Document:

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                                                                     Exhibit 4.4

                       ENVIRONMENTAL LIABILITIES AGREEMENT

     THIS ENVIRONMENTAL LIABILITIES AGREEMENT (this "Agreement") is made as of
March 30, 2007, by RAMCO JACKSONVILLE LLC, a Delaware limited liability company
(the "Borrower" and "Indemnitor") to and for the benefit of JPMORGAN CHASE BANK,
N.A., a national banking association, together with its successors, transferees
and assigns (the "Lender").

                                   ARTICLE I.
                                  DEFINITIONS

     Section 1.1 Definitions. As used herein, the following terms shall have the
following meanings:

     Asbestos: Asbestos or any substance containing asbestos.

     Environmental Law: Any federal, state or local law, statute, ordinance,
code, rule, regulation, license, authorization, decision, order, injunction or
decree which pertains to health, safety or the environment (including but not
limited to, ground or air or water or noise pollution or contamination, and
underground or aboveground tanks) and shall include, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended ("CERCLA"), the Resource Conservation and Recovery Act of 1976, as
amended ("RCRA"), and any state or federal lien or superlien or environmental
clean-up statutes, and regulations, rules and requirements promulgated pursuant
thereto all as amended from time to time.

     Hazardous Substance: Any (a) substance, whether solid, liquid or gaseous:
i) which is listed, defined or regulated as a "hazardous substance," "hazardous
waste" or "solid waste," or otherwise classified as hazardous or toxic, in or
pursuant to any Environmental Law; or ii) which is or contains Asbestos, radon,
any polychlorinated biphenyl, urea formaldehyde foam insulation, explosive or
radioactive material, lead paint, or motor fuel or other petroleum hydrocarbons;
or iii) which causes or poses an imminent threat to cause a contamination on the
Mortgaged Property or a hazard to the environment; provided, that for purposes
of this Agreement, asphalt, asphalt sealer and incidental or small quantities of
cleansers or other similar supplies and other easily movable items of personal
property which might otherwise be considered Hazardous Substances hereunder but
which are nevertheless customarily and ordinarily used in the maintenance and
operation of shopping centers shall not, so long as the same are used and
disposed of, as applicable, in accordance with all Environmental Laws, be
construed as Hazardous Substances hereunder, or (b) fungus, mold, mildew, spores
or other biological or microbial agents the presence of which may adversely
affect human health, impair occupancy or materially adversely affect the value
or utility of the Mortgaged Property.

     Mortgage: That certain Amended and Restated Mortgage, Assignment of Leases
and Rents, Security Agreement and Fixture Filing, dated of even date herewith,
executed by Borrower for the benefit of Lender, covering the "Property" more
particularly described therein

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(referred to herein as the "Mortgaged Property"), including the real property or
interest therein described in Exhibit A attached hereto and incorporated herein
by this reference, as the same may be amended, restated, extended, supplemented,
or otherwise modified from time to time.

     Remediation: Any investigation, site monitoring, containment, cleanup,
removal, restoration, or other activities of any kind which are required under
an applicable Environmental Law.

     Storage Tanks: Any underground or aboveground storage tanks, whether
filled, empty, or partially filled with any substance (but excluding any backup
generators).

     Section 1.2 Other Defined Terms. Any capitalized term utilized herein shall
have the meaning as specified in the Mortgage, unless such term is otherwise
specifically defined herein.

                                   ARTICLE II.
                         WARRANTIES AND REPRESENTATIONS

     Indemnitor hereby represents and warrants to Lender that, to the best of
Indemnitor's knowledge as follows:

     Section 2.1 Mortgaged Property Compliance. Except as disclosed in any
environmental report delivered to Lender in connection with its underwriting
prior to the closing of the loan secured by the Mortgage (each a "Lender
Environmental Report"), to the best of Indemnitor's knowledge, the Mortgaged
Property and the operations conducted thereon do not violate any Environmental
Laws.

     Section 2.2 No Violations. Without limitation to Section 2.1 above, except
as previously disclosed in writing to Lender or in any Lender Environmental
Report, the Mortgaged Property and operations conducted thereon by the current
owner or operator of such Mortgaged Property, are not the subject of any
existing, pending, or, to the best of Indemnitor's knowledge, threatened (in
writing) action, suit, investigation, inquiry, or proceeding by any governmental
or nongovernmental entity or person or to any Remediation under any
Environmental Law.

     Section 2.3 Authorizations. All notices, permits, licenses, registrations,
or similar authorizations, if any, required to be obtained or filed in
connection with the ownership, operation, or use of the Mortgaged Property,
including, without limitation, the existence of any Storage Tanks at the
Mortgaged Property or the past or present generation, treatment, storage,
disposal, or release of a Hazardous Substance into the environment, have been
duly obtained or filed and have been duly renewed or maintained. Indemnitor has
been issued all required federal, state, and local licenses, certificates, or
permits relating to, and Indemnitor and the Mortgaged Property are in compliance
in all material respects with all applicable Environmental Laws, including, but
not limited to, federal, state, and local laws, rules, and regulations relating
to, air emissions, water discharge, noise emissions, solid or liquid waste
disposal, hazardous waste or materials, or other environmental, health, or
safety matters.

     Section 2.4 Hazardous Substance. Except as previously disclosed in any
Lender Environmental Report, the Mortgaged Property does not contain any
Hazardous Substance in

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violation of applicable Environmental Laws. Except as disclosed in writing to
Lender or in any Lender Environmental Report, the Mortgaged Property does not
contain any Storage Tanks or Asbestos.

     Section 2.5 Indemnitor Investigation. Indemnitor has taken all commercially
reasonable steps necessary to determine, and has determined, that, except as
previously disclosed in any Lender Environmental Report, no Hazardous Substances
are or have been generated, treated, stored, used, disposed of or released on,
under, from, or about the Mortgaged Property except in compliance with
applicable Environmental Laws, it being understood, however, that Indemnitor
shall be entitled to rely upon the information contained in the independently
prepared environmental reports of Indemnitor's professional environmental
consultants, all of which Indemnitor represents it has delivered to Lender.

     Section 2.6 Indemnitor Compliance. Indemnitor has not undertaken,
permitted, authorized, or suffered and will not undertake, permit, authorize, or
suffer the presence, use, manufacture, handling, generation, transportation,
storage, treatment, discharge, release, burial, or disposal on, under, from or
about the Mortgaged Property of any Hazardous Substance or the transportation to
or from the Mortgaged Property of any Hazardous Substance except in compliance
with applicable Environmental Laws.

     Section 2.7 No Pending Environmental Litigation. Except as otherwise
previously disclosed to Lender in writing or in any Lender Environmental Report,
there is no pending or, to the best of Indemnitor's knowledge, threatened (in
writing) litigation, proceeding, or investigation before or by any
administrative agency in which any person or entity alleges or is investigating
any alleged presence, release, threat of release, placement on, under, from or
about the Mortgaged Property, or the manufacture, handling, generation,
transportation, storage, treatment, discharge, burial, or disposal on, under,
from or about the Mortgaged Property, or the transportation to or from the
Mortgaged Property, of any Hazardous Substance.

     Section 2.8 No Notices. Except as otherwise previously disclosed to Lender
in writing or in any Lender Environmental Report, Indemnitor has not received
any written notice, and has no actual knowledge, that any governmental authority
or any employee or agent thereof has determined, or threatens (in writing) to
determine, or is investigating any allegation that there is a presence, release,
threat of release, placement on, under, from or about the Mortgaged Property, or
the use, manufacture, handling, generation, transportation, storage, treatment,
discharge, burial, or disposal on, under, from or about the Mortgaged Property,
or the transportation to or from the Mortgaged Property, of any Hazardous
Substance.

     Section 2.9 No Communications. Except as otherwise previously disclosed to
Lender in writing or in any Lender Environmental Report, there have been no
written material communications nor any agreements with any governmental
authority thereof or any private entity, including, but not limited to, any
prior owners or operators of the Mortgaged Property, relating in any way to the
presence, release, threat of release, placement on, under or about the Mortgaged
Property, or the use, manufacture, handling, generation, transportation,
storage, treatment, discharge, burial, or disposal on, under or about the
Mortgaged Property, or the transportation to or from the Mortgaged Property, of
any Hazardous Substance, except for communications made in the ordinary course
of business in connection with permits, reports, and

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routine inspections issued, prepared or conducted by government agencies or
authorities having jurisdiction over the Mortgaged Property.

     Section 2.10 Intentionally omitted.

     Section 2.11 Intentionally omitted.

     Section 2.12 Intentionally omitted.

     Section 2.13 No Representation by Lender. Neither Lender nor any other
party has made any representation, warranty or statement to Indemnitor in order
to induce Indemnitor to execute this Agreement.

     Section 2.14 Indemnitor's Financial Condition. As of the date hereof, and
after giving effect to this Agreement and the contingent obligation evidenced
hereby, Indemnitor is, and will be, solvent, and has and will have assets which,
fairly valued, exceed its obligations, liabilities (including contingent
liabilities) and debts, and has and will have property and assets sufficient to
satisfy and repay its obligations and liabilities.

     Section 2.15 Legality. The execution, delivery and performance by
Indemnitor of this Agreement and the consummation of the transactions
contemplated hereunder do not, and will not, contravene or conflict with any
law, statute or regulation whatsoever to which Indemnitor is subject or
constitute a default (or an event which with notice or lapse of time or both
would constitute a default) under, or result in the breach of, any indenture,
mortgage, deed of trust, charge, lien, or any contract, agreement or other
instrument to which Indemnitor is a party or which may be applicable to
Indemnitor. This Agreement is a legal and binding obligation of Indemnitor and
is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of
creditors' rights.

     Section 2.16 Review of Documents. Indemnitor has examined the Note and all
of the Loan Documents.

     Section 2.17 Litigation. Except as otherwise disclosed to Lender, there are
no proceedings pending or, to the best of Indemnitor's knowledge,, threatened
before any court or administrative agency which, if decided adversely to
Indemnitor, would materially adversely affect the financial condition of
Indemnitor or the authority of Indemnitor to enter into, or the validity or
enforceability of this Agreement.

     Section 2.18 Tax Returns. Indemnitor has filed all required federal, state
and local tax returns and has paid all taxes as shown on such returns as they
have become due. No claims have been assessed and are unpaid with respect to
such taxes.

     Section 2.19 Water Damage. The Mortgaged properly currently displays no
evidence of material water infiltration, water damage or fungi bacterial matter
which reproduces through the release of spores or the splitting of cells,
including, but not limited to, mold, mildew and viruses.

     Section 2.20 Disclosure. Indemnitor has truthfully and fully delivered to
Lender, in writing, any and all information relating to conditions in, on, under
or from the Mortgaged

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Property that is known to Indemnitor and all information that is contained in
files and records of Indemnitor, including but not limited to any reports
relating to any Hazardous Substance in, on, under or from the Mortgaged Property
and/or to the environmental condition of the Mortgaged Property.

                                  ARTICLE III.
                              AFFIRMATIVE COVENANTS

     Indemnitor hereby unconditionally covenants and agrees with Lender, until
the entire Debt (as defined in the Note) shall have been paid in full and all of
the obligations of Indemnitor under the Loan Documents shall have been fully
performed and discharged, as follows:

     Section 3.1 Operations. Indemnitor shall not use, generate, manufacture,
produce, store, release, discharge, treat, or dispose of on, under, from or
about the Mortgaged Property or transport to or from the Mortgaged Property any
Hazardous Substance or allow any other person or entity to do so except in
compliance with Environmental Laws. Indemnitor shall not install or permit to be
installed any Asbestos or Storage Tanks at the Mortgaged Property and shall
remedy all violations of Environmental Laws with respect thereto including, but
not limited to, removal of Asbestos and/or Storage Tanks in the manner and as
required by applicable Environmental Laws.

     Section 3.2 Compliance. Indemnitor shall keep and maintain the Mortgaged
Property in material compliance with, and shall not cause or permit the
Mortgaged Property to be in material violation of, any Environmental Law and
upon discovery of any such noncompliance shall promptly take corrective action
to remedy such noncompliance.

     Section 3.3 Monitoring. If the Lender Environmental reports disclose the
existence of a material environmental hazard at the Mortgaged Property, or if
any release, existence or adverse circumstance pertaining to Hazardous Materials
hereafter occurs or is discovered, Indemnitor shall establish and maintain, at
Indemnitor's sole expense, a system to assure and monitor continued compliance
with Environmental Laws, the existence of any Storage Tank on the Mortgaged
Property and the presence of Hazardous Substances on the Mortgaged Property, by
any and all owners or operators of the Mortgaged Property, which system shall
include at a minimum annual reviews of such compliance by employees or agents of
Indemnitor who are familiar with the requirements of the Environmental Laws and,
at the request of Lender no more than once each year, a detailed review of such
compliance of the environmental condition of the Mortgaged Property
("Environmental Compliance Report") in scope satisfactory to Lender by an
environmental consulting firm approved in advance by Lender, provided, however,
that if any Environmental Compliance Report indicates a violation of any
Environmental Law or a need for Remediation, such system shall include at the
request of Lender a detailed review ("Environmental Remediation Report") of the
status of such violation by such environmental consultant. Indemnitor shall
furnish each Environmental Compliance Report or Environmental Remediation Report
to the Lender within sixty (60) days after Lender so requests, together with
such additional information as Lender may reasonably request. If Indemnitor
fails to contract for such an Environmental Compliance Report or Environmental
Remediation Report after twenty (20) days notice, or fails to provide either
such report within sixty (60) days, Lender may order

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same, and Indemnitor grants to Lender and its employees, agents, contractors and
consultants access to the Mortgaged Property and a license (which is coupled
with an interest and irrevocable while the Mortgage is in effect) to perform
inspections and tests, including (but not limited to) the taking of soil borings
and air and groundwater samples. All costs of such reports, inspections and
tests shall be an obligation of Indemnitor which Indemnitor promises to pay to
Lender pursuant to this Agreement. All such costs shall constitute a portion of
the Debt, secured by the Mortgage and the other Loan Documents.

     Section 3.4 Notices. Indemnitor shall give prompt written notices to Lender
of: (i) any proceeding or written inquiry by any governmental or nongovernmental
entity or person with respect to the presence of any Hazardous Substance on,
under, from or about the Mortgaged Property, the migration thereof from or to
other property, the disposal, storage, or treatment of any Hazardous Substance
generated or used on, under or about the Mortgaged Property, (ii) all written
claims made or threatened by any third party against Indemnitor or the Mortgaged
Property or any other owner or operator of the Mortgaged Property relating to
any release reportable under any applicable Environmental Law, loss or injury
resulting from any Storage Tank or Hazardous Substance, and (iii) Indemnitor's
discovery of any occurrence or condition on any real property adjoining or in
the vicinity of the Mortgaged Property that could cause the Mortgaged Property
or any part thereof to be subject to any investigation or cleanup of the
Mortgaged Property pursuant to any Environmental Law or that could result in
Indemnitor becoming liable for any cost related to any investigation or cleanup
of such Mortgaged Property.

     Section 3.5 Legal Proceedings. Indemnitor shall permit Lender to join and
participate in, as a party if it so elects, any legal proceedings or actions
initiated with respect to the Mortgaged Property in connection with any
Environmental Law, Hazardous Substance or Storage Tank and Indemnitor shall pay
all reasonable attorneys' fees incurred by Lender in connection therewith.

     Section 3.6 Remediation. In the event that the Mortgaged Property (or any
portion thereof) becomes the subject of any Remediation, Indemnitor shall
commence such Remediation no later than such period of time as may be required
under applicable law, and thereafter shall diligently prosecute the same to
completion in accordance with applicable law. All Remediation shall be performed
by contractors reasonably approved in advance by Lender, and under the
supervision of a consulting engineer reasonably approved by Lender. All costs
and expenses of such Remediation shall be paid by Indemnitor including, without
limitation, Lender's reasonable attorneys' fees and costs incurred in connection
with monitoring or review of such Remediation. In the event Indemnitor shall
fail as required by applicable law to timely commence, or cause to be commenced,
or fail to diligently prosecute to completion, such Remediation, Lender may, but
shall not be required to, cause such Remediation to be performed, and all costs
and expenses thereof, or incurred in connection therewith, shall become part of
the Debt.

     Section 3.7 Environmental Liens. Indemnitor shall keep the Mortgaged
Property free and clear of all liens and other encumbrances imposed pursuant to
any Environmental Law, whether due to any act or omission of Indemnitor or any
other party. Notwithstanding the foregoing, Indemnitor, at its own cost and
expense, may contest by appropriate legal proceeding, promptly initiated and
conducted in good faith and with due diligence, any such lien affecting the
Property, provided that (a) Borrower shall have notified Lender of the same
within ten (10) days of obtaining knowledge thereof; (b) Borrower shall
diligently and in good faith contest the same

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by appropriate legal proceedings which shall operate to prevent the enforcement
or collection of the same and the sale of the Property or any part thereof, to
satisfy the same; (c) Borrower shall have furnished to Lender a cash deposit, or
an indemnity bond satisfactory to Lender with a surety satisfactory to Lender,
in the amount of the lien, plus a reasonable additional sum sufficient to pay
all costs, interest and penalties that may be imposed or incurred in connection
therewith, to assure payment of the matters under contest and to prevent any
sale or forfeiture of the Property or any part thereof; (d) Borrower shall
promptly upon final determination thereof pay the amount of any such lien so
determined, together with all costs, interest and penalties which may be payable
in connection therewith; (e) the failure to pay such lien does not constitute a
default under any other mortgage or security instrument covering or affecting
any part of the Property; (f) there shall be no Material Adverse Effect due to
the existence of such lien and (g) notwithstanding the foregoing, Borrower shall
immediately upon request of Lender pay or bond over (and if Borrower shall fail
so to do, Lender may, but shall not be required to, pay or cause to be
discharged or bonded against) any such lien notwithstanding such contest if in
the reasonable opinion of Lender, the Property or any part thereof or interest
therein may be in danger of being sold, forfeited, foreclosed, terminated,
canceled or lost.

                                   ARTICLE IV.
                                 INDEMNIFICATION

     Indemnitor shall protect, indemnify, and hold harmless Lender, its parents,
subsidiaries, trustees, shareholders, directors, officers, employees,
representatives, agents, successors and assigns (each an "Indemnified Party")
from and against all losses, damages, costs, fees, expenses, claims, suits,
judgments, awards, liabilities (including, but not limited to, strict
liabilities), obligations, debts, diminutions in value, fines, penalties,
charges, costs of Remediation (whether or not performed voluntarily), amounts
paid in settlement, foreseeable consequential damages, litigation costs,
reasonable attorneys' fees, reasonable engineers' fees, reasonable environmental
consultants' fees, and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials, and
other materials and substances whether solid, liquid or gas), of whatever kind
or nature, and whether or not incurred in connection with any judicial or
administrative proceedings, actions, claims, suits, judgments or awards directly
or indirectly arising out of or in any way relating to any one or more of the
following: (a) any presence of any Hazardous Substance in, on, above, or under
the Mortgaged Property; (b) any past, present or, to the extent actually known
by Borrower, threatened Release of Hazardous Substance in, on, above, under or
from the Mortgaged Property; (c) any activity by Indemnitor, any Person
affiliated with Indemnitor, and any tenant or other user of the Mortgaged
Property in connection with any actual, proposed or threatened use, treatment,
storage, holding, existence, disposition or other Release, generation,
production, manufacturing, processing, refining, control, management, abatement,
removal, handling, transfer or transportation to or from the Mortgaged Property
of any Hazardous Substance at any time located in, under, on or above the
Mortgaged Property; (d) any activity by Indemnitor, any Person affiliated with
Indemnitor, and any tenant or other user of the Mortgaged Property in connection
with any actual or proposed Remediation of any Hazardous Substance at any time
located in, under, on or above the Mortgaged Property, whether or not such
Remediation is voluntary or pursuant to court or administrative order,
including, but not limited to, any removal,

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remedial or corrective action; (e) any past, present or threatened
non-compliance or violations of any Environmental Laws (or permits issued
pursuant to any Environmental Law) in connection with the Mortgaged Property or
operations thereon, including, but not limited to, any failure by Indemnitor,
any Person affiliated with Indemnitor, and any tenant or other user of the
Mortgaged Property to comply with any order of any Governmental Authority in
connection with any Environmental Laws; (f) the imposition, recording or filing
or the threatened imposition, recording or filing of any Environmental Lien
encumbering the Mortgaged Property; (g) any administrative processes or
proceedings or judicial proceedings in any way connected with any matter
addressed in this Agreement; (h) any past, present or threatened injury to,
destruction of or loss of natural resources in any way connected with the
Mortgaged Property, including, but not limited to, costs to investigate and
assess such injury, destruction or loss; (i) any acts of Indemnitor, any Person
affiliated with Indemnitor, and any tenant or other user of the Mortgaged
Property in arranging for disposal or treatment, or arranging with a transporter
for transport for disposal or treatment, of Hazardous Substances at any facility
or incineration vessel containing Hazardous Substance; (j) any acts of
Indemnitor, any Person affiliated with any Indemnitor, and any tenant or other
user of the Mortgaged Property in accepting any Hazardous Substance for
transport to disposal or treatment facilities, incineration vessels or sites
from which there is a Release, or a threatened Release of any Hazardous
Substance which causes the incurrence of costs for Remediation; (k) any personal
injury, wrongful death, or property or other damage arising under any statutory
or common law or tort law theory, including, but not limited to, damages
assessed for private or public nuisance or for the conducting of an abnormally
dangerous activity on or near the Mortgaged Property; and (l) any
misrepresentation or inaccuracy in any representation or warranty or material
breach or failure to perform any covenants or other obligations pursuant to this
Agreement, the Loan Agreement or the Mortgage; provided, however, that the
foregoing indemnification shall not cover or include such actual liabilities,
obligations, claims, demands, damages, penalties, causes of action, losses,
fines, costs and expenses to the extent caused by or resulting from (A) the
gross negligence or willful misconduct of an Indemnified Party or (B) activities
that occurred at the Mortgaged Property following the transfer of title to the
Mortgaged Property pursuant to a foreclosure of the Mortgage (or deed in lieu
thereof) to party other than an Affiliate of Borrower. The obligations and
liabilities of Borrower under this Article IV shall terminate and be of no
further force or effect when all of the following conditions are satisfied: (i)
there has been no change, between the date hereof and prior to the date the Loan
is paid in full, in any Environmental Law which would impose liability on a
mortgagee or lender with respect to any environmental problem notwithstanding
the fact that the Loan is paid in full; (ii) Lender shall have received a Phase
I environmental report of the Mortgaged Property dated no more than ninety (90)
days prior to the Environmental Trigger Date (defined herein) showing that no
environmental problem exists with respect to the Mortgaged Property to the
reasonable satisfaction of Lender; and (iii) three (3) years have passed since
the Environmental Trigger Date. "Environmental Trigger Date" shall mean either
of the following, as applicable: (i) the date on which all outstanding
indebtedness under the Note shall have been paid in full or (ii) the date on
which the Mortgaged Property shall have been conveyed pursuant to a third party
sale, foreclosure of the Mortgage, exercise of the power of sale under the
Mortgage or deed in lieu thereof. the indemnification obligations of Indemnitor
hereunder shall be deemed to constitute a part of the Debt secured by the
Mortgage and the other Loan Documents.

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                                   ARTICLE V.
                                 MISCELLANEOUS

     Section 5.1 Survival of Obligations. Subject to the terms of Article IV
hereof, each and all of the representations, covenants and agreements and
indemnities contained herein shall survive any termination, satisfaction or
assignment of the Loan Documents or the entry of a judgment of foreclosure, sale
of the Mortgaged Property by nonjudicial foreclosure sale, delivery of a deed in
lieu of foreclosure or the exercise by Lender of any of its other rights and
remedies under the Loan Documents.

     Section 5.2 Notices. All notices or other communications required or
permitted to be given hereunder shall be given to the parties and become
effective as provided in the Mortgage.

     Section 5.3 Binding Effect. All pronouns and any variations thereof shall
be deemed to refer to the masculine, feminine, neuter, singular or plural as the
identity of the person or persons referred to may require. Without limiting the
effect of specific references in any provision of this Agreement, the term
"Indemnitor" shall be deemed to refer to Indemnitor and each person or entity
comprising Indemnitor from time to time, as the sense of a particular provision
may require, and to include the heirs, executors, administrators, legal
representatives, successors, transferees and assigns of Indemnitor, all of whom
shall be bound by the provisions of this Agreement. Each reference herein to
Lender shall be deemed to include its successors and assigns, to whose favor the
provisions of this Agreement shall also inure.

     Section 5.4 Counterparts. This Agreement may be executed in any number of
counterparts each of which shall be deemed to be an original but all of which
when taken together shall constitute one agreement.

     Section 5.5 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE MORTGAGED
PROPERTY IS LOCATED, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THAT WOULD
OTHERWISE REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION, AND THE
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

     Section 5.6 WAIVER OF JURY TRIAL. INDEMNITOR AND INDEMNITEE, TO THE FULL
EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH
AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER
FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON,
ARISING OUT OF, OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY CONDUCT, ACT OR
OMISSION OF LENDER OR INDEMNITOR, OR ANY OF INDEMNITOR'S DIRECTORS, OFFICERS,
PARTNERS, MEMBERS, BENEFICIARIES, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER
PERSONS AFFILIATED WITH LENDER OR INDEMNITOR, IN EACH OF THE FOREGOING CASES,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS

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PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER
PARTY.

     Section 5.7 Intentionally omitted.

     Section 5.8 Intentionally omitted.

     Section 5.9 Intentionally omitted.

     Section 5.10 Agreement Secured by Mortgage. This Agreement, the payment of
all sums due hereunder and the performance and discharge of each and every
obligation, covenant and agreement of Indemnitor contained herein, are, and
shall be deemed to be, secured by the Mortgage.

     Section 5.11 Reliance. Indemnitor recognizes and acknowledges that in
entering into the loan transaction evidenced by the Loan Documents and accepting
the Mortgage, Lender is expressly and primarily relying on the truth and
accuracy of the warranties and representations set forth in this Agreement
without any obligation to investigate the Mortgaged Property and notwithstanding
any investigation of the Mortgaged Property by Lender; that such reliance exists
on the part of Lender prior hereto; that such warranties and representations are
a material inducement to Lender in making the loan evidenced by the Loan
Documents and accepting the Mortgage; and that Lender would not be willing to
make the loan evidenced by the Loan Documents and accept the Mortgage in the
absence of such warranties and representations.

     Section 5.12 Joint and Several Liability; Release. If Indemnitor consists
of more than one person or entity, the obligations and liabilities of each such
person or entity hereunder shall be joint and several. Any one or more parties
liable upon or in respect of this Agreement may be released without affecting
the liability of any party not so released.

     Section 5.13 Rights and Remedies Cumulative. The rights and remedies herein
provided are cumulative and not exclusive of any rights or remedies which Lender
has under the Note, the Mortgage, or the Loan Documents or would otherwise have
at law or in equity.

     Section 5.14 Severability. If any term, condition or covenant of this
Agreement shall be held to be invalid, illegal or unenforceable in any respect,
this Agreement shall be construed without such provision.

     Section 5.15 Headings. The article, section and subsection entitlements
hereof are inserted for convenience of reference only and shall in no way alter,
modify, or define, or be used in construing the text of such articles, sections
or subsections.

     Section 5.16 No Oral Change. This Agreement may not be waived, extended,
changed, discharged or terminated orally, or by any act or failure to act on the
part of Indemnitor or Lender, but only by an agreement in writing signed by the
party against whom the enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought.

                            [SIGNATURE PAGE FOLLOWS]

                                       10

<PAGE>

     EXECUTED as of the date first above written.

                                        BORROWER:

                                        RAMCO JACKSONVILLE LLC,
                                        a Delaware limited liability company

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Title: Chief Financial Officer

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       11

<PAGE>

                                        LENDER:

                                        JPMORGAN CHASE BANK, N.A.,
                                        a national banking association

                                        By: /s/ Julio C. Martinez
                                            ------------------------------------
                                        Name: Julio C. Martinez
                                        Title: Attorney In Fact

                                       12

<PAGE>

                                    EXHIBIT A

                                Legal Description<PAGE>

                                                                     Exhibit 4.5

                                    GUARANTY

     This GUARANTY ("Guaranty") is executed as of March 30, 2007, by
RAMCO-GERSHENSON PROPERTIES L.P., a Delaware limited partnership ("Guarantor"),
for the benefit of JPMORGAN CHASE BANK, N.A., a national banking association
("Lender").

     A. RAMCO JACKSONVILLE LLC, a Delaware limited liability company
("Borrower") is indebted to Lender with respect to a loan ("Loan") pursuant to
that certain Amended and Restated Fixed Rate Note dated of even date herewith,
payable to the order of Lender in the original principal amount of $110,000,000
(together with all renewals, modifications, increases and extensions thereof,
the "Note"), which is secured by the liens and security interests of that
certain Amended and Restated Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing of even date herewith (as the same may be amended,
restated, extended, or otherwise modified from time to time, the "Mortgage"),
and further evidenced, secured or governed by the other Loan Documents (as
defined in the Note); and

     B. Lender is not willing to make the Loan, or otherwise extend credit, to
Borrower unless Guarantor unconditionally guarantees payment and performance to
Lender of the Guaranteed Obligations (as herein defined); and

     C. Guarantor is the owner of a direct or indirect interest in Borrower, and
Guarantor will directly benefit from Lender's making the Loan to Borrower.

     NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower
thereunder, and to extend such additional credit as Lender may from time to time
agree to extend under the Loan Documents, and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

                                    ARTICLE I

                          NATURE AND SCOPE OF GUARANTY

     1.1 Guaranty of Obligation. Guarantor hereby irrevocably and
unconditionally guarantees to Lender (and its successors and assigns), jointly
and severally, the payment and performance of the Guaranteed Obligations as and
when the same shall be due and payable, whether by lapse of time, by
acceleration of maturity or otherwise. Guarantor hereby irrevocably and
unconditionally covenants and agrees that it is liable for the Guaranteed
Obligations as a primary obligor, and that Guarantor shall fully perform each
and every term and provision hereof.

     1.2 Definition of Guaranteed Obligations. As used herein, the term
"Guaranteed Obligations" shall mean the Debt (as defined in the Note) in the
event (i) any petition or proceeding for bankruptcy, reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by Borrower or any affiliate of Borrower with respect to
Borrower (or if any such petition or proceeding was not so filed by Borrower,
but Borrower or Guarantor or their respective agents, affiliates, officers or
employees consented to,

                                       1
<PAGE>

acquiesced in arranged or otherwise participated in bringing about the
institution of such petition or proceeding) or (ii) Borrower fails to satisfy
its obligations pursuant to Sections 1(ii)(b)(3), (4), (5) and (6) of the Note
or Section 1(ii)(c) of the Note, as applicable. In addition, the Guaranteed
Obligations shall also include and Guarantor shall also be liable for, and shall
indemnify, defend and hold Lender, its successors and assigns, and their
respective shareholders, employees, officers, directors, and agents (each an
"Indemnified Party") harmless from and against, any and all loss, cost, expense,
damage, claim or other obligation (including, without limitation, reasonable
attorney's fees and costs of defense) incurred or suffered by Lender and arising
out of or in connection with the following matters listed in subsections (a)
through (l) below, excluding any liability, loss, damage, claim or obligation to
the extent caused by or resulting from the negligent or grossly negligent acts
of an Indemnified Party:

          (a) Borrower fails to obtain Lender's prior written consent to any
subordinate financing (except as permitted in Section 9(d) of the Mortgage) or
any other encumbrance on the Property, or any transfer of the Property or direct
or indirect equity interest in Borrower in violation of Section 12 of the
Mortgage;

          (b) the misapplication by Borrower, its agents, affiliates, officers
or employees of any funds derived from the Property, including security
deposits, insurance proceeds and condemnation awards, in violation of the Loan
Documents;

          (c) Borrower's failure to apply proceeds of rents or any other
payments in respect of the leases and other income from the Property or any
other collateral when received to the costs of maintenance and operation of the
Property to capital expenditures for the Property and/or leasing costs, tenant
improvements and tenant allowances under leases at the Property and to the
payment of taxes, lien claims, insurance premiums, monthly payments of principal
and interest or escrow payments or other payments due under the Loan Documents
to the extent the Loan Documents require such proceeds to be then so applied;

          (d) any litigation or other legal proceeding related to the Debt filed
by Borrower or any Guarantor or indemnitor that delays or impairs Lender's
ability to preserve, enforce or foreclose its lien on the Property, including,
but not limited to, the filing of a voluntary petition concerning Borrower under
the U.S. Bankruptcy Code, in which action a claim, counterclaim, or defense is
asserted against Lender, other than any litigation or other legal proceeding in
which a final, non-appealable judgment for money damages or injunctive relief is
entered against Lender;

          (e) the seizure or forfeiture of the Property, or any portion thereof,
or Lender's interest therein, resulting from criminal wrongdoing by Borrower,
its agents, affiliates, officers or employees;

          (f) the involuntary bankruptcy of Borrower if Borrower and any
guarantor are not using their best efforts to obtain dismissal of the bankruptcy
proceeding;

          (g) waste to the Property caused by the acts or omissions of Borrower,
its agents, affiliates, officers, employees or contractors; or the removal or
disposal of any portion of the Property by Borrower, its agents, affiliates,
officers, employees or contractors after an Event

                                        2

<PAGE>

of Default to the extent such Property is not replaced by Borrower with like
property of equivalent value, function and design;

          (h) failure by Borrower to pay any or all such taxes, assessments or
premiums in accordance with the terms of the Mortgage (except for taxes and
assessment which accrue, and premiums which are payable, after either (1) the
date that Lender takes title to the Property by foreclosure, deed-in-lieu of
foreclosure or otherwise or (2) Lender obtains the appointment of a receiver or
otherwise takes possession directly as a mortgagee in possession (provided,
that, Borrower has relinquished possession and control of the Property to such
receiver or Lender and is not disputing the receivership or possession by the
receiver or Lender)), provided, however that Guarantor's liability hereunder
with respect to the failure of Borrower to pay such taxes shall be limited to
all amounts available to Borrower from the cash flow of the Property;

          (i) in the event of fraud or material misrepresentation by Borrower or
Guarantor in connection with the Loan Documents or any other documents delivered
by Borrower or Guarantor to Lender in connection with the Loan;

          (j) in the event the first full Monthly Installment (as defined in the
Note) is not paid when due;

          (k) in the event there shall occur any material breach or default
under the provisions of Section 9 of the Mortgage (entitled "Single Purpose
Entity/Separateness"); or

          (l) the breach by Borrower of any indemnification of Lender as set
forth in Section 19(c) of the Mortgage.

     1.3 Nature of Guaranty. This Guaranty is an irrevocable, absolute,
continuing guaranty of payment and performance, is joint and several and is not
a guaranty of collection. This Guaranty may not be revoked by Guarantor and
shall continue to be effective with respect to any Guaranteed Obligations
arising or created after any attempted revocation by Guarantor and after (if
Guarantor is a natural person) Guarantor's death (in which event this Guaranty
shall be binding upon Guarantor's estate and Guarantor's legal representatives
and heirs). The fact that at any time or from time to time the Guaranteed
Obligations may be increased or reduced shall not release or discharge the
obligation of Guarantor to Lender with respect to Guaranteed Obligations. This
Guaranty may be enforced by Lender and any subsequent holder of the Note and
shall not be discharged by the assignment or negotiation of all or part of the
Note.

     1.4 Guaranteed Obligations Not Reduced by Offset. The Guaranteed
Obligations and the liabilities and obligations of Guarantor to Lender
hereunder, shall not be reduced, discharged or released because or by reason of
any existing or future offset, claim or defense of Borrower, or any other party,
against Lender or against payment of the Guaranteed Obligations, whether such
offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise.

     1.5 Payment by Guarantor. If all or any part of the Guaranteed Obligations,
as limited by Section 1.2, shall not be punctually paid when due, whether at
maturity or earlier by acceleration or otherwise, Guarantor shall, immediately
upon demand by Lender, and without presentment, protest, notice of protest,
notice of non-payment, notice of intention to accelerate

                                        3

<PAGE>

the maturity, notice of acceleration of the maturity, or any other notice
whatsoever, pay in lawful money of the United States of America, the amount due
on the Guaranteed Obligations to Lender at Lender's address as set forth herein.
Such demand(s) may be made at any time coincident with or after the time for
payment of all or part of the Guaranteed Obligations, and may be made from time
to time with respect to the same or different items of Guaranteed Obligations.
Such demand shall be deemed made, given and received in accordance with the
notice provisions hereof.

     1.6 No Duty to Pursue Others. It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender),
in order to enforce such payment by Guarantor, first to (i) institute suit or
exhaust its remedies against Borrower or others liable on the Loan or the
Guaranteed Obligations or any other person, (ii) enforce Lender's rights against
any collateral which shall ever have been given to secure the Loan, (iii)
enforce Lender's rights against any other guarantors of the Guaranteed
Obligations, (iv) join Borrower or any others liable on the Guaranteed
Obligations in any action seeking to enforce this Guaranty, (v) exhaust any
remedies available to Lender against any collateral which shall ever have been
given to secure the Loan, or (vi) resort to any other means of obtaining payment
of the Guaranteed Obligations. Lender shall not be required to mitigate damages
or take any other action to reduce, collect or enforce the Guaranteed
Obligations.

     1.7 Waivers. Guarantor agrees to the provisions of the Loan Documents, and
hereby waives notice of (i) any loans or advances made by Lender to Borrower,
(ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note
or of any other Loan Documents, (iv) the execution and delivery by Borrower and
Lender of any other loan or credit agreement or of Borrower's execution and
delivery of any promissory notes or other documents arising under the Loan
Documents or in connection with the Property, (v) the occurrence of any breach
by Borrower or Event of Default, (vi) Lender's transfer or disposition of the
Guaranteed Obligations, or any part thereof, (vii) sale or foreclosure (or
posting or advertising for sale or foreclosure) of any collateral for the
Guaranteed Obligations, (viii) protest, proof of non-payment or default by
Borrower, or (ix) any other action at any time taken or omitted by Lender, and,
generally, all demands and notices of every kind in connection with this
Guaranty, the Loan Documents, any documents or agreements evidencing, securing
or relating to any of the Guaranteed Obligations and the obligations hereby
guaranteed.

     1.8 Payment of Expenses. In the event that Guarantor should breach or fail
to timely perform any provisions of this Guaranty, Guarantor shall, immediately
upon demand by Lender, pay Lender all costs and expenses (including court costs
and reasonable attorneys' fees) incurred by Lender in the enforcement hereof or
the preservation of Lender's rights hereunder. The covenant contained in this
section shall survive the payment and performance of the Guaranteed Obligations.

     1.9 Effect of Bankruptcy. In the event that, pursuant to any insolvency,
bankruptcy, reorganization, receivership or other action under any debtor relief
law, or any judgment, order or decision thereunder, Lender must rescind or
restore any payment, or any part thereof, received by Lender in satisfaction of
the Guaranteed Obligations, as set forth herein, any prior release or discharge
from the terms of this Guaranty given to Guarantor by Lender shall be without
effect, and this Guaranty shall remain in full force and effect. It is the
intention of Borrower and

                                        4

<PAGE>

Guarantor that Guarantor's obligations hereunder shall not be discharged except
by Guarantor's performance of such obligations and then only to the extent of
such performance.

     1.10 Deferment of Rights of Subrogation, Reimbursement and Contribution.

          (a) Notwithstanding any payment or payments made by any Guarantor
hereunder, no Guarantor will assert or exercise any right of Lender or of such
Guarantor against Borrower to recover the amount of any payment made by such
Guarantor to Lender by way of subrogation, reimbursement, contribution,
indemnity, or otherwise arising by contract or operation of law, and such
Guarantor shall not have any right of recourse to or any claim against assets or
property of Borrower, whether or not the obligations of Borrower have been
satisfied, all of such rights being herein expressly waived by such Guarantor.
If any amount shall nevertheless be paid to a Guarantor by Borrower or another
Guarantor prior to payment in full of the Obligations (hereinafter defined),
such amount shall be held in trust for the benefit of Lender and shall forthwith
be paid to Lender to be credited and applied to the Obligations, whether matured
or unmatured. The provisions of this section shall survive the termination of
this Guaranty, and any satisfaction and discharge of Borrower by virtue of any
payment, court order or any applicable law.

          (b) Notwithstanding the provisions of Section 1.10(a), each Guarantor
shall have and be entitled to (1) all rights of subrogation otherwise provided
by applicable law in respect of any payment it may make or be obligated to make
under this Guaranty, and (2) all claims it would have against Borrower or any
other Guarantor in the absence of Section 1.10(a) and to assert and enforce
same, in each case on and after, but at no time prior to, the date (the
"Subrogation Trigger Date") which is 91 days after the date on which all sums
owed to Lender under the Loan Documents (the "Obligations") have been paid in
full, if and only if (x) no Event of Default of the type described in Sections
22(f) or 22(g) of the Mortgage with respect to Borrower or any other Guarantor
has existed at any time on and after the date of this Guaranty to and including
the Subrogation Trigger Date and (y) the existence of each Guarantor's rights
under this Section 1.10(b) would not make such Guarantor a creditor (as defined
in the Bankruptcy Code, as such term is hereinafter defined) of Borrower or any
other Guarantor in any insolvency, bankruptcy, reorganization or similar
proceeding commenced on or prior to the Subrogation Trigger Date.

     1.11 Bankruptcy Code Waiver. It is the intention of the parties that no
Guarantor shall be deemed to be a "creditor" or "creditors" (as defined in
Section 101 of the United States Bankruptcy Code (the "Bankruptcy Code")) of
Borrower, or any such Guarantor, by reason of the existence of this Guaranty, in
the event that Borrower or any such Guarantor, becomes a debtor in any
proceeding under the Bankruptcy Code, and in connection herewith, such Guarantor
hereby waives any such right as a "creditor" under the Bankruptcy Code. This
waiver is given to induce Lender to make the Loan evidenced by the Note to
Borrower. After the Loan is paid in full and there shall be no obligations or
liabilities under this Guaranty outstanding, this waiver shall be deemed to be
terminated.

     1.12 Borrower. The term "Borrower" as used herein shall include any new or
successor corporation, association, partnership (general or limited), joint
venture, trust or other

                                        5

<PAGE>

individual or organization formed as a result of any merger, reorganization,
sale, transfer, devise, gift or bequest of Borrower or any interest in Borrower.

                                   ARTICLE II

                      EVENTS AND CIRCUMSTANCES NOT REDUCING
                     OR DISCHARGING GUARANTOR'S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees
that Guarantor's obligations under this Guaranty shall not be released,
diminished, impaired, reduced or adversely affected by any of the following, and
waives any common law, equitable, statutory or other rights (including without
limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

     2.1 Modifications. Any renewal, extension, increase, modification,
alteration or rearrangement of all or any part of the Guaranteed Obligations,
Note, Loan Documents, or other document, instrument, contract or understanding
between Borrower and Lender, or any other parties, pertaining to the Guaranteed
Obligations or any failure of Lender to notify Guarantor of any such action.

     2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that
might be granted or given by Lender to Borrower or any Guarantor.

     2.3 Condition of Borrower or Guarantor. The insolvency, bankruptcy,
arrangement, adjustment, composition, liquidation, disability, dissolution or
lack of power of Borrower, Guarantor or any other party at any time liable for
the payment of all or part of the Guaranteed Obligations or the Debt; or any
dissolution of Borrower or Guarantor, or any sale, lease or transfer of any or
all of the assets of Borrower or Guarantor, or any changes in the shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower
or Guarantor.

     2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Obligations, or any
document or agreement executed in connection with the Guaranteed Obligations,
for any reason whatsoever, including without limitation the fact that (i) the
Guaranteed Obligations, or any part thereof, exceed the amount permitted by law,
(ii) the act of creating the Guaranteed Obligations or any part thereof is ultra
vires, (iii) the officers or representatives executing the Note or the other
Loan Documents or otherwise creating the Guaranteed Obligations acted in excess
of their authority, (iv) the Guaranteed Obligations violate applicable usury
laws, (v) Borrower has valid defenses, claims or offsets (whether at law, in
equity or by agreement) which render the Guaranteed Obligations wholly or
partially uncollectible from Borrower, (vi) the creation, performance or
repayment of the Guaranteed Obligations (or the execution, delivery and
performance of any document or instrument representing part of the Guaranteed
Obligations or executed in connection with the Guaranteed Obligations, or given
to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible
or unenforceable, or (vii) the Note or any of the other Loan Documents have been
forged or otherwise are irregular or not genuine or authentic, it being agreed
that

                                        6

<PAGE>

Guarantor shall remain liable hereon regardless of whether Borrower or any other
person be found not liable on the Guaranteed Obligations or any part thereof for
any reason.

     2.5 Release of Obligors. Any full or partial release of the liability of
Borrower on the Guaranteed Obligations, or any part thereof, or of any
co-guarantors, or any other person or entity now or hereafter liable, whether
directly or indirectly, jointly, severally, or jointly and severally, to pay,
perform, guarantee or assure the payment of the Guaranteed Obligations, or any
part thereof, it being recognized, acknowledged and agreed by Guarantor that
Guarantor may be required to pay the Guaranteed Obligations in full without
assistance or support of any other party, and Guarantor has not been induced to
enter into this Guaranty on the basis of a contemplation, belief, understanding
or agreement that other parties will be liable to pay or perform the Guaranteed
Obligations, or that Lender will look to other parties to pay or perform the
Guaranteed Obligations.

     2.6 Other Collateral. The taking or accepting of any other security,
collateral or guaranty, or other assurance of payment, for all or any part of
the Guaranteed Obligations.

     2.7 Release of Collateral. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation
negligent, willful, unreasonable or unjustifiable impairment) of any collateral,
property or security, at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations.

     2.8 Care and Diligence. The failure of Lender or any other party to
exercise diligence or reasonable care in the preservation, protection,
enforcement, sale or other handling or treatment of all or any part of such
collateral, property or security, including but not limited to any neglect,
delay, omission, failure or refusal of Lender (i) to take or prosecute any
action for the collection of any of the Guaranteed Obligations, or (ii) to
foreclose, or initiate any action to foreclose, or, once commenced, prosecute to
completion any action to foreclose upon any security therefor, or (iii) to take
or prosecute any action in connection with any instrument or agreement
evidencing or securing all or any part of the Guaranteed Obligations.

     2.9 Unenforceability. The fact that any collateral, security, security
interest or lien contemplated or intended to be given, created or granted as
security for the repayment of the Guaranteed Obligations, or any part thereof,
shall not be properly perfected or created, or shall prove to be unenforceable
or subordinate to any other security interest or lien, it being recognized and
agreed by Guarantor that Guarantor is not entering into this Guaranty in
reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the collateral for the
Guaranteed Obligations.

     2.10 Offset. The Note, the Guaranteed Obligations and the liabilities and
obligations of Guarantor to Lender hereunder, shall not be reduced, discharged
or released because of or by reason of any existing or future right of offset,
claim or defense of Borrower against Lender, or any other party, or against
payment of the Guaranteed Obligations, whether such right of offset, claim or
defense arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

                                        7

<PAGE>

     2.11 Merger. The reorganization, merger or consolidation of Borrower into
or with any other corporation or entity.

     2.12 Preference. Any payment by Borrower to Lender is held to constitute a
preference under bankruptcy laws, or for any reason Lender is required to refund
such payment or pay such amount to Borrower or someone else.

     2.13 Other Actions Taken or Omitted. Any other action taken or omitted to
be taken with respect to the Loan Documents, the Guaranteed Obligations, or the
security and collateral therefor, whether or not such action or omission
prejudices Guarantor or increases the likelihood that Guarantor will be required
to pay the Guaranteed Obligations pursuant to the terms hereof, it is the
unambiguous and unequivocal intention of Guarantor that Guarantor shall be
obligated to pay the Guaranteed Obligations when due, notwithstanding any
occurrence, circumstance, event, action, or omission whatsoever, whether or not
contemplated, and whether or not otherwise or particularly described herein,
which obligation shall be deemed satisfied only upon the full and final payment
and satisfaction of the Guaranteed Obligations.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     To induce Lender to enter into the Loan Documents and extend credit to
Borrower, Guarantor represents and warrants to Lender as follows:

     3.1 Benefit. Guarantor is an affiliate of Borrower, is the owner of a
direct or indirect interest in Borrower, and has received, or will receive,
direct or indirect benefit from the making of this Guaranty with respect to the
Guaranteed Obligations.

     3.2 Familiarity and Reliance. Guarantor is familiar with, and has
independently reviewed books and records regarding, the financial condition of
Borrower and is familiar with the value of any and all collateral intended to be
created as security for the payment of the Note or Guaranteed Obligations;
however, Guarantor is not relying on such financial condition or the collateral
as an inducement to enter into this Guaranty.

     3.3 No Representation by Lender. Neither Lender nor any other party has
made any representation, warranty or statement to Guarantor in order to induce
Guarantor to execute this Guaranty.

     3.4 Guarantor's Financial Condition. As of the date hereof, and after
giving effect to this Guaranty and the contingent obligation evidenced hereby,
Guarantor is, and will be, solvent, and has and will have assets which, fairly
valued, exceed its obligations, liabilities (including contingent liabilities)
and debts, and has and will have property and assets sufficient to satisfy and
repay its obligations and liabilities.

     3.5 Legality. The execution, delivery and performance by Guarantor of this
Guaranty and the consummation of the transactions contemplated hereunder do not,
and will not, contravene or conflict with any law, statute or regulation
whatsoever to which Guarantor is subject or constitute a default (or an event
which with notice or lapse of time or both would

                                        8

<PAGE>

constitute a default) under, or result in the breach of, any indenture,
mortgage, deed of trust, charge, lien, or any contract, agreement or other
instrument to which Guarantor is a party or which may be applicable to
Guarantor. This Guaranty is a legal and binding obligation of Guarantor and is
enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of
creditors' rights.

     3.6 Survival. All representations and warranties made by Guarantor herein
shall survive the execution hereof.

     3.7 Review of Documents. Guarantor has examined the Note and all of the
Loan Documents.

     3.8 Litigation. Except as otherwise disclosed to Lender, there are no
proceedings pending or, so far as Guarantor knows, threatened before any court
or administrative agency which, if decided adversely to Guarantor, would
materially adversely affect the financial condition of Guarantor or the
authority of Guarantor to enter into, or the validity or enforceability of, this
Guaranty.

     3.9 Tax Returns. Guarantor has filed all required federal, state and local
tax returns and has paid all taxes as shown on such returns as they have become
due. To the best of Guarantor's knowledge after due investigation and inquiry,
no claims have been assessed and are unpaid with respect to such taxes.

                                   ARTICLE IV

                      SUBORDINATION OF CERTAIN INDEBTEDNESS

     4.1 Subordination of All Guarantor Claims. As used herein, the term
"Guarantor Claims" shall mean all debts and liabilities of Borrower to
Guarantor, whether such debts and liabilities now exist or are hereafter
incurred or arise, or whether the obligations of Borrower thereon be direct,
contingent, primary, secondary, several, joint and several, or otherwise, and
irrespective of whether such debts or liabilities be evidenced by note,
contract, open account, or otherwise, and irrespective of the person or persons
in whose favor such debts or liabilities may, at their inception, have been, or
may hereafter be created, or the manner in which they have been or may hereafter
be acquired by Guarantor. The Guarantor Claims shall include without limitation
all rights and claims of Guarantor against Borrower (arising as a result of
subrogation or otherwise) as a result of Guarantor's payment of all or a portion
of the Guaranteed Obligations to the extent the provisions of Section 1.10
hereof are unenforceable. Upon the occurrence and during the continuance of an
Event of Default or the occurrence and continuance of an event which would, with
the giving of notice or the passage of time, or both, constitute an Event of
Default, Guarantor shall not receive or collect, directly or indirectly, from
Borrower or any other party any amount upon the Guarantor Claims.

     4.2 Claims in Bankruptcy. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor's relief, or other insolvency proceedings
involving Borrower as debtor, Lender shall have the right to prove its claim in
any such proceeding so as to establish its rights hereunder and receive directly
from the receiver, trustee or other court custodian dividends and payments which
would otherwise be payable upon the Guarantor Claims. Guarantor hereby

                                        9

<PAGE>

assigns such dividends and payments to Lender. Should Lender receive, for
application upon the Guaranteed Obligations, any such dividend or payment which
is otherwise payable to Guarantor, and which, as between Borrower and Guarantor,
shall constitute a credit upon the Guarantor Claims, then upon payment to Lender
in full of the Guaranteed Obligations, Guarantor shall become subrogated to the
rights of Lender to the extent that such payments to Lender on the Guarantor
Claims have contributed toward the liquidation of the Guaranteed Obligations,
and such subrogation shall be with respect to that portion of the Guaranteed
Obligations which would have been unpaid if Lender had not received dividends or
payments upon the Guarantor Claims.

     4.3 Payments Held in Trust. In the event that, notwithstanding anything to
the contrary in this Guaranty, Guarantor should receive any funds, payment,
claim or distribution which is prohibited by this Guaranty, Guarantor agrees to
hold in trust for Lender an amount equal to the amount of all funds, payments,
claims or distributions so received, and agrees that it shall have absolutely no
dominion over the amount of such funds, payments, claims or distributions so
received except to pay them promptly to Lender, and Guarantor covenants promptly
to pay the same to Lender.

     4.4 Liens Subordinate. Guarantor agrees that any liens, security interests,
judgment liens, charges or other encumbrances upon Borrower's assets securing
payment of the Guarantor Claims shall be and remain inferior and subordinate to
any liens, security interests, judgment liens, charges or other encumbrances
upon Borrower's assets securing payment of the Guaranteed Obligations,
regardless of whether such encumbrances in favor of Guarantor or Lender
presently exist or are hereafter created or attach. Without the prior written
consent of Lender, Guarantor shall not (i) exercise or enforce any creditor's
right it may have against Borrower, or (ii) foreclose, repossess, sequester or
otherwise take steps or institute any action or proceedings (judicial or
otherwise, including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor's relief or insolvency
proceeding) to enforce any liens, mortgages, deeds of trust, security interests,
collateral rights, judgments or other encumbrances on assets of Borrower held by
Guarantor.

                                    ARTICLE V

                                  MISCELLANEOUS

     5.1 Waiver. No failure to exercise, and no delay in exercising, on the part
of Lender, any right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right. The rights of Lender hereunder shall
be in addition to all other rights provided by law. No modification or waiver of
any provision of this Guaranty, nor consent to departure therefrom, shall be
effective unless in writing and no such consent or waiver shall extend beyond
the particular case and purpose involved. No notice or demand given in any case
shall constitute a waiver of the right to take other action in the same, similar
or other instances without such notice or demand.

     5.2 Notices. Any notice, demand, statement, request or consent made
hereunder shall be in writing and shall be deemed to be received by the
addressee on the day such notice is tendered to a nationally recognized
overnight delivery service or on the third day following the

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<PAGE>

day such notice is deposited with the United States Postal Service first class
certified mail, return receipt requested, in either instance, addressed to the
address, as set forth below, of the party to whom such notice is to be given, or
to such other address as either party shall in like manner designate in writing.
The addresses of the parties hereto are as follows:

     Guarantor:

     RAMCO-GERSHENSON PROPERTIES L.P.
     31500 Northwestern Highway, Suite 300
     Farmington Hills, MI 48334
     Attn: Dennis Gershenson, President
     Fax: (248) 350-9925

     with a copy to:

     Honigman Miller Schwartz and Cohn LLP
     38500 Woodward Avenue, Suite 100
     Bloomfield Hills, MI 48304
     Attn: Alan M. Hurvitz, Esq.
     Fax: (248) 566-8455

     Lender:

     JPMorgan Chase Bank, N.A.
     c/o ARCap Servicing, Inc.
     5221 N O'Connor Blvd., Suite 600
     Irving, Texas 75039
     Attention: Wesley Wolfe
     Facsimile No.: (972) 868-5493

     with a copy to:

     Alston & Bird LLP
     90 Park Avenue
     New York, New York 10016
     Attention: Carson Leonard, Esq.
     Fax.: 212-210-9444

     5.3 Governing Law; Jurisdiction. This Guaranty shall be governed by and
construed in accordance with the laws of the State in which the real property
encumbered by the Mortgage is located, without regard to conflict of law
provisions that would otherwise require the application of the laws of another
jurisdiction, and the applicable laws of the United States of America. Guarantor
hereby irrevocably submits to the jurisdiction of any court of competent
jurisdiction located in the state in which the Property is located in connection
with any proceeding out of or relating to this Guaranty.

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<PAGE>

     5.4 Invalid Provisions. If any provision of this Guaranty is held to be
illegal, invalid, or unenforceable under present or future laws effective during
the term of this Guaranty, such provision shall be fully severable and this
Guaranty shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part of this Guaranty, and the
remaining provisions of this Guaranty shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by
its severance from this Guaranty, unless such continued effectiveness of this
Guaranty, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein.

     5.5 Amendments. This Guaranty may be amended only by an instrument in
writing executed by the party or an authorized representative of the party
against whom such amendment is sought to be enforced.

     5.6 Parties Bound; Assignment. This Guaranty shall be binding upon and
inure to the benefit of the parties hereto and their respective successors,
assigns and legal representatives, provided, however, that Guarantor may not,
without the prior written consent of Lender, assign any of its rights, powers,
duties or obligations hereunder.

     5.7 Headings. Section headings are for convenience of reference only and
shall in no way affect the interpretation of this Guaranty.

     5.8 Recitals. The recital and introductory paragraphs hereof are a part
hereof, form a basis for this Guaranty and shall be considered prima facie
evidence of the facts and documents referred to therein.

     5.9 Counterparts. To facilitate execution, this Guaranty may be executed in
as many counterparts as may be convenient or required. It shall not be necessary
that the signature or acknowledgment of, or on behalf of, each party, or that
the signature of all persons required to bind any party, or the acknowledgment
of such party, appear on each counterpart. All counterparts shall collectively
constitute a single instrument. It shall not be necessary in making proof of
this Guaranty to produce or account for more than a single counterpart
containing the respective signatures of, or on behalf of, and the respective
acknowledgments of, each of the parties hereto. Any signature or acknowledgment
page to any counterpart may be detached from such counterpart without impairing
the legal effect of the signatures or acknowledgments thereon and thereafter
attached to another counterpart identical thereto except having attached to it
additional signature or acknowledgment pages.

     5.10 Financial Statements. Guarantor shall furnish or cause to be furnished
to Lender the following:

          (a) within one hundred twenty (120) days after the close of each
fiscal year of Guarantor, a balance sheet of Guarantor dated as of the close of
such fiscal year; and

          (b) from time to time, such additional financial statements and
financial information as Lender shall require.

     All financial statements shall include, among other things, a balance
statement, a statement of profit and loss, disclosure of all contingent
liabilities and changes in financial

                                       12

<PAGE>

condition and a statement of net worth, together with such supporting schedules
and documentation as Lender shall require. Notwithstanding the foregoing or
anything herein to the contrary, Guarantor may deliver the financial statements
of its majority owner, Ramco-Gershenson Properties Trust, a Maryland real estate
trust, in lieu of delivery of its individual financial statements. All financial
statements shall be certified by Guarantor.

     5.11 Intentionally Omitted.

     5.12 Rights and Remedies. If Guarantor becomes liable for any indebtedness
owing by Borrower to Lender, by endorsement or otherwise, other than under this
Guaranty, such liability shall not be in any manner impaired or affected hereby
and the rights of Lender hereunder shall be cumulative of any and all other
rights that Lender may ever have against Guarantor. The exercise by Lender of
any right or remedy hereunder or under any other instrument, or at law or in
equity, shall not preclude the concurrent or subsequent exercise of any other
right or remedy.

     5.13 ENTIRETY. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF
GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR'S GUARANTY OF THE GUARANTEED
OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A
FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF
DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE
PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE
USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY
AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.

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

                            (SIGNATURE PAGE FOLLOWS)

                                       13

<PAGE>

     EXECUTED as of the day and year first above written.

                                        GUARANTOR:

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

                                        By: Ramco-Gershenson Properties Trust,
                                            Maryland real estate investment
                                            trust, its General Partner

                                        By: /s/ Richard J. Smith
                                            ------------------------------------
                                        Name: Richard J. Smith
                                        Title: Chief Financial Officer

                                       14

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