Document:

<PAGE>   1
                                                                  EXHIBIT 10(nn)

                            FOURTH AMENDMENT TO LEASE

          THIS FOURTH AMENDMENT TO LEASE AGREEMENT (this "Agreement") dated as
of December 28, 2000, by and between RANDOLPH/CLINTON LIMITED PARTNERSHIP, a
Delaware limited partnership ("Landlord"), with an address at c/o W.P. Carey &
Co. LLC, 50 Rockefeller Plaza, 2nd Floor, New York, NY 10020, and INFORMATION
RESOURCES, INC., a Delaware corporation ("Tenant") with an address at 150 North
Clinton Street and 564 West Randolph Street, Chicago, ILL.

                                   WITNESSETH:
                                   -----------
          WHEREAS, Landlord and Tenant entered into a certain Lease Agreement
dated of September 27, 1990, as amended by that certain Amendment Number 1 to
Lease Agreement between Landlord and Tenant dated as of March 29, 1991, as
further amended by that certain Second Amendment to Lease Agreement dated as of
March 29, 1995 between Landlord and Tenant, as further amended by that certain
Waiver, Consent and Covenant Agreement dated as of February 8, 1999 between
Landlord and Tenant, as further amended by that certain Third Amendment and
Waiver Agreement dated as of February 9, 2000 between Landlord and Tenant (as so
amended, the "Lease");

          WHEREAS, Landlord and Tenant desire to amend the Lease in the manner
set forth hereinafter;

          NOW, THEREFORE, intending to be legally bound, the parties hereto
agree as follows:

1.   Capitalized terms used herein and not defined herein shall have the
     meanings assigned to such terms in the Lease, as amended hereby.

2.   The covenants set forth in paragraph C(iv) of Exhibit E to the Lease are
     hereby deleted. The definition of Consolidated Operating Income set forth
     on Exhibit E to the Lease is amended so as to exclude from Consolidated
     Operating Income (but only for the fiscal years ending December 31, 2001
     and December 31, 2002) non-recurring, non-cash asset impairment charges
     which would otherwise have been included in Consolidated Operating Income
     for such periods in accordance with Exhibit E to the Lease. The amendments
     to the Lease set forth in this paragraph 2 shall be effective only upon
     delivery to Landlord of the initial Letter of Credit (as defined
     hereinafter) within the time periods specific in paragraph 3 of this
     Agreement.

3.   As additional security for (i) the payment of Rent, (ii) the performance by
     Tenant of its obligations under paragraphs 10 and 12 of the Lease, and
     (iii) performance by Tenant of its other monetary obligations under the
     Lease (as amended hereby) (the obligations in clauses (i), (ii) and (iii)
     being referred to herein as the "Obligations"), Tenant shall provide to
     Landlord, within 10 business days following execution of this Agreement by
     Tenant, a standby letter of credit naming Landlord as the beneficiary in
     the amount of $2,465,652. Such letter of credit, and any substitute
     therefor provided to Landlord in the manner set forth hereinafter and
     meeting the conditions specified herein, is referred to herein as the
     "Letter of Credit". The Letter of Credit shall be in form and scope
     reasonably satisfactory to Landlord and (a) shall be irrevocable and
     unconditional, (b) must be issued by Harris Trust and Savings Bank or
     another financial institution having a rating on its long term unsecured
     senior debt of AA- or better from Standard & Poors Corporation or Aa3 or
     better from Moody's Investor Services, Inc. (and if the rating of the long
     term unsecured senior debt of either Harris Trust and Savings bank or any
     other issuer of the Letter of Credit does not at any time meet the minimum
     ratings specified in this clause (b), Tenant shall provide Landlord with a
     replacement Letter of Credit within 30 days following written notice to
     Tenant), (c) shall have a term of at least one year, (d) shall state that
     it may be drawn in whole or in part by a draft at sight in the amount of
     such drawing, accompanied only by a letter addressed to the issuing bank
     and signed by the then beneficiary of the Letter of Credit stating as
     follows: "An event has occurred which entitles the beneficiary of letter of
     credit number ____ dated ______ issued by ______ to make a drawing on such
     letter of credit.", (e) shall state that it may be assigned one or more
     times by the Landlord to (x) any Lender (including The Chase Manhattan
     Bank, its successors and assigns) or (y) any buyer of any of the Leased
     Premises, and shall also state that it may be assigned one or more times by
     Lender to any assignee of Lender, in all cases without payment of any fee
     to the issuing bank, (f) shall state that it shall be automatically renewed
     for a successive one year term unless the issuing bank notifies the
     beneficiary thereof in writing (by registered mail, return receipt
     requested) at least 45 days prior to the expiration date of the Letter of
     Credit then held by beneficiary that such Letter of Credit will not be so
     renewed. Tenant shall keep such Letter of Credit in effect during any
     period Tenant does not have a rating on its long term unsecured senior debt
     (or, if the Tenant does not have any outstanding long term unsecured senior
     debt, Tenant does not have a shadow rating) of at least BBB or better from
     Standard & Poors Corporation or a successor thereto or at least Baa2 or

<PAGE>   2

     better from Moody's Investor Services, Inc. or a successor thereto, it
     being understood that Tenant need not keep such Letter of Credit in effect
     with Landlord during any period in which the rating on Tenant's senior
     unsecured debt (or, if Tenant does not have any outstanding long term
     unsecured senior debt, Tenant's shadow rating, if any) meets or exceeds the
     foregoing specified minimum ratings.

4.   The Letter of Credit shall be held by Landlord (or its assignee) as
     additional collateral for the payment and/or performance of the
     Obligations. Upon occurrence of any Draw Default (as defined hereinafter)
     specified in clause (c) of paragraph 6(i) of this Agreement, the Landlord
     (or its assignee) shall be entitled to draw the Letter of Credit to the
     extent necessary to cure such Draw Default, but the Landlord shall not be
     obligated to do so. Accordingly, if such a Draw Default occurs which also
     constitutes an Event of Default, the Landlord may exercise all of its
     rights and remedies under the Lease as amended hereby and the Letter of
     Credit shall continue to be held as additional collateral for payment
     and/or performance of the Obligations.

5.   Upon occurrence of any Draw Default specified in clauses (a) or (b) of
     paragraph 6(i) of this Agreement, then Landlord (or its assignee) may draw
     the Letter of Credit in full. If the then beneficiary of the Letter of
     Credit is a Lender, then such sums may be deposited by Lender into a
     general account of Lender and may be commingled with other funds of Lender
     and no interest need be paid to Landlord or Tenant. If the then beneficiary
     is the Landlord and Landlord is permitted by Lender to hold such funds,
     such funds shall not be commingled with other funds of the Landlord but
     shall be deposited into a separate interest-bearing account of Landlord
     with interest earned (a) to be taxed to Tenant and (b) to be held in such
     account as part of the funds drawn under the Letter of Credit. In such
     event, the funds so held may be used to cure a Draw Default specified in
     clause (c) of paragraph 6 (i) of this Agreement (although the Landlord
     shall not be obligated to use funds to do so and the Landlord may exercise
     all of its other rights and remedies against the Tenant if an Event of
     Default has occurred and is continuing) or such funds shall be held by
     Landlord (or its assignee) as additional collateral for the payment and/or
     performance of the Obligations.

6.   (i) As used herein, "Draw Default" shall mean any one or more of the
     following events: (a) the Letter of Credit then held by the Landlord (or
     its assignee) is not renewed or extended for an additional term of at least
     one year, or is not replaced with a replacement Letter of Credit, on or
     prior to a date which is 30 days prior to the expiration date of the Letter
     of Credit then held by the Landlord or its assignee, or the Letter of
     Credit then held by Landlord (or its assignee) is not replaced within the
     time period specified in paragraph 3(b) of this Agreement (in the event of
     a downgrade of the issuing bank's credit as specified in paragraph 3(b) of
     this Agreement), (b) if a partial drawing is made on the Letter of Credit,
     Landlord (or its assignee) does not receive from the issuing bank, within
     30 days thereafter, a notice reinstating the amount which may be drawn
     under the Letter of Credit to $2,465,652, or (c) an Event of Default (as
     defined in the Lease, as amended hereby) occurs due to the Tenant's failure
     to timely pay or perform any Obligation.

          (ii) An additional Event of Default (as defined in the Lease) shall
occur if (a) the Letter of Credit then held by Landlord (or its assignee)
expires or terminates without being drawn in full and is not replaced by Tenant
with a replacement Letter of Credit within 30 days following written notice to
Tenant, or (b) Tenant fails to deliver the initial Letter of Credit to Landlord
within the time period specified in paragraph 3 of this Agreement and such
failure continues for 5 days following written notice from Landlord to Tenant.

          (iii) Within 15 days following any draw on the Letter of Credit,
Landlord shall give Tenant written notice of such draw.

7.   So long as no Draw Default specified in clause (c) of paragraph 6(i) has
     occurred and is continuing, the Letter of Credit (or, if the Letter of
     Credit was previously drawn and cash is being held pursuant to paragraph 5
     of this Agreement, then the amount of cash then so held pursuant to
     paragraph 5) shall be returned to Tenant upon the earlier to occur of the
     date on which Tenant meets or exceeds the minimum credit ratings specified
     in paragraph 3 of this Agreement (subject to Tenant's obligation to provide
     a new Letter of Credit if Tenant's credit ratings subsequently fall below
     those minimum ratings specified in paragraph 3 of this Agreement) or the
     expiration or earlier termination of the Lease Term and, in the event of
     such expiration or earlier termination, only after payment and performance
     by Tenant of all Obligations.

8.   Tenant shall, from time to time upon request of Landlord, provide to
     Landlord copies of documents evidencing Tenant's then existing credit
     facilities and amendments thereto.

9.   The Letter of Credit shall be in addition to, and not in lieu of,
     Landlord's rights to require a letter of credit pursuant to section 10(d)
     of the Lease.

10.  This Agreement may be executed in any number of counterparts and by the
     different parties thereto on separate counterparts, each of which, when so
     executed, shall be deemed an original, but all counterparts shall
     constitute but one and the same instrument.

                                       2
<PAGE>   3

11.  Each of Tenant and Landlord shall pay their own respective legal fees and
     expenses in preparing and reviewing this Agreement.

12.  If at any time the Letter of Credit is drawn and proceeds are held by
     Landlord (or its assignee) or Lender, Borrower shall have a right to
     substitute a letter of credit for the cash so held so long as such
     substitute letter of credit meets all of the terms and conditions of the
     Letter of Credit (except that the amount of such substitute letter of
     credit shall be in the amount of the cash so held). In such event, all
     references herein to the Letter of Credit shall be deemed to include any
     such substitute letter of credit.

          EXECUTED as of the day and year first above written.

                                        RANDOLPH/CLINTON LIMITED PARTNERSHIP, a
                                        Delaware limited partnership
                                        By: QRS 10-1(ILL), INC., general partner

                                        By
                                          --------------------------------------

                                        INFORMATION RESOURCES, INC., a
                                        Delaware corporation

                                        By
                                          --------------------------------------

                                       3<PAGE>   1
                                                                    EXHIBIT 4.15

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS
THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OTHERWISE
TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION
DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE
AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY AFFILIATE OF THE
OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH
NOTE), ONLY (A) TO THE OPERATING PARTNERSHIP OR ONE OF THE INITIAL PURCHASERS OR
BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL PURCHASER, (B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN INSTITUTION THAT
IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR BENEFIT OF A
U.S. PERSON), OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE
FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF
APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.
<PAGE>   2
UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF
DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A
NOMINEE OF DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ITS NOMINEE TO A SUCCESSOR
DEPOSITORY OR ITS NOMINEE.

Registered No. 1                                                PRINCIPAL AMOUNT
CUSIP No.: 32055RAF4                                            $200,000,000

                                 GLOBAL SECURITY
                             FIRST INDUSTRIAL, L.P.

                         7.375% NOTE DUE MARCH 15, 2011

FIRST INDUSTRIAL, L.P., a limited partnership duly organized and existing under
the laws of the State of Delaware (herein referred to as the "Operating
Partnership" which term shall include any successor entity under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or its registered assigns, upon presentation, the principal sum of TWO
HUNDRED MILLION DOLLARS on March 15, 2011 and to pay interest on the outstanding
principal amount thereon from March 19, 2001, or from the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on March 15 and September 15 in each year, commencing
September 15, 2001, at the rate of 7.375% per annum, until the entire principal
hereof is paid or made available for payment. The interest so payable and
punctually paid or duly provided for on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security is
registered at the close of business on the Regular Record Date for such interest
which shall be the March 1 or September 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date, and may either be paid to the Person
in whose name this Security is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of the Securities not less
than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. All
payments of principal, premium or Make-Whole Amount, if any, and interest in
respect of this Global Security will be made by the Operating Partnership in
immediately available funds.

Reference is hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.
<PAGE>   3
Unless the Certificate of Authentication hereon has been executed by the Trustee
by manual signature of one of its authorized signatories, this Security shall
not be entitled to any benefit under the Indenture, or be valid or obligatory
for any purpose.
<PAGE>   4
IN WITNESS WHEREOF, FIRST INDUSTRIAL, L.P. has caused this instrument to be duly
executed under its corporate seal.

Dated: March 19, 2001

                                        FIRST INDUSTRIAL, L.P.

                                        First Industrial Realty Trust, Inc., its
                                        general Partner

                                    By: /s/ Michael W. Brennan
                                        ----------------------
                                        Name: Michael W. Brennan
                                        Title: President and CEO

[Seal]

Attest:

/s/ Michael J. Havala
---------------------
Secretary
<PAGE>   5
TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

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

                                                   U.S. BANK TRUST NATIONAL
                                                   ASSOCIATION, as Trustee

                                               By: /s/ Lorianne Rosenberg
                                                   --------------------------
                                                   Authorized Signatory
<PAGE>   6
                               REVERSE OF SECURITY

         Securities of this series are one of a duly authorized issue of
securities of the Operating Partnership (herein called the "Securities"), issued
and to be issued in one or more series under an Indenture, dated as of May 13,
1997, as supplemented by Supplemental Indenture No. 6 thereto, dated as of March
19, 2001 (as so supplemented, herein called the "Indenture"), between the
Operating Partnership and U.S. Bank Trust National Association (herein called
the "Trustee," which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Operating Partnership, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are authenticated
and delivered and for definition of capitalized terms used hereby and not
otherwise defined. This Security is one of the series designated in the first
page thereof, limited in aggregate principal amount to $200,000,000.

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

         Securities of this series may be redeemed at any time at the option of
the Operating Partnership, in whole or in part, at a redemption price equal to
the sum of (i) the principal amount of the Securities being redeemed plus
accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount,
if any, with respect to such Securities.

         Notice of redemption will be given by mail to Holders of Securities,
not less than 30 nor more than 60 days prior to the Redemption Date, all as
provided in the Indenture.

         In the event of redemption of this Security in part only, a new
Security or Securities for the unredeemed portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

         If this Note is exchanged in an Exchange Offer prior to the Record Date
for the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

         The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated March 19, 2001 (the "Registration Rights Agreement")
among the Operating Partnership and Chase Securities Inc. and Credit Suisse
First Boston Corporation (collectively, the "Initial Purchasers").

         If the Operating Partnership fails to comply with certain provisions of
the Registration Rights Agreement, in each case as described below, then a
special interest premium (the "Special Interest Premium") shall become payable
in respect of the Notes as follows:

         If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the
<PAGE>   7
135th day following the Closing Date or (iii) the Exchange Offer is not
consummated or the shelf registration statement covering resales of the Notes
(the "Shelf Registration Statement") is not declared effective on or prior to
the 180th day following the Closing Date, the Special Interest Premium shall
accrue from and including the next day following each of (a) such 90-day period
in the case of clause (i) above, (b) such 135-day period in the case of clause
(ii) above and (c) such 180-day period in the cause of clause (iii) above, in
each case at a rate equal to 0.50% per annum. The aggregate amount of the
Special Interest Premium payable pursuant to the above provisions will in no
event exceed 0.50% per annum. If the Exchange Offer Registration Statement is
not declared effective on or prior to the 135th day following the Closing Date
and the Operating Partnership shall request the Holder of this Note to provide
the information called for by the Registration Rights Agreement for inclusion in
the Shelf Registration Statement and the Holder of this Note does not deliver
such information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note will not be entitled
to any such increase in the interest rate for any day after the 180th day
following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, will be reduced to the original interest rate provided for herein.

         If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Operating Partnership on this Security and (b)
certain restrictive covenants and the related defaults and Events of Default
applicable to the Operating Partnership, in each case, upon compliance by the
Operating Partnership with certain conditions set forth in the Indenture, which
provisions apply to this Security.

         If an Event of Default with respect to the Securities shall occur and
be continuing, the principal amount of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
written notice to the Trustee of a continuing Event of Default with respect to
the Securities, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent
<PAGE>   8
with such request, and shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of principal hereof or any interest on or
after the respective due dates expressed herein.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Operating Partnership and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Operating
Partnership and the Trustee with the consent of the Holders of not less than a
majority in principal amount of the Outstanding Securities of each series of
Securities then Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Operating
Partnership with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Operating
Partnership, which is absolute and unconditional, to pay the principal of (and
Make-Whole Amount, if any) and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Operating Partnership in any Place of Payment where the
principal of (and Make-Whole Amount, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Operating Partnership and the Security Registrar duly
executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection
therewith.

         Prior to due presentment of this Security for registration of transfer,
the Operating Partnership, the Trustee and any agent of the Operating
Partnership or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Operating Partnership, the Trustee nor any such agent
shall be affected by notice to the contrary.

         No recourse shall be had for the payment of the principal of, premium
or Make-Whole Amount, if any, or interest in respect of this Security, or for
any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture or any indenture supplemental thereto, against any
past, present or future stockholder, employee, officer, director, incorporator,
limited or general partner, as such, of the
<PAGE>   9
Operating Partnership or the General Partner or of any successor, either
directly or through the Operating Partnership or the General Partner or any
successor, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

         All capitalized terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

         THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Operating Partnership has caused "CUSIP"
numbers to be printed on the Securities of this series as a convenience to the
Holders of such Securities. No representation is made as to the correctness or
accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.
<PAGE>   10
                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

[        ]______________________________________________________________________
(Please Print or Typewrite Name and Address including Zip Code of Assignee)

________________________________________________________________________________
the within Security of First Industrial, L.P. and hereby does irrevocably
constitute and appoint

_______________________________________________________________________ Attorney
to transfer said Security on the books of First Industrial, L.P. with full power
of substitution in the premises.

Dated:

NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within Security in every particular, without
alteration or enlargement or any change whatever.

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