien in full. Each Limited Partner further agrees that, in the
event any state or local property transfer tax is payable as a result of the
transfer of its Offered Units to the

                                       12
<PAGE>

REIT (or its designee), such Limited Partner shall assume and pay such transfer
tax.

     14. ARBITRATION. Notwithstanding anything to the contrary contained in this
Agreement, all claims, disputes and controversies between any of the parties
hereto arising out of or in connection with this Agreement shall be resolved by
binding arbitration in New York, New York, in accordance with the procedures set
forth in Article XII of the Partnership Agreement and, to the extent not
inconsistent herewith and therewith, the Expedited Procedures and Commercial
Arbitration Rules of the American Arbitration Association. Any decision rendered
by the arbitration panel pursuant to this Section 14 shall be final and binding
on the parties hereto, and judgment thereon may be entered by any state or
federal court of competent jurisdiction. Arbitration shall be the exclusive
method available for resolution of claims, disputes and controversies described
in this Section 14, and the parties hereto stipulate that the provisions hereof
shall be a complete defense to any suit, action, or proceeding in any court or
before any administrative or arbitration tribunal with respect to any such
claim, controversy or dispute.

     15. ADJUSTMENT TO CONVERSION FACTOR. The Conversion Factor shall be
subject to adjustment from time to time effective upon the occurrence of the
following events and shall be expressed as a percentage, calculated to the
nearest one-thousandth of one percent (.001%):

          (a) In case the REIT shall pay or make a dividend or other
     distribution on any class of shares of beneficial

                                       13

<PAGE>

     interest of the General Partner in REIT Shares, the Conversion Factor in
     effect at the opening of business on the day following the date fixed for
     the determination of stockholders entitled to receive such dividend or
     other distribution shall be increased by multiplying the Conversion Factor
     by a fraction (i) the denominator of which shall be the number of REIT
     Shares outstanding at the close of business on the date fixed for such
     determination and (ii) the numerator of which shall be the sum of such
     number of REIT Shares specified in clause (i) plus the total number of REIT
     Shares constituting such dividend or other distribution, such increase to
     become effective immediately after the opening of business on the day
     following the date fixed for such determination.

          (b) In case outstanding REIT Shares shall be subdivided into a greater
     number of REIT Shares, the Conversion Factor in effect at the opening of
     business on the day following the day upon which such subdivision becomes
     effective shall, be proportionately increased, and, conversely, in case
     outstanding REIT Shares shall be combined into a smaller number of REIT
     Shares, the Conversion Factor in effect at the opening of business on the
     day following the day upon which such combination becomes effective shall
     be proportionately reduced, such increase or reduction, as the case may be,
     to become effective immediately after the opening of business on the day
     following the day upon which such subdivision or combination becomes
     effective.

          (c) In the event that the REIT issues or distributes evidences of
     indebtedness, equity securities or other property to existing equity
     holders or others or any rights, options or warrants to acquire such
     evidences of indebtedness or equity securities (other than an issuance or
     distribution described in subsection (a) of this Section 15, an issuance of
     indebtedness or equity securities all of the proceeds of which are, or are
     deemed to be, contributed or loaned to the Partnership (other than a pro
     rata portion thereof contributed to the Property Partnerships in respect of
     the REIT's interest therein), an issuance of REIT Shares pursuant to the
     Stock Incentive Plan or a distribution paid entirely in cash), the
     Conversion Factor shall be adjusted and/or the securities to which the
     Limited Partners are entitled hereunder shall be adjusted, to the extent
     necessary, to avoid any dilution or material adverse change in the rights
     of the Limited Partners under this Agreeement.

     16. CONSOLIDATION, MERGER OR SALE OF ASSETS. The REIT shall not effect any
merger, consolidation, reorganization, share

                                       14

<PAGE>

exchange, recapitalization or the like unless fair and equitable arrangements
are provided, to the extent necessary, to fully adjust, and to avoid any
dilution in, the rights of the Limited Partners under this Agreement.

     17. NOTICES. All notices, offers or other communications required or
permitted to be given pursuant to this Agreement shall be in writing and may be
personally served, telecopied or sent by United States mail and shall be deemed
to have been given when delivered in person, upon receipt of telecopy or three
business days after deposit in United States mail, registered or certified,
postage prepaid, and properly addressed, by or to the appropriate party. For
purposes of this Section 17, the addresses of the parties hereto shall be as set
forth in the Partnership Agreement. The address of any party hereto may be
changed by a notice in writing given in accordance with the provisions hereof.

     18. ASSIGNMENT. No party hereto may assign this Agreement or its rights
hereunder; provided, however, that the rights of any Limited Partner hereunder
shall automatically devolve upon any Person to the extent that such Person
succeeds to the rights of such Limited Partner to Units in accordance with the
Partnership Agreement.

     19. SUCCESSORS. This Agreement and all the terms and provisions hereof
shall be binding upon and shall inure to the benefit of all parties hereto, and
their legal representatives,

                                       15
<PAGE>

heirs, successors and permitted assigns, except as expressly herein otherwise
provided.

     20. EFFECT AND INTERPRETATION. This Agreement shall be governed by and
construed in conformity with the laws of the State of Delaware.

     21. COUNTERPARTS. This Agreement may be executed in counter parts, each of
which shall be an original, but all of which shall constitute one and the same
instrument.

     22. ENTIRE UNDERSTANDING; ETC. This Agreement constitutes the entire
agreement and understanding among the parties hereto with respect to the subject
matter hereof and supersedes any prior understandings and/or written or oral
agreements among them with respect thereto, including, but not limited to, the
Original Partnership Agreement.

     23. AMENDMENTS. This Agreement may not be amended, and no provision
benefiting the REIT may be waived, except by a written instrument signed by the
REIT (and approved on behalf of the REIT by at least a majority of its directors
who are not Affiliates of any of the Limited Partners) and a
Majority-In-Interest of the Limited Partners.

     24. SEVERABILITY. If any provision of this Agreement, or the application of
such provision to any person or circumstance, shall be held invalid by a court
of competent jurisdiction, the remainder of this Agreement, or the application
of such provision to persons

                                       16

<PAGE>

or circumstances other than those to which it is held invalid by such court,
shall not be affected thereby.

     25. TRUST PROVISION. This Agreement, to the extent executed by the trustee
of a trust, is executed by such trustee solely as trustee and not in a separate
capacity. Nothing herein contained shall create any liability on, or require the
performance of any covenant by, any such trustee individually, nor shall
anything contained herein subject the individual personal property of any
trustee to any liability.

     26. PRONOUNS AND HEADINGS. As used herein, all pronouns shall include the
masculine, feminine and neuter, and all defined terms shall include the singular
and plural thereof wherever the context and facts require such construction. The
headings, titles and subtitles herein are inserted for convenience of reference
only and are to be ignored in any construction of the provisions hereof. Any
references in this Agreement to "including" shall be deemed to mean "including
without limitation".

     27. FURTHER ASSURANCES. Each of the parties hereto shall hereafter execute
and deliver such further instruments and do such further acts and things as may
be required or useful to carry out the intent and purpose of this Agreement and
as are not inconsistent with the terms hereof.

                                       17

<PAGE>

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

REIT:

GENERAL GROWTH PROPERTIES, INC.,
a Delaware corporation

By: /s/ Martin Bucksbaum
    ---------------------------------
Its:
     --------------------------------

LIMITED PARTNERS:

APPLETON TRUST

By: GENERAL TRUST COMPANY,
    Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

FALLBROOK TRUST

By: GENERAL TRUST COMPANY,
    Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MARTIN INVESTMENT TRUST A

By: GENERAL TRUST COMPANY,
    Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

                                       18
<PAGE>

MARTIN INVESTMENT TRUST B

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MARTIN INVESTMENT TRUST C

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MARTIN INVESTMENT TRUST D

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

By: MARTIN INVESTMENT TRUST E

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MARTIN INVESTMENT TRUST F

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MATTHEW INVESTMENT TRUST A

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

                                       19

<PAGE>

MATTHEW INVESTMENT TRUST B

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MATTHEW INVESTMENT TRUST C

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MATTHEW INVESTMENT TRUST D

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MATTHEW INVESTMENT TRUST E

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MATTHEW INVESTMENT TRUST F

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MBA TRUST

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

                                       20
<PAGE>

MBB TRUST

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MBC TRUST

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

FALLBROOK INVESTORS, a California
general partnership

By: MATTHEW FAMILY TRUST A, a partner

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

M.B. CAPITAL PARTNERS, a South
Dakota general partnership

By: MBA TRUST, a partner

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

MB CAPITAL PARTNERS, II, a South
Dakota general partnership

By: MBA TRUST, a partner

By: GENERAL TRUST COMPANY, Trustee

By: /s/ General Trust Company
    ---------------------------------
Its: VICE PRES

                                       21

<PAGE>

STANLEY RICHARDS REVOCABLE TRUST

By: /s/ Stanley Richards
    ---------------------------------
    Stanley Richards, Trustee

                                       22
<PAGE>

                                   SCHEDULE A

                                 EXERCISE NOTICE

To: General Growth Properties, Inc.

     Reference is made to that certain Rights Agreement dated __________, 1993
(the "Rights Agreement"), pursuant to which General Growth Properties, Inc., a
Delaware corporation (the "REIT"), granted certain rights to the undersigned to
convert or sell to the REIT all or a portion of their partnership units (the
"Units") of GGP Limited Partnership (the "Partnership"). Capitalized terms used
but not defined herein shall have the meanings set forth in the Rights
Agreement. Pursuant to Sections 2 and 3 of the Rights Agreement, each of the
undersigned, being a limited partner of the Partnership (an "Exercising
Partner"), hereby elects to exercise its Conversion Rights and/or Sale Rights as
to the number of Units set forth below:

Dated:
       --------------------

<TABLE>
<CAPTION>
                     Type of Rights Being
                           Exercised
                      (Conversion Rights
Exercising Partner      or Sale Rights)     Number of Units
------------------   --------------------   ---------------
<S>                  <C>                    <C>

</TABLE>

Exercising Partners:

_____________________________________

_____________________________________

<PAGE>

                                   SCHEDULE B

                                 ELECTION NOTICE

To: Exercising Partners

     Reference is made to that certain Rights Agreement dated _________, 1993
(the "Rights Agreement"), pursuant to which the undersigned granted certain
rights to the other parties thereto, including the Exercising Partners, to
convert and/or sell their partnership units (the "Units") in GGP Limited
Partnership (the "Partnership"). All capitalized terms used but not defined
herein shall have the meanings set forth in the Rights Agreement. Pursuant to
subsection (b) of Section 8 of the Rights Agreement, the undersigned hereby
notifies the Exercising Partners that (a) the Purchase Price for the Offered
Units as to which the Sale Rights are being or are deemed to be exercised is
$_________________, the computation of which is set forth on an attachment
hereto; (b) $__________________ of the Purchase Price is payable in cash and the
balance thereof is payable by issuance of _________________________________
shares of Common Stock; and (c) the closing of the purchase and sale of the
Offered Units as to which the Sale Rights are being or are deemed to be
exercised shall take place at the offices of__________________________ at
______________ a.m., local time, on ______________________.

Dated:
       --------------------

                                        GENERAL GROWTH PROPERTIES, INC.,
                                        a Delaware corporation

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------<PAGE>

EXHIBIT 4.4

                           REDEMPTION RIGHTS AGREEMENT

     Redemption Rights Agreement, dated July 13, 1995, among GGP Limited
Partnership, a Delaware limited partnership (the "Partnership"), General Growth
Properties, Inc., a Delaware corporation (the "General Partner"), and the
persons whose names are set forth under the caption "Contributing Partners" on
the signature pages hereto (collectively, "Contributing Partners").

                                    RECITALS

     WHEREAS, concurrently herewith, Contributing Partners are being admitted as
limited partners of the Partnership, the general partner of which is the General
Partner;

     WHEREAS, shares of the common stock, $.10 par value per share, of the
General Partner (the "Common Stock") are listed on the New York Stock Exchange;
and

     WHEREAS, the parties desire to set forth herein the terms and conditions
upon which the Contributing Partners can cause the Partnership to redeem their
limited partnership units in the Partnership.

     NOW, THEREFORE, the parties hereby agree as follows:

     1. Definitions. For purposes of this Agreement, the following terms shall
have the meanings set forth below:

     "Acts" shall mean the Securities Act and the Exchange Act, collectively.

     "Bucksbaum Limited Partners" shall have the meaning set forth in the
Partnership Agreement.

     "Business Day" shall mean any day upon which commercial banks are open for
business in Chicago, Illinois.

     "Cash Purchase Price" shall mean, with respect to any redeemed or purchased
Units, an amount of cash equal to the value of the Share Purchase Price
(computed as of the Computation Date and equal to the Current Per Share Market
Price on such Computation Date multiplied by the number of Shares) that would be
payable with respect to such Units assuming the Share Purchase Price were paid
in full satisfaction of the Purchase Price of such Units.

<PAGE>

     "Closing Price" shall have the meaning set forth in the Partnership
Agreement.

     "Common Stock" shall have the meaning set forth in the recitals.

     "Computation Date" shall mean the date on which the applicable Exercise
Notice is received by the Partnership or, if such date is not a Business Day,
the first Business Day thereafter.

     "Conversion Factor" shall mean 100%, provided that such factor shall be
adjusted in accordance with Section 6(a).

     "Certificate of Incorporation" shall mean the Certificate of Incorporation
of the General Partner, as the same may be amended from time to time.

     "Contribution Agreement" shall mean that certain Contribution Agreement
dated June 7, 1995, among the Partnership and Contributing Partners, pursuant to
which this Agreement is being executed.

     "Current Per Share Market Price" shall have the meaning set forth in the
Partnership Agreement.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended,
or any successor statute.

     "Exchange Act Reporting Company" shall mean any corporation or other entity
which is subject to the reporting requirements of the Exchange Act.

     "Expiration Date" shall mean the earlier of (a) the 30th anniversary of the
date hereof and (b) the date upon which all Units have been redeemed or
purchased in accordance with the terms hereof. Notwithstanding the foregoing,
Contributing Partners shall continue to have the right to have their Units
redeemed or purchased and the General Partner shall have the obligation to
register Shares (if the Contributing Partners then hold Units and the General
Partner then is an Exchange Act Reporting Company) in accordance with this
Agreement during any period of time that any other present or future holder of
limited partnership units in the Partnership has any right to convert its units
into Shares or require the Partnership to redeem them in exchange for cash or
Shares and the Partnership shall give Contributing Partners no less than 30
days' written

                                        2

<PAGE>

notice of the expiration or termination of the rights of such other present or
future holders.

     "Liens" shall have the meaning set forth in the Contribution Agreement.

     "Major Transaction Event" shall mean, with respect to the General Partner,
(a) a reclassification, capital reorganization or other similar change regarding
or affecting outstanding Shares (other than a change addressed in Section 6(a));
(b) a merger or consolidation of the General Partner with one or more other
corporations or entities, other than a merger pursuant to which the General
Partner is the surviving corporation and the outstanding Shares are not
affected, (c) a sale, lease or exchange of all or substantially all of the
General Partner's assets.

     "Notice" shall have the meaning set forth in Section 3.1.

     "Partnership Agreement" shall mean that certain Amended and Restated
Agreement of Limited Partnership of the Partnership, dated July 27, 1993, as
amended by that certain First Amendment thereto dated the date hereof and as the
same may be further amended from time to time.

     "Person" shall mean any natural person, corporation, partnership, limited
liability company, trust or other entity.

     "Purchase Price" shall mean the Cash Purchase Price or the Share Purchase
Price, or a combination thereof.

     "Redemption Rights" shall have the meaning set forth in Section 2.

     "REIT Requirements" shall have the meaning set forth in the Partnership
Agreement.

     "Registration Expenses" shall mean all expenses incident to the General
Partner's performance of or compliance with the registration requirements set
forth in this Agreement, including without limitation (a) the fees,
disbursements and expenses of the General Partner's counsel and accountants in
connection with the registration of Shares issuable upon the exercise of the
Redemption Rights; (b) all expenses in connection with the preparation, printing
and filing of the registration statement or statements, any preliminary
prospectus or final prospectus, any other offering document and amendments and
supplements

                                        3

<PAGE>

thereto; (c) the cost of printing or producing any blue sky or legal investment
memoranda or other documents in connection with the offering, sale or delivery
of such Shares; (d) all expenses in connection with the qualification of such
Shares under state securities laws; and (e) the fees and expenses incurred in
connection with the listing of such Shares on each securities exchange on which
securities of the same class are then listed. Notwithstanding the foregoing,
Registration Expenses shall not include any costs incurred by the Partnership or
the General Partner in preparing any document that is incorporated by reference
in a registration statement or any professional fee or other expenses that would
have been incurred apart from the obligation of the General Partner hereunder to
file a Registration Statement.

     "SEC" shall mean the Securities and Exchange Commission.

     "Securities Act" shall mean the Securities Act of 1933, as amended, or any
successor statute.

     "Share Purchase Price" shall mean, with respect to the exercise of any
Redemption Rights, a number of Shares equal to the product of (a) the number of
Units being redeemed or purchased multiplied by (b) the Conversion Factor.

     "Shares" shall mean shares of the Common Stock.

     "Units" shall mean the limited partnership units in the Partnership issued
to Contributing Partners pursuant to the Contribution Agreement.

     2. Grant of Redemption Rights.

     (a) Upon the terms and subject to the conditions contained herein, the
Partnership does hereby grant to each Contributing Partner, and each
Contributing Partner does hereby accept, the right, but without obligation to
such Contributing Partner, to require the Partnership to redeem from time to
time part or all of its Units for the Cash Purchase Price ("Redemption Rights").

     (b) Notwithstanding the provisions of Section 2(a), the General Partner
may, in its sole and absolute discretion, assume the obligation of the
Partnership with respect to and satisfy a Contributing Partner's exercise of a
Redemption Right by paying to the exercising Contributing Partner, at the
General Partner's election (which may be exercised in the General Partner's sole
discretion), either the Cash Purchase Price or the Share

                                        4

<PAGE>

Purchase Price. If the General Partner assumes such obligations with respect to
an exercise of a Redemption Right and makes the required payment, then the
Partnership shall have no obligation to pay any amount to the Contributing
Partner with respect to such Contributing Partner's exercise of a Redemption
Right, and any Units purchased shall be owned by the General Partner for all
purposes.

     (c) If the General Partner shall assume the obligations of the Partnership
with respect to and satisfy a Redemption Right, the Partnership, the exercising
Contributing Partner and the General Partner each shall treat the transaction
between the General Partner and such Contributing Partner as a sale of such
Contributing Partner's Units (or a portion thereof) to the General Partner for
federal income tax purposes.

     (d) Upon the redemption or purchase of part or all of a Contributing
Partner's Units and the payment of the Purchase Price with respect thereto, such
Person shall be deemed withdrawn as a Partner in the Partnership to the extent
of the Units redeemed or purchased and shall have no further rights or
obligations under this Agreement with respect to such redeemed or purchased
Units.

     (e) No fractional Shares shall be issued hereunder; in lieu of fractional
Shares, the General Partner shall pay cash based on the Current Per Share Market
Price on the relevant Computation Date.

     3. Exercise of Redemption Rights.

     3.1 Time for Exercise of Redemption Rights. A Contributing Partner may
exercise its Redemption Rights in whole or in part and at any time and from time
to time on or after the first anniversary of the date hereof but prior to the
Expiration Date; provided, however, that the Redemption Rights may not be
exercised at any one time with respect to less than 1,000 Units (or all the
Units then owned by the exercising Contributing Partner if such Contributing
Partner owns less than 1,000 Units). Once given, a Notice shall be irrevocable
subject to the payment of the Purchase Price for the Units specified therein in
accordance with the terms hereof.

     3.2 Method of Exercise. The Redemption Rights shall be exercised by written
notice (the "Notice") to the Partnership (a) specifying the identity of the
exercising Contributing Partner, the number of Units to be redeemed, the name or
names

                                        5

<PAGE>

(with address) in which any Shares issuable upon such exercise shall be
registered if different than the exercising Contributing Partner and that the
representations and warranties set forth on Schedule A are true and correct and
(b) accompanied by an instrument, duly executed by the exercising Contributing
Partner and in form reasonably satisfactory to the Partnership, transferring
such Units to the Partnership free and clear of all Liens.

     3.3 Closing. The closing of the redemption or purchase and sale pursuant to
an exercise of the Redemption Rights shall occur within 30 days following the
receipt of the Notice and the instrument of transfer referred to in Section 3.2.

     3.4 Payment of Cash or Issuance of Shares. At the closing of the redemption
or purchase and sale of Units pursuant to the exercise of Redemption Rights, the
Partnership shall deliver to the exercising Contributing Partner the Cash
Purchase Price by check or, in the event that the General Partner has assumed
the obligations of the Partnership with respect to such exercise of Redemption
Rights, the General Partner shall deliver to the Partnership, at the election of
the General Partner (which may be exercised in the General Partner's sole
discretion), either (a) the Cash Purchase Price or (b) a certificate
representing the Shares constituting the Share Purchase Price, together with
cash in lieu of the issuance of any fraction of a Share as provided in Section
2(e).

     4. Matters Relating to Shares.

     4.1 Registration.

     (a) The General Partner shall (i) prepare, file and use reasonable best
efforts to cause to become effective on or before the first anniversary of the
date hereof a registration statement, which may be on Form S-3, under the
Securities Act relating to the Shares to be issued upon exercise of the
Redemption Rights assuming full satisfaction of the Redemption Rights by
delivery of Shares (and, in the sole discretion of the General Partner, any
other Shares) and (ii) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and
to comply with the provisions of the Securities Act. The General Partner may,
but shall not be obligated to, include any such Shares under its current
registration statement on Form S-3.

                                        6

<PAGE>

     (b) The General Partner shall pay all Registration Expenses incurred prior
to the sixth anniversary of the date hereof with respect to filing and keeping
effective the registration statement through such date, and the Contributing
Partners who are then Unitholders, severally in proportion to the number of
Units owned by them in relation to the total number of shares covered by the
registration statement, shall reimburse the General Partner for Registration
Expenses which are incurred after the sixth anniversary of the date hereof in
respect of maintaining effective such registration statement; provided, however,
that such Contributing Partners shall not be required to reimburse any costs (i)
of preparing any documents filed with the SEC that are incorporated by reference
in the Registration Statement or (ii) that become necessary because the General
Partner is unable to use Form S-3 (or any equivalent short form that relies on
incorporation by reference) for the reason that the General Partner has failed
to comply on a timely basis with any requirement of the Acts or Form S-3.

     (c) If under the Acts or then current SEC policy, the registration of
Shares delivered pursuant hereto will not permit the public resale thereof
without further registration of such Shares for resale by the Contributing
Partners, the General Partner may deregister the Shares previously registered
for issuance to Contributing Partners pursuant to Section 4.1(a) and shall
register such Shares for resale, which may be accomplished by means of a shelf
registration, and Contributing Partners and the General Partner will enter into
customary agreements with respect thereto which contain provisions similar to
those contained in Section 4.1(a) and (b) (except that after the sixth
anniversary of the date hereof, the Contributing Partners whose Shares are being
registered for resale shall pay, severally in proportion to the number of their
Shares registered in relation to the total number of shares covered by the
registration statement, the Registration Expenses) and other customary
provisions, including customary indemnification agreements.

     (d) Notwithstanding anything to the contrary contained herein, the General
Partner shall have no obligation to keep such registration statement effective
after the Expiration Date or if the status of the General Partner (or its
successor) as an Exchange Act Reporting Company is terminated.

     (e) If the General Partner does not use reasonable best efforts, or despite
using its reasonable best efforts is unable, to cause such registration
statement to become effective on or before the second anniversary of the date
hereof or the General

                                        7

<PAGE>

Partner thereafter does not maintain such registration statement in accordance
with the terms hereof (unless the Contributing Partners have defaulted
hereunder), the General Partner shall have no right to deliver the Share
Purchase Price upon exercise of Redemption Rights during the time when such
registration statement is not so effective and in that event the Partnership or
the General Partner must deliver the Cash Purchase Price for Units as to which
Redemption Rights have been exercised.

     4.2 Reservation of Shares. At all times while the Redemption Rights are
outstanding, the General Partner shall reserve for issuance such number of
Shares as may be necessary to enable the General Partner to issue Shares in full
satisfaction of all Redemption Rights which are from time to time outstanding
(assuming no limitations as to the ownership of such Shares under the
Certificate of Incorporation which relate to compliance with the REIT
Requirements and that the General Partner elected to pay the Share Purchase
Price with respect to all such Redemption Rights).

     4.3 Fully Paid and Non-Assessable. All Shares which may be issued upon
exercise of the Redemption Rights upon issue shall be duly and validly issued
and fully paid and non-assessable.

     5. Transfer and Other Taxes. In the event that any state or local property
transfer or other tax is payable as the result of or in connection with any
exercise of the Redemption Rights by an exercising Contributing Partner, the
Partnership shall pay such transfer tax, but the exercising Contributing Partner
shall pay such tax to the extent that such tax results from registration of
Shares in the name of a person other than the registered owner of the Units and
no Shares shall be issued pursuant hereto until such exercising Contributing
Partner has paid to the General Partner the amount of such tax or has provided
evidence, in form reasonably satisfactory to the General Partner, as to the
payment thereof.

     6. Anti-Dilution and Adjustment Provisions.

     (a) If the General Partner or the Partnership increases or decreases the
number of its issued and outstanding Shares or limited partnership units, as the
case may be, by means of (i) the payment of a stock dividend or the making of
any other distribution on the Shares (or limited partnership units) payable in
its Common Stock (or limited partnership units), (ii) a subdivision of Shares or
limited partnership units or (iii) a

                                        8

<PAGE>

consolidation or combination of Shares or limited partnership units, the
Conversion Factor shall be adjusted so as to result in the Redemption Rights not
being diluted or expanded thereby.

     (b) If at any time the General Partner grants to its stockholders any right
to subscribe pro rata for additional securities of the General Partner, whether
Common Stock or other classifications, or for any other securities or interests
that Contributing Partners would have been entitled to subscribe for if,
immediately prior to such grant, Contributing Partners had exercised their
Redemption Rights and received the Share Purchase Price in payment thereof, in
lieu of any readjustment under any other subsection of this Section 6, then the
General Partner also shall grant to Contributing Partners the same subscription
rights that Contributing Partners would be entitled to if Contributing Partners
had exercised their Redemption Rights in full and received the Share Purchase
Price in satisfaction thereof prior to such grant.

     (c) Upon the occurrence of a Major Transaction Event where all or a portion
of the consideration received by stockholders of the General Partner in
connection with such Major Transaction Event is in the form of securities in a
successor entity, the General Partner shall cause effective provision to be made
so that, upon exercise of the Redemption Rights and payment of the Purchase
Price by means of the Share Purchase Price, Contributing Partners shall have the
right thereafter to acquire, in lieu of the Shares which would have been
surrendered therefor, the kind and amount of shares of stock and other
securities and property and interests as would be issued or payable with respect
to or in exchange for the number of Shares constituting the Share Purchase Price
as if such Redemption Rights had been exercised and the General Partner had
satisfied the Redemption Rights by delivery of the Share Purchase Price
immediately before such Major Transaction Event.

     (d) In the event of any Major Transaction Event where no portion of the
consideration received by stockholders of the General Partner in connection with
such Major Transaction Event is in the form of securities in a successor entity,
each Unitholder shall be entitled to exercise the Redemption Rights in full
prior to the consummation of such Major Transaction Event, and, with respect to
any Shares acquired upon exercise thereof, shall be entitled to all of the
rights of the other holders of Shares with respect to any distribution by the
General Partner (or the other party to such Major Transaction Event) in
connection with such Major Transaction Event. If not

                                        9

<PAGE>

exercised within forty-five days after written notice from the General Partner
of such Major Transaction Event (which shall be given promptly after such Major
Transaction Event is announced to the public) or such shorter period between the
date of such notice and the effective date of such Major Transaction Event, the
Redemption Rights shall terminate at the expiration of such period, but the
Redemption Rights shall be revived if such Major Transaction Event is not
consummated.

     (e) The provisions of this Section 6 shall apply to successive events that
may occur from time to time but only shall apply to a particular event if it
occurs prior to the exercise in full of the Redemption Rights or the liquidation
of the Partnership.

     (f) Whenever the Conversion Factor is adjusted as herein provided, the
General Partner shall compute the adjusted Conversion Factor in accordance with
Section 6 and shall prepare a certificate signed by the chief financial officer
of the General Partner setting forth the adjusted Conversion Factor and showing
in reasonable detail the facts upon which such adjustment is based, and such
certificate shall forthwith be filed at the offices of the General Partner and
mailed to the holders of the Redemption Rights within 30 days of the date of the
adjustment.

     (g) Notwithstanding anything above to the contrary, the Contributing
Partners will be entitled to adjustments to protect against dilution, and to
protect against deferral of receipt of benefits, that are no less favorable than
the adjustments and protection against deferral of receipt of benefits which are
received by any other holder of limited partnership units in the Partnership.

     7. Miscellaneous Provisions.

     7.1 Notices. All notices or other communications given pursuant to this
Agreement shall be sent to the party to whom or to which such notice is being
sent, by certified or registered mail, return receipt requested, commercial
overnight delivery service or facsimile or delivered by hand with receipt
acknowledged in writing. All notices (a) shall be deemed given when received and
(b) may be given either by a party or by such party's attorneys. For purposes of
this Section 7.1, the addresses of the parties shall be, in the case of the
Partnership and the General Partner, 215 Keo Way, Des Moines, Iowa 50309,
Attention: Martin Bucksbaum, and, in the case of

                                       10

<PAGE>

Contributing Partners, as set forth on the records of the Partnership. The
address of any party may be changed by a notice in writing given in accordance
with the provisions hereof.

     7.2 Assignment. Contributing Partners may not assign this Agreement or
their rights hereunder; provided, however, that the rights of Contributing
Partners hereunder (including the Redemption Rights) shall automatically devolve
upon any Person to the extent that such Person holds Units, and becomes a
substituted partner with respect to such Units, in accordance with the
Partnership Agreement and delivers to the Partnership a written instrument, in
form reasonably satisfactory to the Partnership, pursuant to which such Person
agrees to be bound by the terms hereof. Subject to the provisions of Section 6,
the General Partner may assign this Agreement without the consent of
Contributing Partners, provided that no such assignment shall relieve the
General Partner of its obligation to file and maintain effective a registration
statement for the Shares as set forth herein or to make the required payment of
the Cash Purchase Price.

     7.3 Binding Effect. This Agreement shall be binding upon, and inure to the
benefit of, the parties and their successors and permitted assigns, except as
expressly herein otherwise provided.

     7.4 Governing Law. This Agreement shall be governed by the laws of the
State of Delaware (without regard to its conflicts of law principles).

     7.5 Counterparts. This Agreement may be executed in counterparts, each of
which shall be an original, but all of which shall constitute one document.

     7.6 Entire Agreement. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes any prior
written or oral understandings and/or agreements among them with respect
thereto.

     7.7 Pronouns; Headings; Etc.  As used herein, all pronouns shall include
the masculine, feminine and neuter, and all terms shall include the singular
and plural thereof wherever the context and facts require such construction.
The headings herein are inserted for convenience of reference only and are to
be ignored in any construction of the provisions hereof.  Any

                                       11

<PAGE>

references in this Agreement to a "Section" or "Schedule" shall refer to a
Section or Schedule of this Agreement unless otherwise specified.

     7.8 Survival. The representations, warranties and covenants contained
herein or made pursuant hereto shall survive the execution and delivery of this
Agreement and the issuance of Shares pursuant hereto.

     7.9 Further Assurances. Each of the parties shall hereafter execute and
deliver such other instruments and documents and do such further acts and things
as may be required or useful to carry out the purposes of this Agreement.

     7.10 No Right of Set-off. Notwithstanding any claim that the Partnership or
the General Partner may have against any Contributing Partner not arising under
this Agreement, each of the Partnership and the General Partner shall perform
all of its obligations under this Agreement without asserting any right of
setoff, counterclaim or similar justification for non-performance of its
obligations under this Agreement as the result of any such claim against such
Contributing Partner.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date
first above written.

GENERAL PARTNER:

GENERAL GROWTH PROPERTIES, INC.,
a Delaware corporation

By: /s/ Bernard Freibaum
    ---------------------------------
Its: Executive Vice President

                                       12

<PAGE>

CONTRIBUTING PARTNERS:

PIEDMONT MALL ASSOCIATES                PPP ASSOCIATES, L.P.

By: STROUSE, GREENBERG-DANVILLE         By: PIEDMONT MALL ASSOCIATES
    ASSOCIATES, general partner             general partner

By: /s/ Joseph Straus, Jr.              By: STROUSE, GREENBERG-
    ---------------------------------       DANVILLE ASSOCIATES,
    Joseph Straus, Jr.                      general partner
    Co-Managing Partner

By: /s/ Brent M. Milgrom                By: /s/ Joseph Straus, Jr.
    ---------------------------------       ------------------------------------
    Brent M. Milgrom                        Joseph Straus, Jr.
    Co-Managing Partner                     Co-Managing Partner

                                        By: /s/ Brent M. Milgrom
                                            ------------------------------------
                                            Brent M. Milgrom
                                            Co-Managing Partner

By: GDC DANVILLE ASSOCIATES,            By: GDC DANVILLE ASSOCIATES, L.P.,
    L.P., general partner                   general partner

By: GDC DANVILLE GENERAL                By: GDC DANVILLE GENERAL CORP.,
    CORP., general partner                  general partner

By: /s/ Brent Milgrom                   By: /s/ Brent Milgrom
    ---------------------------------       ------------------------------------
    Brent Milgrom,                          Brent Milgrom,
    President                               President

                                       13

<PAGE>

MP ASSOCIATES L.P.                      HP ASSOCIATES, L.P.

By: PIEDMONT MALL ASSOCIATES,           By: PIEDMONT MALL ASSOCIATES,
    general partner                         general partner

By: STROUSE, GREENBERG-                 By: STROUSE, GREENBERG-
    DANVILLE ASSOCIATES,                    DANVILLE ASSOCIATES,
    general partner                         general partner

By: /s/ Joseph Straus, Jr.              By: /s/ Joseph Straus, Jr.
    ---------------------------------       ------------------------------------
    Joseph Straus, Jr.                      Joseph Straus, Jr.
    Co-Managing Partner                     Co-Managing Partner

By: /s/ Brent M. Milgrom                By: /s/ Brent M. Milgrom
    ---------------------------------       ------------------------------------
    Brent M. Milgrom                        Brent M. Milgrom,
    Co-Managing Partner                     Co-Managing Partner

By: GDC DANVILLE ASSOCIATES,            By: GDC DANVILLE ASSOCIATES, L.P.,
    L.P., general partner                   general partner

By: GDC DANVILLE GENERAL                By: GDC DANVILLE GENERAL CORP.,
    CORP., general partner                  general partner

By: /s/ Brent Milgrom                   By: /s/ Brent Milgrom
    ---------------------------------       ------------------------------------
    Brent Milgrom,                          Brent Milgrom,
    President                               President

                                       14

<PAGE>

                                   SCHEDULE A

                         REPRESENTATIONS AND WARRANTIES

Exercising Contributing Partner has good and marketable title to the Units
desired to be converted into Shares by it, free and clear of all Liens, it has
full power and capacity to transfer such Units, any documents executed in
connection with any such transfer are valid and binding and enforceable against
it in accordance with their terms and such transfer does not conflict with or
result in the breach by it of any agreement or instrument to which it is a party
or by which it is bound or any laws, regulations, ordinances, judgments or
decrees to which it is subject.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]