Document:

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Exhibit 10.1

                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                             GGP LIMITED PARTNERSHIP

                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                             GGP LIMITED PARTNERSHIP

     THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP is made
and entered into this 1st day of April, 1998, by and among the undersigned
parties.

                                   WITNESSETH:

     WHEREAS, a Delaware limited partnership known as GGP Limited Partnership
(the "Partnership") exists pursuant to that certain Amended and Restated
Agreement of Limited Partnership dated as of July 27, 1993, as amended by that
certain First Amendment thereto dated May 23, 1995, that certain Second
Amendment thereto dated July 13, 1995, that certain Third

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Amendment thereto dated as of May 21, 1996, that certain Fourth Amendment
thereto dated as of August 30, 1996, that certain Fifth Amendment thereto dated
as of October 4, 1996, that certain Sixth Amendment thereto dated as of November
27, 1996, that certain Seventh Amendment thereto dated as of December 6, 1996,
that certain Eighth Amendment dated June 19, 1997, that certain Ninth Amendment
dated August 8, 1997, that certain Tenth Amendment dated as of September 8,
1997, that certain Eleventh Amendment dated as of September 11, 1997, that
certain Twelfth Amendment thereto dated October 15, 1997, that certain
Thirteenth Amendment thereto dated October 23, 1997 and that certain Fourteenth
Amendment thereto dated October 29, 1997 (collectively, the "Initial Partnership
Agreement"), and the Delaware Revised Uniform Limited Partnership Act;

     WHEREAS, the parties hereto, being the general partner and a majority in
interest of the limited partners of the Partnership desire to amend and restate
the Initial Partnership Agreement as set forth herein.

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

                                    ARTICLE I

                                Definitions; Etc.

     Definitions. Except as otherwise herein expressly provided, the following
terms and phrases shall have the meanings set forth below:

     "Accountants" shall mean the firm or firms of independent certified public
accountants selected by the General Partner on behalf of the Partnership and the
Property Partnerships to audit the books and records of the Partnership and the
Property Partnerships and to prepare statements and reports in connection
therewith.

     "Acquisition Cost" shall have the meaning set forth in Section 4.1 hereof.

     "Acquisition Project" shall mean Shopping Center Projects other than
Development Projects (other than Shopping Center Projects located on the
properties listed in Exhibit B).

     "Act" shall mean the Revised Uniform Limited Partnership Act as enacted in
the State of Delaware, and as the same may hereafter be amended from time to
time.

     "Additional Units" shall have the meaning set forth in Section 8.3 hereof.

     "Additional Partner" shall have the meaning set forth in Section 8.3
hereof.

     "Adjusted Capital Account Deficit" shall mean, with respect to any Limited
Partner, the deficit balance, if any, in such Partner's Capital Account as of
the end of any relevant fiscal year and after giving effect to the following
adjustments:

     credit to such Capital Account any amounts which such Partner is obligated
or treated as obligated to restore with respect to any deficit balance in such
Capital Account pursuant to Section 1.704-1(b)(2)(ii)(c) of the Regulations, or
is deemed to be obligated to restore with respect to any deficit balance
pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and
1.704-2(i)(5) of the Regulations; and

     debit to such Capital Account the items described in Sections
1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.

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The foregoing definition of Adjusted Capital Account Deficit is intended to
comply with the requirements of the alternate test for economic effect contained
in Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted
consistently therewith.

     "Adjustment Date" shall have the meaning set forth in Section 4.3(a)
hereof.

     "Administrative Expenses" shall mean (i) all administrative and operating
costs and expenses incurred by the Partnership, (ii) all administrative,
operating and other costs and expenses incurred by the Property Partnerships,
which expenses are being assumed by the Partnership pursuant to Section 6.1
hereof, (iii) those administrative costs and expenses of the General Partner,
including salaries paid to officers of the General Partner and accounting and
legal expenses undertaken by the General Partner on behalf or for the benefit of
the Partnership, and (iv) to the extent not included in clause (iii) above, REIT
Expenses.

     "Affiliate" shall mean, with respect to any Partner (or as to any other
Person the affiliates of whom are relevant for purposes of any of the provisions
of this Agreement), (i) any member of the Immediate Family of such Partner; (ii)
any trustee or beneficiary of a Partner; (iii) any legal representative,
successor, or assignee of such Partner or any Person referred to in the
preceding clauses (i) and (ii); (iv) any trustee of any trust for the benefit of
such Partner or any Person referred to in the preceding clauses (i) through
(iii); or (v) any Entity which directly or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with,
such Partner or any Person referred to in the preceding clauses (i) through
(iv).

     "Agreement" shall mean this Second Amended and Restated Agreement of
Limited Partnership, as originally executed and as amended, modified,
supplemented or restated from time to time, as the context requires.

     "Audited Financial Statements" shall mean financial statements (balance
sheet, statement of income, statement of partners' equity and statement of cash
flows) prepared in accordance with generally accepted accounting principles and
accompanied by an independent auditor's report containing (i) an opinion
containing no material qualification and (ii) no explanatory paragraph
disclosing information relating to material uncertainties (except as to
litigation) or going concern issues.

     "Bankruptcy" shall mean, with respect to any Partner or the Partnership,
(i) the commencement by such Partner or the Partnership of any proceeding
seeking relief under any provision or chapter of the federal Bankruptcy Code or
any other federal or state law relating to insolvency, bankruptcy or
reorganization, (ii) an adjudication that such Partner or the Partnership is
insolvent or bankrupt; (iii) the entry of an order for relief under the federal
Bankruptcy Code with respect to such Partner or the Partnership, (iv) the filing
of any such petition or the commencement of any such case or proceeding against
such Partner or the Partnership, unless such petition and the case or proceeding
initiated thereby are dismissed within ninety (90) days from the date of such
filing, (v) the filing of an answer by such Partner or the Partnership admitting
the allegations of any such petition, (vi) the appointment of a trustee,
receiver of custodian for all or substantially all of the assets of such Partner
or the Partnership unless such appointment is vacated or dismissed within ninety
(90) days from the date of such appointment but not less than five (5) days
before the proposed sale of any assets of such Partner or the Partnership, (vii)
the insolvency of such Partner or the Partnership or the execution by such
Partner or the Partnership of a general assignment for the benefit of creditors,
(viii) the convening by such Partner or the Partnership of a meeting of its
creditors, or any class thereof, for purposes of effecting a moratorium upon or
extension or composition of its debts, (ix) the

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failure of such Partner or the Partnership to pay its debts as they mature, (x)
the levy, attachment, execution or other seizure of substantially all of the
assets of such Partner or the Partnership where such seizure is not discharged
within thirty (30) days thereafter, or (xi) the admission by such Partner or the
Partnership in writing of its inability to pay its debts as they mature or that
it is generally not paying its debts as they become due.

     "Bucksbaum Limited Partners" shall mean M.B. Capital Partners III and its
successors and assigns.

     "Bucksbaum Rights Agreement" shall mean that certain Rights Agreement dated
as of July 27, 1993, among the General Partner and certain predecessors of the
Bucksbaum Limited Partners.

     "Capital Account" shall mean, with respect to any Partner, the separate
"book" account which the Partnership shall establish and maintain for such
Partner in accordance with Section 704(b) of the Code and Section
1.704-1(b)(2)(iv) of the Regulations and such other provisions of Section
1.704-1(b) of the Regulations that must be complied with in order for the
Capital Accounts to be determined in accordance with the provisions of said
Regulations. In furtherance of the foregoing, the Capital Accounts shall be
maintained in compliance with Section 1.704-1(b)(2)(iv) of the Regulations; and
the provisions hereof shall be interpreted and applied in a manner consistent
therewith. In the event that any Units are transferred in accordance with the
terms of this Agreement, the Capital Account, at the time of the transfer, of
the transferor attributable to the transferred Units shall carry over to the
transferee.

     "Capital Contribution" shall mean, with respect to any Partner, the amount
of money and the initial Gross Asset Value of any property other than money
contributed to the Partnership with respect to the Units held by such Partner
(net of liabilities to which such property is subject).

     "Certificate" shall mean the Certificate of Limited Partnership
establishing the Partnership, as filed with the office of the Delaware Secretary
of State, as it may be amended from time to time in accordance with the terms of
this Agreement and the Act.

     "Charter" shall mean the corporate charter of the General Partner, as filed
with the office of the Delaware Secretary of State, as it may be amended from
time to time.

     "Closing Price" on any date shall mean the last sale price, regular way,
or, in case no such sale takes place on such day, the average of the closing bid
and asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or
admitted to trading on the New York Stock Exchange or, if the Common Stock is
not listed or admitted to trading on the New York Stock Exchange, as reported in
the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the
Common Stock is listed or admitted to trading or, if the Common Stock is not
listed or admitted to trading on any national securities exchange, the last
quoted price, or if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported by the National Association
of Securities Dealers, Inc. Automated Quotations System or, if such system is no
longer in use, the principal other automated quotations system that may then be
in use or, if the Common Stock is not quoted by any such organization, the
average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Common Stock as such person is selected from
time to time by the Board of Directors of the General Partner.

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

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     "Common Stock" shall mean the shares of the common stock, par value $.10
per share, of the General Partner.

     "Consent of the Limited Partners" shall mean the written consent of a
Majority-In-Interest of the Limited Partners (or other specified group of
Limited Partners), which Consent shall be obtained prior to the taking of any
action for which it is required by this Agreement and may be given or withheld
by a Majority-In-Interest of the Limited Partners (or such specified group of
Limited Partners), unless otherwise expressly provided herein, in their sole and
absolute discretion.

     "Contributed Funds" shall have the meaning set forth in Section 4.3(a)(ii)
hereof.

     "Contributed Property" shall have the meaning set forth in Section 4.1
hereof.

     "Contribution Agreements" shall mean all contribution and other agreements
executed by the Partnership and/or the General Partner in connection with the
issuance of Units.

     "Contribution Date" shall have the meaning set forth in Section 8.3 hereof.

     "Control" shall mean the ability, whether by the direct or indirect
ownership of shares or other equity interests, by contract or otherwise, to
elect a majority of the directors of a corporation, to select the managing
partner of a partnership, or otherwise to select, or have the power to remove
and then select, a majority of those persons exercising governing authority over
an Entity. In the case of a limited partnership, the sole general partner, all
of the general partners to the extent each has equal management control and
authority, or the managing general partner or managing general partners thereof
shall be deemed to have control of such partnership and, in the case of a trust,
any trustee thereof or any Person having the right to select any such trustee
shall be deemed to have control of such trust.

     "Conversion Factor" shall mean 1.0. The Conversion Factor shall be adjusted
in the event that the General Partner (i) declares or pays a dividend on its
outstanding shares of Common Stock in shares of Common Stock or makes a
distribution to all holders of its outstanding shares of Common Stock in shares
of Common Stock, (ii) subdivides its outstanding shares of Common Stock, or
(iii) combines its outstanding shares of Common Stock into a smaller number of
shares. The Conversion Factor shall be adjusted by multiplying the Conversion
Factor by a fraction, the numerator of which shall be the number of shares of
Common Stock issued and outstanding on the record date for such dividend,
distribution, subdivision or combination (assuming for such purposes that such
dividend, distribution, subdivision or combination has occurred as of such time)
and the denominator of which shall be the actual number of shares of Common
Stock (determined without the above assumption) issued and outstanding on the
record date for such dividend, distribution, subdivision or combination. Any
adjustment to the Conversion Factor shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such
event.

     "Current Per Share Market Price" shall mean, as of any date, the average of
the Closing Price for the five consecutive Trading Days ending on such date or
the average of the Closing Price for any other period of Trading Days that the
General Partner deems appropriate with respect to any transaction or other event
for which "Current Per Share Market Price" is determined (other than a
redemption pursuant to any Rights Agreement unless otherwise provided therein).

     "Demand Notice" shall have the meaning set forth in Section 12.2 hereof.

     "Depreciation" shall mean, with respect to any asset of the Partnership for
any fiscal year or other period, the depreciation, depletion or amortization, as
the case may be, allowed or

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allowable for Federal income tax purposes in respect of such asset for such
fiscal year or other period; provided, however, that if there is a difference
between the Gross Asset Value and the adjusted tax basis of such asset,
Depreciation shall mean "book depreciation, depletion or amortization" as
determined under Section 1.704-1(b)(2)(iv)(g)(3) of the Regulations.

     "Development Land" shall mean any vacant land suitable for development as a
shopping center (other than the land described in Exhibit B).

     "Development Project" shall mean any Shopping Center Project developed or
constructed on Development Land.

     "Entity" shall mean any general partnership, limited partnership, limited
liability company, corporation, joint venture, trust, business trust,
cooperative, association or other entity.

     "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time (or any corresponding provisions of succeeding laws).

     "Exercise Notice" shall have the meaning set forth in the Bucksbaum Rights
Agreement.

     "Foreign Owner" shall mean a foreign person or a person that is directly or
indirectly owned, in whole or in part, by a foreign person as determined in
accordance with Section 897(h)(4) of the Code and the Regulations promulgated
thereunder.

     "Funding Date" shall mean the date of consummation of any Funding Loan,
offering of shares of Common Stock or other transaction pursuant to which the
General Partner raises Required Funds.

     "Funding Loan Proceeds" shall mean the net cash proceeds received by the
General Partner in connection with any Funding Loan, after deduction of all
costs and expenses incurred by the General Partner in connection with such
Funding Loan.

     "Funding Loan(s)" shall mean any borrowing or refinancing of borrowings by
or on behalf of the General Partner from any lender for the purpose of advancing
the Funding Loan Proceeds to the Partnership as a loan pursuant to Section
4.3(a) hereof.

     "GAAP" shall mean generally accepted accounting principles.

     "General Partner" shall mean General Growth Properties, Inc., a Delaware
corporation, its duly admitted successors and assigns and any other Person who
is a general partner of the Partnership at the time of reference thereto.

     "General Partner Loan" shall have the meaning set forth in Section 4.3(a)
hereof.

     "Gross Asset Value" shall mean, with respect to any asset of the
Partnership, such asset's adjusted basis for Federal income tax purposes, except
as follows:

     (a) the initial Gross Asset Value of any asset contributed by a Partner to
the Partnership shall be (i) in the case of any asset heretofore contributed to
the partnership, the gross fair market value ascribed thereto on the books and
record of the Partnership and (ii) in the case of any other asset hereafter
contributed by a Partner, the gross fair market value of such asset as
determined under Article IV in the case of a contribution by the General Partner
or under Article VIII in the case of a contribution by a Limited Partner;

     (b) if the General Partner reasonably determines that an adjustment is
necessary or appropriate to reflect the relative economic interests of the
Partners, the Gross Asset Values of all Partnership assets shall be adjusted to
equal their respective gross fair market values, as reasonably determined by the
General Partner, as of the following times:

     (i) a Capital Contribution (other than a de minimis Capital

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Contribution) to the Partnership by a new or existing Partner as consideration
for Units;

     (ii) the distribution by the Partnership to a Partner of more than a de
minimis amount of Partnership property as consideration for the redemption of
Units; and

     (iii) the liquidation of the Partnership within the meaning of Section
1.704-1(b)(2)(ii)(g) of the Regulations;

     (c) the Gross Asset Values of Partnership assets distributed to any Partner
shall be the gross fair market values of such assets (taking Section 7701(g) of
the Code into account) as reasonably determined by the General Partner as of the
date of distribution; and

     (d) the Gross Asset Values of Partnership assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets
pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that
such adjustments are taken into account in determining Capital Accounts pursuant
to Section 1.704-1(b)(2)(iv)(m) of the Regulations (See Exhibit C); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this
paragraph to the extent that the General Partner reasonably determines that an
adjustment pursuant to paragraph (b) above is necessary or appropriate in
connection with a transaction that would otherwise result in an adjustment
pursuant to this paragraph (d).

At all times, Gross Asset Values shall be adjusted by any Depreciation taken
into account with respect to the Partnership's assets for purposes of computing
Net Income and Net Loss. Any adjustment to the Gross Asset Values of Partnership
property shall require an adjustment to the Partners' Capital Accounts; as for
the manner in which such adjustments are allocated to the Capital Accounts, see
paragraph (c) of the definition of Net Income and Net Loss in the case of
adjustment by Depreciation, and paragraph (d) of said definition in all other
cases.

     "Immediate Family" shall mean, with respect to any Person, such Person's
spouse, parents, parents-in-law, descendants, nephews, nieces, brothers,
sisters, brothers-in-law, sisters-in-law and children-in-law.

     "Incentive Option" means an option to purchase Common Stock granted under
the Stock Incentive Plan.

     "Incentive Option Agreement" means the form of Incentive Option Agreement
to be used under the Stock Incentive Plan.

     "Initial Partnership Agreement" shall have the meaning set forth in the
preliminary recitals hereto.

     "Lien" shall mean any liens, security interests, mortgages, deeds of trust,
charges, claims, encumbrances, pledges, options, rights of first offer or first
refusal and any other rights or interests of others of any kind or nature,
actual or contingent, or other similar encumbrances of any nature whatsoever.

     "Limited Partner Representatives" shall have the meaning set forth in
Section 6.11 hereof.

     "Limited Partners" shall mean the Persons listed under the caption "Limited
Partners" on Exhibit A hereto, their permitted successors or assigns or any
Person who, at the time of reference thereto, is a limited partner of the
Partnership.

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     "Liquidating Trustee" shall mean such individual or Entity as is selected
as the Liquidating Trustee hereunder by the General Partner, which individual or
Entity may include an Affiliate of the General Partner, provided such
Liquidating Trustee agrees in writing to be bound by the terms of this
Agreement. The Liquidating Trustee shall be empowered to give and receive
notices, reports and payments in connection with the dissolution, liquidation
and/or winding-up of the Partnership and shall hold and exercise such other
rights and powers as are necessary or required to permit all parties to deal
with the Liquidating Trustee in connection with the dissolution, liquidation
and/or winding-up of the Partnership.

     "Major Decisions" shall have the meaning set forth in Section 6.3 hereof.

     "Majority-In-Interest of the Limited Partners" shall mean Limited
Partner(s) (or specified group of Limited Partners) who hold in the aggregate
more than fifty percent (50%) of the Percentage Interests then allocable to and
held by the Limited Partners (or such specified group of Limited Partners), as a
class (excluding any Units held by the General Partner or any Affiliate of the
General Partner other than the existing Limited Partners, their Affiliates and
their successors and assigns, who shall not be excluded).

     " Management Agreement" shall mean a property management agreement with
respect to the property management of each Property entered into (a) with
respect to any Property in which the Partnership directly holds or acquires
ownership of a fee or leasehold interest, between the Partnership, as owner, and
the Property Manager, or such other property manager as the General Partner
shall engage, as manager, and (b) with respect to all Properties other than
those described in (a) above, between each Property Partnership, as owner, and
the Property Manager, or such other property manager as the General Partner
shall engage, as such agreement may be amended, modified or supplemented from
time to time.

     "Minimum Gain Attributable to Partner Nonrecourse Debt" shall mean "partner
nonrecourse debt minimum gain" as determined in accordance with Regulation
Section 1.704-2(i)(2).

     "Net Financing Proceeds" shall mean the cash proceeds received by the
Partnership in connection with any borrowing or refinancing of borrowing by or
on behalf of the Partnership or by or on behalf of any Property Partnership
(whether or not secured), after deduction of all costs and expenses incurred by
the Partnership or the Property Partnership in connection with such borrowing,
and after deduction of that portion of such proceeds used to repay any other
indebtedness of the Partnership or Property Partnerships, or any interest or
premium thereon.

     "Net Income or Net Loss" shall mean, for each fiscal year or other
applicable period, an amount equal to the Partnership's net income or loss for
such year or period as determined for federal income tax purposes by the
Accountants, determined in accordance with Section 703(a) of the Code (for this
purpose, all items of income, gain, loss or deduction required to be stated
separately pursuant to Section 703(a) of the Code shall be included in taxable
income or loss), with the following adjustments: (a) by including as an item of
gross income any tax-exempt income received by the Partnership; (b) by treating
as a deductible expense any expenditure of the Partnership described in Section
705(a)(2)(B) of the Code (including amounts paid or incurred to organize the
Partnership (unless an election is made pursuant to Code Section 709(b)) or to
promote the sale of interests in the Partnership and by treating deductions for
any losses incurred in connection with the sale or exchange of Partnership
property disallowed pursuant to

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Section 267(a)(1) or Section 707(b) of the Code as expenditures described in
Section 705(a)(2)(B) of the Code); (c) in lieu of depreciation, depletion,
amortization, and other cost recovery deductions taken into account in computing
total income or loss, there shall be taken into account Depreciation; (d) gain
or loss resulting from any disposition of Partnership property with respect to
which gain or loss is recognized for federal income tax purposes shall be
computed by reference to the Gross Asset Value of such property rather than its
adjusted tax basis; and (e) in the event of an adjustment of the Gross Asset
Value of any Partnership asset which requires that the Capital Accounts of the
Partnership be adjusted pursuant to Regulation Section 1.704-1(b)(2)(iv)(e), (f)
and (m), the amount of such adjustment is to be taken into account as additional
Net Income or Net Loss pursuant to Exhibit C.

     "Net Operating Cash Flow" shall mean, with respect to any fiscal period of
the Partnership, the excess, if any, of "Receipts" over "Expenditures." For
purposes hereof, the term "Receipts" means the sum of all cash receipts of the
Partnership from all sources for such period, including Net Sale Proceeds and
Net Financing Proceeds but excluding Capital Contributions, and any amounts held
as reserves as of the last day of such period which the General Partner
reasonably deems to be in excess of necessary reserves as determined below. The
term "Expenditures" means the sum of (a) all cash expenses or expenditures of
the Partnership for such period, (b) the amount of all payments of principal and
interest on account of any indebtedness of the Partnership including payments of
principal and interest on account of General Partner Loans, or amounts due on
such indebtedness during such period (in the case of clauses (a) and (b),
excluding expenses or expenditures paid from previously established reserves or
deducted in computing Net Financing Proceeds or Net Sales Proceeds), and (c)
such additional cash reserves as of the last day of such period as the General
Partner deems necessary for any capital or operating expenditure permitted
hereunder.

     "Net Sale Proceeds" means the cash proceeds received by the Partnership in
connection with a sale of any asset by or on behalf of the Partnership or by or
on behalf of a Property Partnership after deduction of any costs or expenses
incurred by the Partnership or a Property Partnership, or payable specifically
out of the proceeds of such sale (including, without limitation, any repayment
of any indebtedness required to be repaid as a result of such sale or which the
General Partner elects to repay out of the proceeds of such sale, together with
accrued interest and premium, if any, thereon and any sales commissions or other
costs and expenses due and payable to any Person in connection with a sale,
including to a Partner or its Affiliates).

     "Nonrecourse Deductions" shall have the meaning set forth in Sections
1.704-2(b)(1) and (c) of the Regulations.

     "Nonrecourse Liabilities" shall have the meaning set forth in Section
1.704-2(b)(3) of the Regulations.

     "Offered Units" shall have the meaning set forth in the Bucksbaum Rights
Agreement.

     "Partner Nonrecourse Deductions" shall have the meaning set forth in
Section 1.704-2(i)(2) of the Regulations.

     "Partners" shall mean the General Partner and the Limited Partners, their
duly admitted successors or assigns or any Person who is a partner of the
Partnership at the time of reference thereto.

     "Partnership" shall have the meaning set forth in the preliminary recitals
hereto.

     "Partnership Minimum Gain" shall have the meaning set forth in Section
1.704-2(b)(2) of the Regulations.
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     "Partnership Record Date" shall mean the record date established by the
General Partner for a distribution of Net Operating Cash Flow pursuant to
Section 5.2 hereof, which record date shall be the same as the record date
established by the General Partner for the distribution to its stockholders of
some or all of its share of such distribution.

     "Percentage Interest" shall mean, with respect to any Partner at any time,
the percentage ownership interest of such Partner in the Partnership at such
time, which percentage interest shall be equal to the quotient of the number of
Units owned by such Partner at such time divided by the aggregate number of
issued and outstanding Units at such time. The Percentage Interest of each
Partner on the date hereof is set forth opposite its name on Exhibit A.

     "Person" shall mean any individual or Entity.

     "Precontribution Gain" shall have the meaning set forth in Exhibit C.

     "Prime Rate" shall mean the prime rate announced from time to time by Wells
Fargo Bank, N.A. or any successor thereof.

     "Property" shall mean any Shopping Center Project in which the Partnership
or any Property Partnership, directly or indirectly, acquires ownership of a fee
or leasehold interest.

     "Property Manager" shall mean General Growth Management, Inc., a Delaware
corporation, or its permitted successors or assigns.

     "Property Partnership" shall mean and include any partnership, limited
liability company or other Entity in which the Partnership directly or
indirectly is or becomes a partner, member or other equity participant and which
has been or is formed for the purpose of directly or indirectly acquiring,
developing or owning a Property or a proposed Property.

     "Property Partnership Interests" shall mean and include the interest of the
Partnership as a partner, member or other equity participant in any Property
Partnership.

     "Qualified Individual" shall have the meaning set forth in Section 12.2
hereof.

     "Regulations" shall mean the final, temporary or proposed Income Tax
Regulations promulgated under the Code, as such regulations may be amended from
time to time (including corresponding provisions of succeeding regulations).

     "Regulatory Allocations" shall have the meaning set forth in Exhibit C.

     "REIT" shall mean a real estate investment trust as defined in Section 856
of the Code.

     "REIT Expenses" shall mean (i) costs and expenses relating to the formation
and continuity of existence of the General Partner and its subsidiaries (which
subsidiaries shall, for purposes of this definition, be included within the
definition of General Partner), including taxes, fees and assessments associated
therewith, any and all costs, expenses or fees payable to any director or
trustee of the General Partner or such subsidiaries, (ii) costs and expenses
relating to any offer or registration of securities by the General Partner and
all statements, reports, fees and expenses incidental thereto, including
underwriting discounts and selling commissions applicable to any such offer of
securities, (iii) costs and expenses associated with the preparation and filing
of any periodic reports by the General Partner under federal, state or local
laws or regulations, including filings with the SEC, (iv) costs and expenses
associated with compliance by the General Partner with laws, rules and
regulations promulgated by any regulatory body, including the SEC, and (v) all
other operating or administrative costs of the General Partner incurred in the
ordinary course of its business on behalf of the Partnership.

     "REIT Requirements" shall have the meaning set forth in Section 5.2 hereof.

     "Requesting Party" shall have the meaning set forth in Section 12.2 hereof.

     "Required Funds" shall have the meaning set forth in Section 4.3 hereof.

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     "Responding Party" shall have the meaning set forth in Section 12.2 hereof.

     "Restricted Period" shall have the meaning set forth in Section 9.5 hereof.

     "Restrictions Lapse Date" shall have the meaning set forth in Section 9.5
hereof.

     "Rights" shall mean "Rights", "Redemption Rights" or other similar rights
as defined in the Rights Agreements.

     "Rights Agreements" shall mean the Bucksbaum Rights Agreement and those
certain Redemption Rights Agreements entered into by the Partnership, the
General Partner and certain Limited Partners or their predecessors in interest
in connection with the issuance of Units to such Limited Partners or such
predecessors in interest.

     "SEC" shall mean the United States Securities and Exchange Commission.

     "Section 704(c) Tax Items" shall have the meaning set forth in Exhibit C.

     "Shopping Center Project" shall mean any shopping center, including
construction and improvement activities undertaken with respect thereto and
off-site improvements, on-site improvements, structures, buildings and/or
related parking and other facilities.

     "Stock Incentive Plan" means the General Partner's 1993 Stock Incentive
Plan, as amended.

     "Substituted Limited Partner" shall have the meaning set forth in Section
8.2 hereof.

     "Tax Items" shall have the meaning set forth in Exhibit C.

     "Trading Day" shall mean a day on which the principal national securities
exchange on which the Common Stock is listed or admitted to trading is open for
the transaction of business or, if the Common Stock is not listed or admitted to
trading on any national securities exchange, shall mean any day other than a
Saturday, a Sunday or a day on which banking institutions in the State of New
York are authorized or obligated by law or executive order to close.

     "Units" shall mean, with respect to any Partner, the partnership units
owned by such Partner in the Partnership. The number of Units held by each
Partner on the date hereof is set forth opposite its name on Exhibit A.

     Exhibits, Etc. References to an "Exhibit" or to a "Schedule" are, unless
otherwise specified, to one of the Exhibits or Schedules attached to this
Agreement, and references to an "Article" or a "Section" are, unless otherwise
specified, to one of the Articles or Sections of this Agreement. Each Exhibit
and Schedule attached hereto and referred to herein is hereby incorporated
herein by reference.

     ARTICLE II

     Continuation

     Continuation. The parties hereto do hereby continue the Partnership as a
limited partnership pursuant to the provisions of the Act, and all other
pertinent laws of the State of Delaware, for the purposes and upon the terms and
conditions hereinafter set forth. The Partners agree that the rights and
liabilities of the Partners shall be as provided in the Act except as otherwise
herein expressly provided. The General Partner shall cause such notices,
instruments, documents, or certificates as may be required by applicable law or
which may be necessary to enable the Partnership to conduct its business and to
own its properties in the Partnership name to be filed or recorded in all
appropriate public offices.

     Name. The business of the Partnership shall continue to be conducted under
the name of "GGP Limited Partnership" or such other name as the General Partner
may select, and

<PAGE>

all transactions of the Partnership, to the extent permitted by applicable law,
shall be carried on and completed in such name.

     Character of the Business. The purpose of the Partnership shall be to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease,
transfer, encumber, convey, exchange, and otherwise dispose of or deal with
Properties; to acquire, hold, own, develop, construct, improve, maintain,
operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with real and personal property of all kinds; to exercise all
of the powers of a partner, member or other equity participant in Property
Partnerships; to acquire, own, deal with and dispose of Property Partnership
Interests; to undertake such other activities as may be necessary, advisable,
desirable or convenient to the business of the Partnership, and to engage in
such other ancillary activities as shall be necessary or desirable to effectuate
the foregoing purposes. The Partnership shall have all powers necessary or
desirable to accomplish the purposes enumerated. In connection with and without
limiting the foregoing, but subject to all of the terms, covenants, conditions
and limitations contained in this Agreement and any other agreement entered into
by the Partnership, the Partnership shall have full power and authority,
directly or through its interest in Property Partnerships, to enter into,
perform, and carry out contracts of any kind, to borrow money and to issue
evidences of indebtedness, whether or not secured by mortgage, trust deed,
pledge or other lien, and, directly or indirectly, to acquire and construct
additional Properties necessary or useful in connection with its business.

     Location of the Principal Place of Business. The location of the principal
place of business of the Partnership shall be at 55 West Monroe Street, Suite
3100, Chicago, Illinois 60603, or such other location as shall be selected from
time to time by the General Partner in its sole discretion.

     Registered Agent and Registered Office. The Registered Agent of the
Partnership shall be Prentice-Hall Corporation System, Inc. or such other Person
as the General Partner may select in its sole discretion. The Registered Office
of the Partnership shall be 32 Loockerman Square, Suite L-100, Dover, Delaware
19901 or such other location as the General Partner may select in its sole and
absolute discretion.

     ARTICLE III

     Term

     Commencement. The Partnership heretofore commenced business as a limited
partnership upon the filing of the Certificate with the Secretary of State of
the State of Delaware.

     Dissolution. The Partnership shall continue until dissolved upon the
occurrence of the earliest of the following events:

     The dissolution, termination, retirement or Bankruptcy of the General
Partner unless the Partnership is continued as provided in Section 8.1 hereof;

     The election to dissolve the Partnership made in writing by the General
Partner with the Consent of the Limited Partners;

     The sale or other disposition of all or substantially all the assets of the
Partnership unless the General Partner, with the Consent of the Limited
Partners, elects to continue the Partnership business for the purpose of the
receipt and the collection of indebtedness or the collection of any

<PAGE>

other consideration to be received in exchange for the assets of the Partnership
(which activities shall be deemed to be part of the winding up of the affairs of
the Partnership);

     Dissolution required by operation of law; or

     December 31, 2050.

     ARTICLE IV

     Contributions to Capital

     General Partner Capital Contribution. The General Partner has heretofore
contributed to the Partnership as its Capital Contribution the cash and property
reflected in the Partnership's books and records as having been contributed by
it. The gross fair market value of any property contributed by the General
Partner to the Partnership ("Contributed Property") after the date hereof, other
than money, shall be the acquisition cost of such Contributed Property (the
"Acquisition Cost"). The Acquisition Cost also shall include any costs and
expenses incurred by the General Partner in connection with such acquisition or
contribution; provided, however, that in the event the Acquisition Cost of
Contributed Property is financed by any borrowings by the General Partner, the
Partnership shall assume any such obligations of the General Partner
concurrently with the contribution of such property to the Partnership or, if
impossible, shall obligate itself to the General Partner in an amount and on
terms equal to such indebtedness, and the Acquisition Cost shall be reduced
appropriately. If the General Partner contributes Contributed Property to the
Partnership, the General Partner shall be deemed to have contributed to the
Partnership as Contributed Funds pursuant to Section 4.3(a)(ii) hereof an amount
equal to the Acquisition Cost of such Contributed Property.

     Limited Partner Capital Contributions. Each Limited Partner has heretofore
contributed, or is deemed to have contributed, as its initial Capital
Contribution to the capital of the Partnership, the property reflected in the
Partnership's books and records as having been contributed by it.

     Additional Funds.

     If the General Partner determines that funds are required or desired
("Required Funds") for any proper Partnership purpose in excess of the funds
anticipated to be available and the General Partner is not able or does not deem
it advisable to cause the Partnership to borrow such funds, the General Partner
shall either:

     to the extent the General Partner borrows all or any portion of the
Required Funds by entering into a Funding Loan, the General Partner shall, on
the Funding Date, lend (the "General Partner Loan") to the Partnership the
Funding Loan Proceeds on the same terms and conditions, including interest rate,
repayment schedule and costs and expenses, as shall be applicable with respect
to or incurred in connection with the Funding Loan; or

     to the extent the General Partner issues shares of its Common Stock or
other securities (other than notes issued in connection with a Funding Loan) to
raise the Required Funds, the General Partner shall, on the Funding Date,
contribute to the Partnership as an additional Capital Contribution the amount
of the Required Funds so raised ("Contributed Funds") (hereinafter,

<PAGE>

each Funding Date on which the General Partner so contributes Contributed Funds
pursuant to this subparagraph (ii) is referred to as an "Adjustment Date"). In
the event the General Partner advances Required Funds to the Partnership as
Contributed Funds pursuant to this subparagraph (ii), the Partnership shall
assume and pay (or reflect on its books as additional Contributed Funds) the
expenses (including any applicable underwriting discounts) incurred by the
General Partner in connection with raising such Contributed Funds through a
public offering of its securities or otherwise.

     Effective on each Adjustment Date, the Partnership shall issue to the
General Partner the number of additional Units equal to the product of (i) the
number of shares of Common Stock issued by the General Partner in connection
with obtaining the Contributed Funds and (ii) the Conversion Factor. The General
Partner promptly shall provide the Limited Partners with notice of the issuance
of any such Units.

     Stock Incentive Plan. If at any time or from time to time Incentive Options
granted in connection with the General Partner's Stock Incentive Plan are
exercised in accordance with the terms of the Incentive Option Agreement:

     the General Partner shall, as soon as practicable after such exercise,
contribute to the capital of the Partnership an amount equal to the exercise
price paid to the General Partner by such exercising party in connection with
the exercise of the Incentive Option; and

     the Partnership shall issue to the General Partner, with respect to any
exercise of Incentive Options, the number of additional Units equal to the
product of (i) the number of shares of Common Stock issued by the General
Partner in connection with such exercise of Incentive Options and (ii) the
Conversion Factor.

     No Third Party Beneficiary. No creditor or other third party having
dealings with the Partnership shall have the right to enforce the right or
obligation of any Partner to make Capital Contributions or loans or to pursue
any other right or remedy hereunder or at law or in equity, it being understood
and agreed that the provisions of this Agreement shall be solely for the benefit
of, and may be enforced solely by, the parties hereto and their respective
successors and assigns. None of the rights or obligations of the Partners herein
set forth to make Capital Contributions or loans to the Partnership shall be
deemed an asset of the Partnership for any purpose by any creditor or other
third party, nor may such rights or obligations be sold, transferred or assigned
by the Partnership or pledged or encumbered by the Partnership to secure any
debt or other obligation of the Partnership or of any of the Partners.

     No Interest; No Return. No Partner shall be entitled to interest on its
Capital Contribution or on such Partner's Capital Account. Except as provided
herein or by law, no Partner shall have any right to demand or receive the
return of its Capital Contribution from the Partnership.

     ARTICLE V

     Allocations and Other Tax and Accounting Matters

     Allocations. The Net Income, Net Loss and/or other Partnership items shall
be allocated pursuant to the provisions of Exhibit C hereto.

     Distributions.

<PAGE>

     (a) The General Partner shall, from time to time as determined by the
General Partner (but in any event not less frequently than quarterly), cause the
Partnership to distribute all or a portion of Net Operating Cash Flow to the
Partners who are such on the relevant Partnership Record Date in such amounts as
the General Partner shall determine; provided, however, that all such
distributions shall be made pro rata in accordance with the Partners' then
Percentage Interests; and provided further, that notwithstanding the foregoing,
the General Partner shall use its best efforts to cause the Partnership to
distribute sufficient amounts to enable the General Partner to pay shareholder
dividends that will (a) satisfy the requirements for qualifying as a REIT under
the Code and Regulations ("REIT Requirements"), and (b) avoid any federal income
or excise tax liability of the General Partner. (b) In no event may a Limited
Partner receive a distribution of Net Operating Cash Flow in respect of a Unit
that such Partner has exchanged for a share of Common Stock pursuant to a Rights
Agreement on or prior to the relevant Partnership Record Date; rather, all such
distributions shall be made to the General Partner. Upon the receipt by the
General Partner of each Exercise Notice pursuant to which one or more Limited
Partners exercise Rights in accordance with the provisions of the Bucksbaum
Rights Agreement, the General Partner shall, unless the General Partner is
required or elects only to issue Common Stock to such exercising Limited
Partners, cause the Partnership to distribute to the Partners, pro rata in
accordance with their Percentage Interests on the date of delivery of such
Exercise Notice, all (or such lesser portion as the General Partner shall
reasonably determine to be prudent under the circumstances) of Net Operating
Cash Flow, which distribution shall be made prior to the closing of the purchase
and sale of the Offered Units specified in such Exercise Notice.

     Books of Account. At all times during the continuance of the Partnership,
the General Partner shall maintain or cause to be maintained full, true,
complete and correct books of account in accordance with generally accepted
accounting principles wherein shall be entered particulars of all monies, goods
or effects belonging to or owing to or by the Partnership, or paid, received,
sold or purchased in the course of the Partnership's business, and all of such
other transactions, matters and things relating to the business of the
Partnership as are usually entered in books of account kept by persons engaged
in a business of a like kind and character. In addition, the Partnership shall
keep all records as required to be kept pursuant to the Act. The books and
records of account shall be kept at the principal office of the Partnership, and
each Partner shall at all reasonable times have access to such books and records
and the right to inspect the same.

     Reports. The General Partner shall cause to be submitted to the Limited
Partners, promptly upon receipt of the same from the Accountants and in no event
later than April 1 of each year, copies of Audited Financial Statements prepared
on a consolidated basis for the Partnership, the General Partner and the
Property Partnerships, together with the reports thereon, and all supplementary
schedules and information, prepared by the Accountants. The Partnership shall
also cause to be prepared such reports and/or information as are necessary for
the General Partner to determine its qualification as a REIT and its compliance
with REIT Requirements.

     Audits. Not less frequently than annually, the books and records of the
Partnership shall be audited by the Accountants. The General Partner shall,
unless determined otherwise by the General Partner with the Consent of the
Limited Partners, engage the

<PAGE>

Accountants to audit the books and records of the Property Partnerships.

     Tax Elections and Returns.

     (a) All elections required or permitted to be made by the Partnership under
any applicable tax law shall be made by the General Partner in its sole
discretion, including without limitation an election on behalf of the
Partnership pursuant to Section 754 of the Code to adjust the basis of the
Partnership property in the case of transfers of Units, and the General Partner
shall not be required to make any such election.

     (b) The General Partner shall cause the Accountants to prepare and file all
state and federal tax returns on a timely basis. The General Partner shall cause
the Accountants to prepare and submit to the Limited Partner Representatives on
or before April 1 of each year for review all federal and state income tax
returns of the Partnership and cause the Accountants for the Property
Partnerships to submit to the Limited Partner Representatives on or before April
1 of each year for review all federal and state income tax returns of the
Property Partnerships. If the Limited Partner Representatives determine that any
modifications to the tax returns of the Partnership or any Property Partnership
should be considered, the Limited Partner Representatives shall, within thirty
(30) days following receipt of such tax returns from the Accountants or the
General Partner, indicate to the General Partner the suggested revisions to the
tax returns, which returns shall be resubmitted to the Limited Partner
Representatives for their review (but not approval). The Limited Partner
Representatives shall complete their review of the resubmitted returns within
ten (10) days after receipt thereof from the Accountants or the General Partner.
The General Partner shall consult in good faith with the Limited Partner
Representatives regarding any such proposed modifications to the tax returns of
the Partnership and/or the Property Partnerships. A statement of the allocation
of Net Income or Net Loss of the Partnership shown on the annual income tax
returns prepared by the Accountants and a statement of the allocation of Net
Income or Net Loss shown on the income tax return of the Property Partnerships
shall be transmitted and delivered to the Limited Partner Representatives within
ten (10) days of the receipt thereof by the Partnership. The General Partner
shall be responsible for preparing and filing all federal and state tax returns
for the Partnership and furnishing copies thereof to the Partners, together with
required Partnership schedules showing allocations of tax items and copies of
the tax returns of all Property Partnerships, all within the period of time
prescribed by law or by the provisions hereof.

     Tax Matters Partner. The General Partner is hereby designated as the Tax
Matters Partner within the meaning of Section 6231(a)(7) of the Code for the
Partnership; provided, however, (i) in exercising its authority as Tax Matters
Partner it shall be limited by the provisions of this Agreement affecting tax
aspects of the Partnership; (ii) the General Partner shall consult in good faith
with the Limited Partner Representatives regarding the filing of a Code Section
6227(b) administrative adjustment request with respect to the Partnership or a
Property before filing such request, it being understood, however, that the
provisions hereof shall not be construed to limit the ability of any Partner,
including the General Partner, to file an administrative adjustment request on
its own behalf pursuant to Section 6227(a) of the Code; (iii) the General
Partner shall consult in good faith with the Limited Partner Representatives
regarding the filing of a petition for judicial review of an administrative
adjustment request under Section 6228 of the Code, or a petition for judicial
review of a final partnership administrative judgment under Section 6226 of the
Code relating to the Partnership before filing such petition; (iv) the General
Partner shall give prompt notice to the Limited Partner Representatives of the

<PAGE>

receipt of any written notice that the Internal Revenue Service or any state or
local taxing authority intends to examine Partnership income tax returns for any
year, receipt of written notice of the beginning of an administrative proceeding
at the Partnership level relating to the Partnership under Section 6223 of the
Code, receipt of written notice of the final Partnership administrative
adjustment relating to the Partnership pursuant to Section 6223 of the Code, and
receipt of any request from the Internal Revenue Service for waiver of any
applicable statute of limitations with respect to the filing of any tax return
by the Partnership; and (v) the General Partner shall promptly notify the
Limited Partner Representatives if the General Partner does not intend to file
for judicial review with respect to the Partnership. The General Partner, in
acting on behalf of the Partnership as tax matters partner of a Property
Partnership, shall afford the Limited Partners the same rights with respect to
Property Partnership tax matters as afforded to the Limited Partners under this
Section 5.7.

     Withholding. Each Partner hereby authorizes the Partnership to withhold or
pay on behalf of or with respect to such Partner any amount of federal, state,
local or foreign taxes that the General Partner determines the Partnership is
required to withhold or pay with respect to any amount distributable or
allocable to such Partner pursuant to this Agreement, including without
limitation any taxes required to be withheld or paid by the Partnership pursuant
to Sections 1441, 1442, 1445 or 1446 of the Code. Any amount paid on behalf of
or with respect to a partner shall constitute a loan by the Partnership to such
Partner, which loan shall be due within fifteen (15) days after repayment is
demanded of such Partner and shall be repaid through withholding of subsequent
distributions to such Partner. Nothing in this Section 5.8 shall create any
obligation on the General Partner to advance funds to the Partnership or to
borrow funds in order to make payments on account of any liability of the
Partnership under a withholding tax act. Any amounts payable by a Limited
Partner hereunder shall bear interest at the lesser of (a) the Prime Rate and
(b) the maximum lawful rate of interest on such obligation, such interest to
accrue from the date such amount is due (i.e., fifteen (15) days after demand)
until such amount is paid in full. To the extent the payment or accrual of
withholding tax results in a federal, state or local tax credit to the
Partnership, such credit shall be allocated to the Partner to whose distribution
the tax is attributable.

     ARTICLE VI

     Rights, Duties and Restrictions of the General Partner

     Expenditures by Partnership. The General Partner is hereby authorized to
pay compensation for accounting, administrative, legal, technical, management
and other services rendered to the Partnership. All of the aforesaid
expenditures shall be made on behalf of the Partnership and the General Partner
shall be entitled to reimbursement by the Partnership for any expenditures
incurred by it on behalf of the Partnership which shall be made other than out
of the funds of the Partnership. The Partnership shall also assume, and pay when
due, all Administrative Expenses.

     Powers and Duties of General Partner. The General Partner shall be
responsible for the management of the Partnership's business and affairs. Except
as otherwise herein expressly provided, and subject to the limitations contained
in Section 6.3 hereof with respect to Major Decisions, the General Partner shall
have, and is hereby granted, full and complete power, authority and discretion
to take such action for and on behalf of the Partnership and in its name as the
General Partner shall, in its sole and absolute discretion, deem necessary or
appropriate to carry out the purposes for which the Partnership was organized.
Except as otherwise expressly
<PAGE>

provided herein, and subject to Section 6.3 hereof, the General Partner shall
have the right, power and authority:

     To manage, control, invest, reinvest, acquire by purchase, lease or
otherwise, sell, contract to purchase or sell, grant, obtain, or exercise
options to purchase, options to sell or conversion rights, assign, transfer,
convey, deliver, endorse, exchange, pledge, mortgage, abandon, improve, repair,
maintain, insure, lease for any term and otherwise deal with any and all
property of whatsoever kind and nature, and wheresoever situated, in furtherance
of the purposes of the Partnership;

     To acquire, directly or indirectly, interests in real estate of any kind
and of any type, and any and all kinds of interests therein, and to determine
the manner in which title thereto is to be held; to manage, insure against loss,
protect and subdivide any of the real estate, interests therein or parts
thereof; to improve, develop or redevelop any such real estate; to participate
in the ownership and development of any property; to dedicate for public use, to
vacate any subdivisions or parts thereof, to resubdivide, to contract to sell,
to grant options to purchase or lease, to sell on any terms; to convey, to
mortgage, pledge or otherwise encumber said property, or any part thereof; to
lease said property or any part thereof from time to time, upon any terms and
for any period of time, and to renew or extend leases, to amend, change or
modify the terms and provisions of any leases and to grant options to lease and
options to renew leases and options to purchase; to partition or to exchange
said real property, or any part thereof, for other real or personal property; to
grant easements or charges of any kind; to release, convey or assign any right,
title or interest in or about or easement appurtenant to said property or any
part thereof; to construct and reconstruct, remodel, alter, repair, add to or
take from buildings on said premises; to insure any Person having an interest in
or responsibility for the care, management or repair of such property; to direct
the trustee of any land trust to mortgage, lease, convey or contract to convey
the real estate held in such land trust or to execute and deliver deeds,
mortgages, notes, and any and all documents pertaining to the property subject
to such land trust or in any matter regarding such trust; to execute assignments
of all or any part of the beneficial interest in such land trust;

     To employ, engage or contract with or dismiss from employment or engagement
Persons to the extent deemed necessary by the General Partner for the operation
and management of the Partnership business, including but not limited to, the
engagement of the Property Manager pursuant to the Management Agreements and the
employment or engagement of other contractors, subcontractors, engineers,
architects, surveyors, mechanics, consultants, accountants, attorneys, insurance
brokers, real estate brokers and others;

     To enter into contracts on behalf of the Partnership;

     To borrow money, procure loans and advances from any Person for Partnership
purposes, and to apply for and secure, from any Person, credit or
accommodations; to contract liabilities and obligations, direct or contingent
and of every kind and nature with or without security; and to repay, discharge,
settle, adjust, compromise, or liquidate any such loan, advance, credit,

<PAGE>

obligation or liability;

     To pledge, hypothecate, mortgage, assign, deposit, deliver, enter into sale
and leaseback arrangements or otherwise give as security or as additional or
substitute security, or for sale or other disposition any and all Partnership
property, tangible or intangible, including, but not limited to, real estate and
beneficial interests in land trusts, and to make substitutions thereof, and to
receive any proceeds thereof upon the release or surrender thereof; to sign,
execute and deliver any and all assignments, deeds and other contracts and
instruments in writing; to authorize, give, make, procure, accept and receive
moneys, payments, property, notices, demands, vouchers, receipts, releases,
compromises and adjustments; to waive notices, demands, protests and authorize
and execute waivers of every kind and nature; to enter into, make, execute,
deliver and receive written agreements, undertakings and instruments of every
kind and nature; to give oral instructions and make oral agreements; and
generally to do any and all other acts and things incidental to any of the
foregoing or with reference to any dealings or transactions which any attorney
may deem necessary, proper or advisable;

     To acquire and enter into any contract of insurance which the General
Partner deems necessary or appropriate for the protection of the Partnership,
for the conservation of the Partnership's assets or for any purpose convenient
or beneficial to the Partnership;

     To conduct any and all banking transactions on behalf of the Partnership;
to adjust and settle checking, savings, and other accounts with such
institutions as the General Partner shall deem appropriate; to draw, sign,
execute, accept, endorse, guarantee, deliver, receive and pay any checks,
drafts, bills of exchange, acceptances, notes, obligations, undertakings and
other instruments for or relating to the payment of money in, into, or from any
account in the Partnership's name; to execute, procure, consent to and authorize
extensions and renewals of the same; to make deposits and withdraw the same and
to negotiate or discount commercial paper, acceptances, negotiable instruments,
bills of exchange and dollar drafts;

     To demand, sue for, receive, and otherwise take steps to collect or recover
all debts, rents, proceeds, interests, dividends, goods, chattels, income from
property, damages and all other property, to which the Partnership may be
entitled or which are or may become due the Partnership from any Person; to
commence, prosecute or enforce, or to defend, answer or oppose, contest and
abandon all legal proceedings in which the Partnership is or may hereafter be
interested; and to settle, compromise or submit to arbitration any accounts,
debts, claims, disputes and matters which may arise between the Partnership and
any other Person and to grant an extension of time for the payment or
satisfaction thereof on any terms, with or without security;

     To make arrangements for financing, including the taking of all action
deemed necessary or appropriate by the General Partner to cause any approved
loans to be closed;

     To take all reasonable measures necessary to insure compliance by the
Partnership with applicable arrangements, and other contractual obligations and
arrangements entered into by the Partnership from time to time in accordance
with the provisions of this Agreement, including

<PAGE>

periodic reports as required to lenders and using all due diligence to insure
that the Partnership is in compliance with its contractual obligations;

     To maintain the Partnership's books and records; and

     To prepare and deliver, or cause to be prepared and delivered by the
Partnership's Accountants, all financial and other reports with respect to the
operations of the Partnership, and preparation and filing of all Federal and
state tax returns and reports.

Except as otherwise provided herein, to the extent the duties of the General
Partner require expenditures of funds to be paid to third parties, the General
Partner shall not have any obligations hereunder except to the extent that
Partnership funds are reasonably available to it for the performance of such
duties, and nothing herein contained shall be deemed to authorize or require the
General Partner, in its capacity as such, to expend its individual funds for
payment to third parties or to undertake any individual liability or obligation
on behalf of the Partnership.

     Major Decisions. The General Partner shall not, without the prior Consent
of the Limited Partners, on behalf of the Partnership, undertake any of the
following actions (the "Major Decisions"): Amend, modify or terminate this
Agreement other than to reflect the admission of additional limited partners
pursuant to Section 8.3 hereof or the issuance of additional Units pursuant to
Section 4.3 hereof.

     Make a general assignment for the benefit of creditors or appoint or
acquiesce in the appointment of a custodian, receiver or trustee for all or any
part of the assets of the Partnership.

     Take title to any personal or real property, other than in the name of the
Partnership or a Property Partnership or pursuant to the provisions hereof.

     Institute any proceeding for Bankruptcy on behalf of the Partnership.

     Sell all or substantially all of the assets of the Partnership.

     Dissolve the Partnership.

     Actions with Respect to Certain Documents. Notwithstanding the provisions
of Section 6.3 hereof to the contrary, whenever the consent, agreement,
authorization or approval of the Partnership is required under any agreement to
which the Bucksbaum Limited Partners and/or their Affiliates are parties in
interest other than in their capacities as Limited Partners of the Partnership,
the prior approval of a majority of the directors of the General Partner who are
not Affiliates of the Bucksbaum Limited Partners shall be required.

     General Partner Participation. The General Partner agrees that all business
activities of the General Partner, including activities pertaining to the
acquisition, development and ownership of Properties, shall be conducted through
the Partnership (other than the General Partner's interest of not more than one
percent (1%) in Property Partnerships not owned through the Partnership).
Without the Consent of the Limited Partners, the General Partner shall not,

<PAGE>

directly or indirectly, participate in or otherwise acquire any interest in any
real or personal property unless the Partnership participates in, or otherwise
acquires an interest in, such real or personal property at least to the extent
of 99 times such proposed participation by the General Partner. The General
Partner agrees that all borrowings for the purpose of making distributions to
its stockholders will be incurred by the Partnership or the Property
Partnerships and the proceeds of such indebtedness will be included as Net
Financing Proceeds hereunder.

     Proscriptions. The General Partner shall not have the authority to:

     Do any act in contravention of this Agreement or which would make it
impossible to carry on the ordinary business of the Partnership;

     Possess any Partnership property or assign rights in specific Partnership
property for other than Partnership purposes; or

     Do any act in contravention of applicable law.

Nothing herein contained shall impose any obligation on any Person or firm doing
business with the Partnership to inquire as to whether or not the General
Partner has properly exercised its authority in executing any contract, lease,
mortgage, deed or other instrument or document on behalf of the Partnership, and
any such third Person shall be fully protected in relying upon such authority.

     Additional Partners. Additional Partners may be admitted to the Partnership
only as provided in Section 8.3 hereof.

     Title Holder. To the extent allowable under applicable law, title to all or
any part of the properties of the Partnership may be held in the name of the
Partnership or any other individual, corporation, partnership, trust or
otherwise, the beneficial interest in which shall at all times be vested in the
Partnership. Any such title holder shall perform any and all of its respective
functions to the extent and upon such terms and conditions as may be determined
from time to time by the General Partner.

     Compensation of the General Partner. The General Partner shall not be
entitled to any compensation for services rendered to the Partnership solely in
its capacity as General Partner except with respect to reimbursement for those
costs and expenses constituting Administrative Expenses.

     Waiver and Indemnification.

     Neither the General Partner nor any Person acting on its behalf, pursuant
hereto, shall be liable, responsible or accountable in damages or otherwise to
the Partnership or to any Partner for any acts or omissions performed or omitted
to be performed by them within the scope of the authority conferred upon the
General Partner by this Agreement and the Act, provided that the General
Partner's or such other Person's conduct or omission to act was taken in good
faith and in the belief that such conduct or omission was in the best interests
of the Partnership and, provided further, that the General Partner or such other
Person shall not be guilty of fraud, misconduct or gross negligence. The
Partnership shall, and hereby does, indemnify and hold harmless the General
Partner and its Affiliates and any individual acting on their behalf from any
loss, damage, claim or liability, including, but not limited to, reasonable
attorneys' fees and expenses, incurred by them by reason of any act performed by
them in accordance with the standards set

<PAGE>

forth above or in enforcing the provisions of this indemnity; provided, however,
no Partner shall have any personal liability with respect to the foregoing
indemnification, any such indemnification to be satisfied solely out of the
assets of the Partnership.

     Any Person entitled to indemnification under this Agreement shall be
entitled to receive, upon application therefor, advances to cover the costs of
defending any proceeding against such Person; provided, however, that such
advances shall be repaid to the Partnership, without interest, if such Person is
found by a court of competent jurisdiction upon entry of a final judgment not to
be entitled to such indemnification. All rights of the indemnitee hereunder
shall survive the dissolution of the Partnership; provided, however, that a
claim for indemnification under this Agreement must be made by or on behalf of
the Person seeking indemnification prior to the time the Partnership is
liquidated hereunder. The indemnification rights contained in this Agreement
shall be cumulative of, and in addition to, any and all rights, remedies and
recourse to which the person seeking indemnification shall be entitled, whether
at law or at equity. Indemnification pursuant to this Agreement shall be made
solely and entirely from the assets of the Partnership and no Partner shall be
liable therefor.

     Limited Partner Representatives. A Majority-In-Interest of the Bucksbaum
Limited Partners shall appoint one or more representatives ("Limited Partner
Representatives"). A Majority-In-Interest of the Bucksbaum Limited Partners
shall have the right, at any time, within their sole discretion, to replace any
of the Limited Partner Representatives, to appoint a temporary substitute to act
for any Limited Partner Representative unable to act, or to vest in only one of
the Limited Partner Representatives the sole power to exercise rights of the
Limited Partner Representatives hereunder. The Limited Partner Representatives
shall be appointed by the Bucksbaum Limited Partners in writing, a copy of which
shall be delivered to the General Partner. Any appointments of Limited Partner
Representatives made hereunder shall remain effective until rescinded in a
writing delivered to the General Partner and the General Partner shall have the
right and authority to rely (and shall be fully protected in so doing) on the
actions taken and directions given by such Limited Partner Representatives
without any further evidence of their authority or further action by the
Bucksbaum Limited Partners.

     Operation in Accordance with REIT Requirements. The Partners acknowledge
and agree that the Partnership shall be operated in a manner that will enable
the General Partner to (a) satisfy the REIT Requirements and (b) avoid the
imposition of any federal income or excise tax liability. The Partnership shall
avoid taking any action, or permitting any Property Partnership to take any
action, which would result in the General Partner ceasing to satisfy the REIT
Requirements or would result in the imposition of any federal income or excise
tax liability on the General Partner. The determination as to whether the
Partnership has operated in the manner prescribed in this Section 6.12 shall be
made without regard to any action or inaction of the General Partner with
respect to distributions and the timing thereof.

     ARTICLE VII

     Dissolution, Liquidation and Winding-Up Accounting. In the event of the
dissolution, liquidation and winding-up of the Partnership, a proper accounting
(which shall be certified) shall be made of the Capital Account of each Partner
and of the Net Profits or Net Losses of the Partnership from the date of the
last previous accounting to the date of dissolution. Financial statements
presenting such accounting

<PAGE>

shall include a report of a certified public accountant selected by the
Liquidating Trustee.

     Distribution on Dissolution. In the event of the dissolution and
liquidation of the Partnership for any reason, the assets of the Partnership
shall be liquidated for distribution in the following rank and order:

     Payment of creditors of the Partnership (other than Partners) in the order
of priority as provided by law;

     Establishment of reserves as provided by the General Partner to provide for
contingent liabilities, if any;

     Payment of debts of the Partnership to Partners, if any, in the order of
priority provided by law;

     To the Partners in accordance with the positive balances in their Capital
Accounts after giving effect to all contributions, distributions and allocations
for all periods, including the period in which such distribution occurs (other
than those adjustments made pursuant to this Section 7.2(d) and Section 7.3
hereof).

Whenever the Liquidating Trustee reasonably determines that any reserves
established pursuant to paragraph (b) above are in excess of the reasonable
requirements of the Partnership, the amount determined to be excess shall be
distributed to the Partners in accordance with the above provisions.

     Timing Requirements. In the event that the Partnership is "liquidated"
within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, any and
all distributions to the Partners pursuant to Section 7.2(d) hereof shall be
made no later than the later to occur of (i) the last day of the taxable year of
the Partnership in which such liquidation occurs or (ii) ninety (90) days after
the date of such liquidation.

     Sale of Partnership Assets. In the event of the liquidation of the
Partnership in accordance with the terms of this Agreement, the Liquidating
Trustee may, with the Consent of the Limited Partners, sell Partnership or
Property Partnership property if the Liquidating Trustee has in good faith
solicited bids from unrelated third parties and obtained independent appraisals
before making any such sale; provided, however, all sales, leases, encumbrances
or transfers of Partnership assets shall be made by the Liquidating Trustee with
the prior Consent of the Limited Partners and solely on an "arm's-length" basis,
at the best price and on the best terms and conditions as the Liquidating
Trustee in good faith believes are reasonably available at the time and under
the circumstances and on a non-recourse basis to the Limited Partners. The
liquidation of the Partnership shall not be deemed finally terminated until the
Partnership shall have received cash payments in full with respect to
obligations such as notes, installment sale contracts or other similar
receivables received by the Partnership in connection with the sale of
Partnership assets and all obligations of the Partnership have been satisfied or
assumed by the General Partner. The Liquidating Trustee shall continue to act to
enforce all of the rights of the Partnership pursuant to any such obligations
until paid in full.

     Distributions in Kind. In the event that it becomes necessary to make a

<PAGE>

distribution of Partnership property in kind, the General Partner may, with the
Consent of the Limited Partners, transfer and convey such property to the
distributees as tenants in common, subject to any liabilities attached thereto,
so as to vest in them undivided interests in the whole of such property in
proportion to their respective rights to share in the proceeds of the sale of
such property (other than as a creditor) in accordance with the provisions of
Section 7.2 hereof.

     Documentation of Liquidation. Upon the completion of the dissolution and
liquidation of the Partnership, the Partnership shall terminate and the
Liquidating Trustee shall have the authority to execute and record any and all
documents or instruments required to effect the dissolution, liquidation and
termination of the Partnership.

     Liability of the Liquidating Trustee. The Liquidating Trustee shall be
indemnified and held harmless by the Partnership from and against any and all
claims, demands, liabilities, costs, damages and causes of action of any nature
whatsoever arising out of or incidental to the Liquidating Trustee's taking of
any action authorized under or within the scope of this Agreement; provided,
however, that the Liquidating Trustee shall not be entitled to indemnification,
and shall not be held harmless, where the claim, demand, liability, cost, damage
or cause of action at issue arose out of:

     (a) A matter entirely unrelated to the Liquidating Trustee's action or
conduct pursuant to the provisions of this Agreement; or

     (b) The proven misconduct or negligence of the Liquidating Trustee.

     ARTICLE VIII

     Transfer of Units

     General Partner Transfer. The General Partner shall not withdraw from the
Partnership and shall not sell, assign, pledge, encumber or otherwise dispose of
all or any portion of its Units without the Consent of the Limited Partners.
Upon any transfer of Units in accordance with the provisions of this Section
8.1, the transferee General Partner shall become vested with the powers and
rights of the transferor General Partner, and shall be liable for all
obligations and responsible for all duties of the General Partner, once such
transferee has executed such instruments as may be necessary to effectuate such
admission and to confirm the agreement of such transferee to be bound by all the
terms and provisions of this Agreement with respect to the Units so acquired. It
is a condition to any transfer otherwise permitted hereunder that the transferee
assumes by operation of law or express agreement all of the obligations of the
transferor General Partner under this Agreement with respect to such transferred
Units and no such transfer (other than pursuant to a statutory merger or
consolidation wherein all obligations and liabilities of the transferor General
Partner are assumed by a successor corporation by operation of law) shall
relieve the transferor General Partner of its obligations under this Agreement
without the Consent of the Limited Partners, in their reasonable discretion. In
the event the General Partner withdraws from the Partnership, in violation of
this Agreement or otherwise, or dissolves or terminates or upon the Bankruptcy
of the General Partner, a Majority-In-Interest of the Limited Partners may elect
to continue the Partnership business by selecting a substitute general partner.

<PAGE>

     Transfers by Limited Partners. Each Limited Partner shall, subject to the
provisions of this Section 8.2 and Section 8.4 hereof, have the right to
transfer all or a portion of its Units to any Person, whether or not in
connection with the exercise of the Rights. It is a condition to any transfer
otherwise permitted hereunder that the transferee assumes by operation of law or
express agreement all of the obligations of the transferor Limited Partner under
this Agreement with respect to such transferred Units and no such transfer
(other than pursuant to a statutory merger or consolidation wherein all
obligations and liabilities of the transferor Partner are assumed by a successor
corporation by operation of law) shall relieve the transferor Partner of its
obligations under this Agreement without the approval of the General Partner, in
its reasonable discretion. Upon such transfer, the transferee shall be admitted
as a substituted limited partner as such term is defined in the Act (the
"Substituted Limited Partner") and shall succeed to all of the rights of the
transferor Limited Partner under this Agreement in the place and stead of such
transferor Limited Partner; provided, however, that notwithstanding the
foregoing, any transferee of any transferred Units, to the extent such
transferee is entitled to exercise Rights under the Rights Agreement, shall be
subject to any and all ownership limitations contained in the Charter which may
limit or restrict such transferee's ability to exercise the Rights. Any
transferee, whether or not admitted as a Substituted Limited Partner, shall take
subject to the obligations of the transferor hereunder. Unless admitted as a
Substituted Limited Partner, no transferee, whether by a voluntary transfer, by
operation of law or otherwise, shall have rights hereunder, other than to
receive such portion of the distributions made by the Partnership as are
allocable to the Units transferred.

     Issuance of Additional Units. At any time without the consent of any
Partner, but subject to the provisions of Section 8.4 hereof, the General
Partner may, upon its determination that the issuance of additional Units
("Additional Units") is in the best interests of the Partnership, cause the
Partnership to issue Additional Units to and admit as a limited partner in the
Partnership, any Person (the "Additional Partner") in exchange for the
contribution by such Person of cash and/or property desirable to further the
purposes of the Partnership under Section 2.3 hereof. The number of Additional
Units issued to any Additional Partner shall be equal to the product of the (a)
Conversion Factor multiplied by (b) the quotient of (i) the Gross Asset Value of
the property contributed by the Additional Partner (net of liabilities assumed
by the Partnership in connection with the contribution of such Property to the
Partnership or to which such Property is subject) as of the date of contribution
(the "Contribution Date") divided by (ii) Current Per Share Market Price in
respect of such transaction, and the General Partner may admit an Additional
Partner to the Partnership upon such other terms as it deems appropriate. The
General Partner shall be authorized on behalf of each of the Partners to amend
this Agreement to reflect the admission of any Additional Partner in accordance
with the provisions of this Section 8.3 in the event that the General Partner
deems such amendment to be desirable, and the General Partner promptly shall
deliver a copy of such amendment to each Limited Partner. Notwithstanding
anything contained herein to the contrary, an Additional Partner that acquires
Additional Units pursuant to this Section 8.3 shall not acquire any interest in,
and may not exercise or otherwise participate in, any Rights pursuant to the
Rights Agreements unless they are expressly granted such rights.

     Restrictions on Transfer. In addition to any other restrictions on transfer
herein contained, in no event may any transfer or assignment of Units by any
Partner be made (i) to any Person who lacks the legal right, power or capacity
to own Units; (ii) in violation of any

<PAGE>

provision of any mortgage or trust deed (or the note or bond secured thereby)
constituting a Lien against a Property or any part thereof, or other instrument,
document or agreement to which the Partnership or any Property Partnership is a
party or otherwise bound; (iii) in violation of applicable law; (iv) of any
component portion of a Unit, such as the Capital Account, or rights to Net
Operating Cash Flow, separate and apart from all other components of such Unit
(other than such assignments of the right to receive distributions as the
General Partner shall approve in writing which approval the General Partner may
withhold in its sole discretion), (v) in the event such transfer would cause the
General Partner to cease to comply with the REIT Requirements, (vi) if such
transfer would cause a termination of the Partnership for federal income tax
purposes, (vii) if such transfer would, in the opinion of counsel to the
Partnership, cause the Partnership to cease to be classified as a partnership
for Federal income tax purposes, (viii) if such transfer would cause the
Partnership to become, with respect to any employee benefit plan subject to
Title 1 of ERISA, a "party-in-interest" (as defined in Section 3(14) of ERISA)
or a "disqualified person" (as defined in Section 4975(c) of the Code), or (ix)
if such transfer would, in the opinion of counsel to the Partnership, cause any
portion of the assets of the Partnership to constitute assets of any employee
benefit plan pursuant to Department of Labor Regulations Section 2510.2-101.
Notwithstanding anything in this Agreement to the contrary, no Partner may sell,
assign or otherwise transfer its Units or other interest in the Partnership or
any portion thereof (or permit any interest in any Person that directly or
through another Person owns Units or other interests in the Partnership to be
transferred) to any Foreign Owner without providing written notice of the same
to the General Partner, and any such written notice shall be received by the
General Partner at least thirty days prior to any such sale, assignment or other
transfer. Any sale, assignment or other transfer of Units or other interests in
the Partnership made in violation of this Section 8.4 (including without
limitation any sale, assignment or other transfer of Units made without giving
the notice described in the immediately preceding sentence) shall be null and
void ab initio.

     ARTICLE IX

     Rights and Obligations of the Limited Partners

     No Participation in Management. Except as expressly permitted hereunder,
the Limited Partners shall not take part in the management of the Partnership's
business, transact any business in the Partnership's name or have the power to
sign documents for or otherwise bind the Partnership.

     Bankruptcy of a Limited Partner. The Bankruptcy of any Limited Partner
shall not cause a dissolution of the Partnership, but the rights of such Limited
Partner to share in the Net Profits or Net Losses of the Partnership and to
receive distributions of Partnership funds shall, on the happening of such
event, devolve on its successors or assigns, subject to the terms and conditions
of this Agreement, and the Partnership shall continue as a limited partnership.
However, in no event shall such assignee(s) become a Substituted Limited Partner
without the consent of the General Partner.

     No Withdrawal. No Limited Partner may withdraw from the Partnership without
the prior written consent of the General Partner, other than as expressly
provided in this Agreement.

     Duties and Conflicts. The General Partner recognizes that the Limited
Partners

<PAGE>

and their Affiliates have or may hereafter have other business interests,
activities and investments, some of which may be in conflict or competition with
the business of the Partnership, and that, subject to the provisions of Sections
9.5 and 9.6 hereof, such Persons are entitled to carry on such other business
interests, activities and investments. Subject to the provisions of Sections 9.5
and 9.6 hereof, the Limited Partners and their Affiliates may engage in or
possess an interest in any other business or venture of any kind, independently
or with others, on their own behalf or on behalf of other entities with which
they are affiliated or associated, and such persons may engage in any
activities, whether or not competitive with the Partnership, without any
obligation to offer any interest in such activities to the Partnership or to any
Partner. Except as otherwise provided in Sections 9.5 and 9.6 hereof, neither
the Partnership nor any Partner shall have any right, by virtue of this
Agreement, in or to such activities, or the income or profits derived therefrom,
and the pursuit of such activities, even if competitive with the business of the
Partnership, shall not be deemed wrongful or improper.

     Acquisition Projects. Notwithstanding anything contained in Section 9.4
hereof to the contrary, the Bucksbaum Limited Partners and/or their Affiliates
shall not, during the period (the "Restricted Period") commencing on the date on
which the Partnership was formed and ending on the earlier of (i) April 16, 2003
and (ii) the Restrictions Lapse Date (as defined below), acquire an equity
ownership interest in any Acquisition Project other than through their ownership
interest in the Partnership. During the Restricted Period, the Bucksbaum Limited
Partners may, in their sole discretion, notify the General Partner of any
opportunities available to the Partnership to acquire any equity ownership
interest in an Acquisition Project to the extent the Bucksbaum Limited Partners
believe such opportunities may be appropriate for consideration by the
Partnership. Notwithstanding the preceding sentence, the Bucksbaum Limited
Partners and/or their Affiliates may not acquire an equity ownership interest in
any Acquisition Project during the Restricted Period other than through their
ownership interests in the Partnership. The "Restrictions Lapse Date" shall mean
the first date on which all of the following conditions are satisfied: (i) none
of Martin Bucksbaum, Matthew Bucksbaum or John Bucksbaum is an executive officer
or director of the General Partner and (ii) Martin Bucksbaum, Matthew Bucksbaum,
John Bucksbaum and the Bucksbaum Limited Partners are not (or would not be
assuming such persons exercised all of their outstanding Rights in exchange for
Common Stock), in the aggregate, the beneficial owners of 10% or more of the
outstanding shares of Common Stock of the General Partner. For purposes of the
previous sentence, during his lifetime, a person shall be deemed to be the
beneficial owner of any shares of Common Stock beneficially owned by his
Affiliates (including shares that would be owned assuming all outstanding Rights
were exercised in exchange for Common Stock by such persons).

     Development Projects. Notwithstanding anything contained in Section 9.4
hereof to the contrary, the Bucksbaum Limited Partners and their Affiliates
shall not, during the Restricted Period, acquire, hold, own, develop, construct,
improve, maintain, operate, sell, lease, transfer, encumber, convey or otherwise
deal with any Development Project. During the Restricted Period, the Bucksbaum
Limited Partners may notify the General Partner of any opportunities available
to the Partnership to acquire an interest in any Development Project to the
extent such Limited Partners believe such opportunities may be appropriate for
consideration by the Partnership. Notwithstanding anything to the contrary
contained in Sections 9.5 and 9.6 of this Agreement or any other provisions of
this Agreement, Matthew Bucksbaum, John Bucksbaum, the Bucksbaum Limited
Partners and/or their respective Affiliates may hold equity

<PAGE>

securities of any other publicly held Entity or subsidiary thereof engaged in
the shopping center development, ownership and/or management business provided
that they own in the aggregate less than five percent (5%) of the equity
securities of such Entity and neither Matthew Bucksbaum nor John Bucksbaum
serves as a director or executive officer of, or in a similar capacity for, such
Entity other than at the request of the General Partner or by reason of an
investment therein by the General Partner, the Partnership or any Affiliate of
the General Partner or the Partnership.

     Acquisition/Development Projects -- Further Assurances. Each Bucksbaum
Limited Partner acknowledges and agrees that the restrictions contained in
Sections 9.5 and 9.6 hereof relating to Acquisition Projects and Development
Projects shall continue to remain effective with respect to such Bucksbaum
Limited Partner and its Affiliates for the applicable periods specified in such
Sections 9.5 and 9.6 notwithstanding any transfer of the Units of such Bucksbaum
Limited Partner. In connection with the transfer of all Units of any Bucksbaum
Limited Partner, such Bucksbaum Limited Partner shall execute and deliver to the
General Partner such instruments or documents as the General Partner may
reasonably request confirming the transferor Bucksbaum Limited Partner's
obligations to continue to be bound by the provisions of this Section 9.7 and
Sections 9.5 and 9.6 hereof.

     ARTICLE X

     Limited Partner Representations and Warranties Each Limited Partner,
severally, and not jointly and severally, represents and warrants to the
Partnership and the General Partner as follows:

     (a) Organization; Authority. The Limited Partner (i) in the case of a
Person who is a natural person, has full power and authority to execute, deliver
and perform this Agreement or (ii) in the case of a Person which is a
corporation, limited liability company, limited liability company, partnership
or trust, is a corporation, limited liability company, partnership, corporation
or trust, as the case may be, duly formed, validly existing and in good standing
(to the extent applicable) under the laws of its jurisdiction of formation with
the requisite authority to execute, deliver and perform this Agreement.

     (b) Due Authorization; Binding Agreement. The execution, delivery and
performance of this Agreement by the Limited Partner has been duly and validly
authorized by all necessary action of the Limited Partner in the case of a
Limited Partner which is an Entity. This Agreement has been duly executed and
delivered by the Limited Partner, or an authorized representative of the Limited
Partner, and constitutes a legal, valid and binding obligation of the Limited
Partner, enforceable against the Limited Partner in accordance with the terms
hereof.

     (c) Consents and Approvals. No consent, waiver, approval or authorization
of, or filing, registration or qualification with, or notice to, any
governmental unit or any other Person is required to be made, obtained or given
by the Limited Partner in connection with the execution, delivery and
performance of this Agreement.

     (d) No Violation. None of the execution, delivery or performance of this
Agreement by the Limited Partner does or will, with or without the giving of
notice, lapse of time or both, (i) violate, conflict with or constitute a
default under any term or condition of (A) the organizational documents of the
Limited Partner or other agreement to which the Limited Partner is a party or
<PAGE>

by which it is bound or (B) any judgment, decree, order, statute, injunction,
rule or regulation of a governmental unit applicable to the Limited Partner or
by which it or its assets or properties are bound or (ii) result in the creation
of any Lien or other encumbrance upon the assets or properties of the Limited
Partner.

     ARTICLE XI
     General Partner Representations and Warranties

     The General Partner represents and warrants to the Partnership and the
Limited Partners as follows:

     Organization; Authority. The General Partner is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware with full corporate power to execute, deliver and perform this
Agreement.

     Due Authorization; Binding Agreement. The execution, delivery and
performance of this Agreement by the General Partner has been duly and validly
authorized by all necessary action of the General Partner. This Agreement has
been duly executed and delivered by the General Partner, or an authorized
representative of the General Partner, and constitutes a legal, valid and
binding obligation of the General Partner, enforceable against the General
Partner in accordance with the terms hereof.

     Consents and Approvals. No consent, waiver, approval or authorization of,
or filing, registration or qualification with, or notice to, any governmental
unit or any other person is required to be made, obtained or given by the
General Partner in connection with the execution, delivery and performance of
this Agreement other than consents, waivers, approvals or authorizations which
have been obtained prior to the date hereof.

     ARTICLE XII
     Arbitration of Disputes

     Arbitration. Notwithstanding anything to the contrary contained in this
Agreement, all claims, disputes and controversies between the parties hereto
(including, without limitation, any claims, disputes and controversies between
the Partnership and any one or more of the Partners and any claims, disputes and
controversies between any one or more Partners) arising out of or in connection
with this Agreement or the Partnership relating to the validity, construction,
performance, breach, enforcement or termination thereof, or otherwise, shall be
resolved by binding arbitration in New York, New York, in accordance with this
Article XII and, to the extent not inconsistent herewith, the Expedited
Procedures and Commercial Arbitration Rules of the American Arbitration
Association.

     Procedures. Any arbitration called for by this Article XII shall be
conducted in accordance with the following procedures:

     The Partnership or any Partner (the "Requesting Party") may demand
arbitration pursuant to Section 12.1 hereof at any time by giving written notice
of such demand (the "Demand

<PAGE>

Notice") to all other Partners and (if the Requesting Party is not the
Partnership) to the Partnership which Demand Notice shall describe in reasonable
detail the nature of the claim, dispute or controversy.

     Within fifteen (15) days after the giving of a Demand Notice, the
Requesting Party, on the one hand, and each of the other Partners and/or the
Partnership against whom the claim has been made or with respect to which a
dispute has arisen (collectively, the "Responding Party"), on the other hand,
shall select and designate in writing to the other party one reputable,
disinterested individual (a "Qualified Individual") willing to act as an
arbitrator of the claim, dispute or controversy in question. Each of the
Requesting Party and the Responding Party shall use their best efforts to select
a present or former partner of a "Big 6" accounting firm having no affiliation
with any of the parties as their respective Qualified Individual. Within fifteen
(15) days after the foregoing selections have been made, the arbitrators so
selected shall jointly select a present or former partner of a "Big 6"
accounting firm having no affiliation with any of the parties as the third
Qualified Individual willing to act as an arbitrator of the claim, dispute or
controversy in question. In the event that the two arbitrators initially
selected are unable to agree on a third arbitrator within the second fifteen
(15) day period referred to above, then, on the application of either party, the
American Arbitration Association shall promptly select and appoint a present or
former partner of a "Big 6" accounting firm having no affiliation with any of
the parties as the Qualified Individual to act as the third arbitrator. The
three arbitrators selected pursuant to this subsection (b) shall constitute the
arbitration panel for the arbitration in question.

     The presentations of the parties hereto in the arbitration proceeding shall
be commenced and completed within sixty (60) days after the selection of the
arbitration panel pursuant to subsection (b) above, and the arbitration panel
shall render its decision in writing within thirty (30) days after the
completion of such presentations. Any decision concurred in by any two (2) of
the arbitrators shall constitute the decision of the arbitration panel, and
unanimity shall not be required.

     The arbitration panel shall have the discretion to include in its decision
a direction that all or part of the attorneys' fees and costs of any party or
parties and/or the costs of such arbitration be paid by any other party or
parties. On the application of a party before or after the initial decision of
the arbitration panel, and proof of its attorneys' fees and costs, the
arbitration panel shall order the other party to make any payments directed
pursuant to the preceding sentence.

     Binding Character. Any decision rendered by the arbitration panel pursuant
to this Article XII shall be final and binding on the parties hereto, and
judgment thereon may be entered by any state or federal court of competent
jurisdiction.

     Exclusivity. Arbitration shall be the exclusive method available for
resolution of claims, disputes and controversies described in Section 12.1
hereof, and the Partnership and its Partners stipulate that the provisions
hereof shall be a complete defense to any suit, action, or proceeding in any
court or before any administrative or arbitration tribunal with respect to any
such claim, controversy or dispute. The provisions of this Article XII shall
survive the dissolution of the Partnership.

     No Alteration of Agreement.  Nothing contained herein shall be deemed to
give

<PAGE>

the arbitrators any authority, power or right to alter, change, amend, modify,
add to, or subtract from any of the provisions of this Partnership Agreement.

     ARTICLE XIII
     General Provisions

     Notices. All notices, offers or other communications required or permitted
to be given pursuant to this Agreement shall be in writing and may be personally
served, telecopied or sent by United States mail and shall be deemed to have
been given when delivered in person, upon receipt of telecopy or three business
days after deposit in United States mail, registered or certified, postage
prepaid, and properly addressed, by or to the appropriate party. For purposes of
this Section 13.1, the addresses of the parties hereto shall be as set forth in
the books and records of the Partnership. The address of any party hereto may be
changed by a notice in writing given in accordance with the provisions hereof.

     Successors. This Agreement and all the terms and provisions hereof shall be
binding upon and shall inure to the benefit of all Partners, and their legal
representatives, heirs, successors and permitted assigns, except as expressly
herein otherwise provided.

     Effect and Interpretation. This Agreement shall be governed by and
construed in conformity with the laws of the State of Delaware (without regard
to its conflicts of law principles).

     Counterparts. This Agreement may be executed in counterparts, each of which
shall be an original, but all of which shall constitute one and the same
instrument.

     Partners Not Agents. Nothing contained herein shall be construed to
constitute any Partner the agent of another Partner, except as specifically
provided herein, or in any manner to limit the Partners in the carrying on of
their own respective businesses or activities.

     Entire Understanding; Etc. This Agreement, together with any and all
Contribution Agreements and Rights Agreements, constitutes the entire agreement
and understanding among the Partners and supersedes any prior understandings
and/or written or oral agreements among them respecting the subject matter
within (including without limitation the Initial Partnership Agreement except
for the consents, approvals and waivers given therein, the agreements by
Partners to be bound by the provisions thereof, as the same is amended hereby,
and the agreements of former Bucksbaum Limited Partners under Sections 9.3 and
9.4, which shall continue in full force and effect).

     Amendments. Except as otherwise provided herein, this Agreement may not be
amended, and no provision may be waived, except by a written instrument signed
by the General Partner (and, in the case of amendments or waivers benefiting the
Bucksbaum Limited Partners, approved on behalf of the General Partner by at
least a majority of its directors who are not Affiliates of the Bucksbaum
Limited Partners) and a Majority-In-Interest of the Limited Partners.
Notwithstanding anything to the contrary contained herein, without the written
consent of a Limited Partner, this Agreement may not be amended to convert such
Limited Partner's partnership interest in the Partnership to a general
partnership interest (or otherwise adversely affect such Limited Partner's
limited liability) or to materially adversely affect such Limited Partner's
rights to distributions or allocations except in connection with the admission
of Additional Partners unless such amendment affects the Bucksbaum Limited
Partners in the same manner on a Unit-for-Unit basis. The immediately preceding
sentence of this Section 13.7 may

<PAGE>

not be amended to modify the approval rights of a Partner without such
Partner's consent.

     Severability. If any provision of this Agreement, or the application of
such provision to any person or circumstance, shall be held invalid by a court
of competent jurisdiction, the remainder of this Agreement, or the application
of such provision to persons or circumstances other than those to which it is
held invalid by such court, shall not be affected thereby.

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

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

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

     Issuance of Certificates Representing Units. The General Partner may, in
its sole discretion, issue certificates representing all or a portion of the
Units of one or more Partners and, in such event, the General Partner shall
establish such rules and regulations relating to issuances and reissuances of
certificates upon transfer of Units, the division of Units among multiple
certificates and the loss, theft, destruction or mutilation of certificates as
the General Partner reasonably deems appropriate.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused this Agreement to be executed as of the date and year first above
written.

GENERAL PARTNER:

GENERAL GROWTH PROPERTIES, INC.,
a Delaware corporation

By:
    ---------------------------------
Its:
     --------------------------------
     55 West Monroe Street
     Suite 3100
     Chicago, Illinois 60603

LIMITED PARTNERS:

M.B. CAPITAL PARTNERS III, a South

<PAGE>

Dakota general partnership

By: GENERAL TRUST COMPANY, not
    individually but solely as Trustee
    of Martin Investment Trust G, a partner

By:
    ---------------------------------
Its:
     --------------------------------

     TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
ARTICLE I
Definitions; Etc.
1.1     Definitions                                                           2
1.2     Exhibits, Etc.                                                       24

ARTICLE II
Continuation
2.1     Continuation                                                         24
2.2     Name                                                                 24
2.3     Character of the Business                                            25
2.4     Location of the Principal Place of Business                          26
2.5     Registered Agent and Registered Office                               26

ARTICLE III
Term
3.1     Commencement                                                         26
3.2     Dissolution                                                          26

ARTICLE IV
Contributions to Capital
4.1     General Partner Capital Contribution                                 27
4.2     Limited Partner Capital Contributions                                28
4.3     Additional Funds                                                     28
4.4     Stock Incentive Plan                                                 29
4.5     No Third Party Beneficiary                                           29
4.6     No Interest; No Return                                               30
</TABLE>

<PAGE>

<TABLE>
<S>                                                                         <C>
ARTICLE V
Allocations and Other Tax and Accounting Matters
5.1     Allocations                                                          30
5.2     Distributions.                                                       30
5.3     Books of Account                                                     31
5.4     Reports                                                              32
5.5     Audits.                                                              32
5.6     Tax Elections and Returns                                            33
5.7     Tax Matters Partner.                                                 34
5.8     Withholding.                                                         36

ARTICLE VI
Rights, Duties and Restrictions of the General Partner
6.1     Expenditures by Partnership                                          37
6.2     Powers and Duties of General Partner                                 37
6.3     Major Decisions                                                      41
6.4     Actions with Respect to Certain Documents                            41
6.5     General Partner Participation                                        42
6.6     Proscriptions                                                        42
6.7     Additional Partners                                                  43
6.8     Title Holder                                                         43
6.9     Compensation of the General Partner                                  43
6.10    Waiver and Indemnification                                           43
6.11    Limited Partner Representatives                                      44
6.12    Operation in Accordance with REIT Requirements                       45

ARTICLE VII
Dissolution, Liquidation and Winding-Up
7.1     Accounting                                                           46
7.2     Distribution on Dissolution                                          46
7.3     Timing Requirements                                                  47
7.4     Sale of Partnership Assets                                           47
7.5     Distributions in Kind                                                48
7.6     Documentation of Liquidation                                         48
7.7     Liability of the Liquidating Trustee                                 48

ARTICLE VIII
Transfer of Units
8.1     General Partner Transfer                                             49
8.2     Transfers by Limited Partners                                        50
8.3     Issuance of Additional Units                                         51
8.4     Restrictions on Transfer                                             52

ARTICLE IX
Rights and Obligations of the Limited Partners
</TABLE>

<PAGE>

<TABLE>
<S>                                                                         <C>
9.1     No Participation in Management                                       54
9.2     Bankruptcy of a Limited Partner                                      54
9.3     No Withdrawal                                                        55
9.4     Duties and Conflicts                                                 55
9.5     Acquisition Projects                                                 56
9.6     Development Projects                                                 57
9.7     Acquisition/Development Projects -- Further Assurances               58

ARTICLE X
Limited Partner Representations and Warranties

ARTICLE XI
General Partner Representations and Warranties

ARTICLE XII
Arbitration of Disputes
12.1    Arbitration                                                          60
12.2    Procedures                                                           61
12.3    Binding Character                                                    62
12.4    Exclusivity                                                          62
12.5    No Alteration of Agreement                                           62

ARTICLE XIII
General Provisions
13.1    Notices                                                              63
13.2    Successors                                                           63
13.3    Effect and Interpretation                                            63
13.4    Counterparts                                                         63
13.5    Partners Not Agents                                                  63
13.6    Entire Understanding; Etc.                                           64
13.7    Amendments                                                           64
13.8    Severability                                                         65
13.9    Trust Provision                                                      65
13.10   Pronouns and Headings                                                65
13.11   Assurances                                                           66
13.12   Issuance of Certificates Representing Units                          66

EXHIBIT A
</TABLE>

<PAGE>

General Partner:

Number of Units
Percentage Interest

General Growth Properties, Inc.
35,542,256.5822

Limited Partners:

M.B. Capital Partners III

15,555,864.0240

Stanley Richards
Revocable Trust
149,706.3938

Joe W. Lowrance
57,620.0000

LWLDA Limited Partnership
45,223.0000

Brent M. Milgrom
57,620.0000

GDC/A&B Limited Partnership
45,223.0000

Edward S. Brown
25,000.000

Lawrence A. Brown
17,647.0000

<PAGE>

Merrill H.J. Roth
29,024.0000

The Roth Family
Limited Partnership
22,308.0000

Arthur B. Morgenstern
54,625.0000

Joseph Straus, Jr.
78,017.0000

Warren Weiner and Penny
Weiner, Husband and Wife,
as Tenants-by-the-Entirety
15,855.5000

Joint Revocable Trust of
Marvin Rounick and Judy
Rounick
15,855.5000

Arthur Bruce Associates
31,711.0000

Marvin Rounick and
Judy Rounick, Husband
and Wife, as Tenants-by-
the-Entirety
55,670.0000

Joint Revocable Trust of
Warren and Penny Weiner
18,557.0000

<PAGE>

Irrevocable Trust of
Warren Weiner dated
January 24, 1978 F/B/O
Robyn Weiner
18,557.0000

Irrevocable Trust of
Warren Weiner dated
January 24, 1978 F/B/O
Kimberly Weiner
18,557.0000

Forbes/Cohen Properties
801,842.0000

Jackson Properties
346,795.0000

Lakeview Square Properties
296,363.0000

CA Southlake Investors, Ltd.
353,537.0000

Peter D. Leibowits
518,833.0000

Total Units:.
100.0000

EXHIBIT B

<PAGE>

     Certain Development Projects

1.   Evansville, Indiana undeveloped land

2.   Des Moines, Iowa undeveloped land

3.   Sioux City, Iowa undeveloped land

4.   Omaha, Nebraska undeveloped land

5.   Fort Worth, Texas undeveloped land

6.   Bowling Green, Kentucky undeveloped land

7.   Colorado Springs, Colorado (50% joint venture interest)

     EXHIBIT C

     Allocations

3. Allocation of Net Income and Net Loss.

     (a) Net Income. Except as otherwise provided herein, Net Income for any
fiscal year or other applicable period shall be allocated in the following order
and priority:

     (1) First, to the Partners, until the cumulative Net Income allocated
pursuant to this subparagraph (a)(1) for the current and all prior periods
equals the cumulative Net Loss allocated pursuant to subparagraph (b)(2) hereof
for all prior periods, among the Partners in the reverse order that such Net
Loss was allocated to the Permitted Partners pursuant to subparagraph (b)(2)
hereof (and, in the event of a shift of a Partner's interest in the Partnership,
to the Partners in a manner the most equitably reflects the successors in
interest to the Permitted Partners).

     (2) Thereafter, the balance of the Net Income, if any, shall be allocated
to the Partners in accordance with their respective Percentage Interests.

     (b) Net Loss. Except as otherwise provided herein, Net Loss of the
Partnership for each fiscal year or other applicable period shall be allocated
as follows:

     (1) To the Partners in accordance with their respective Percentage
Interests.

<PAGE>

     (2) Notwithstanding subparagraph (b)(1) hereof, to the extent any Net Loss
allocated to a Partner under subparagraph (b)(1) hereof or this subparagraph
(b)(2) would cause such Partner (hereinafter, a "Restricted Partner") to have an
Adjusted Capital Account Deficit as of the end of the fiscal year to which such
Net Loss relates, such Net Loss shall not be allocated to such Restricted
Partner and instead shall be allocated to the other Partner(s) (hereinafter, the
"Permitted Partners") pro rata in accordance with their relative Percentage
Interests.

4. Special Allocations.

     Notwithstanding any provisions of paragraph 1 of this Exhibit C, the
following special allocations shall be made in the following order:

     (a) Minimum Gain Chargeback (Nonrecourse Liabilities). If there is a net
decrease in Partnership Minimum Gain for any Partnership fiscal year (except as
a result of conversion or refinancing of Partnership indebtedness, certain
capital contributions or revaluation of the Partnership property as further
outlined in Regulation Sections 1.704-2(d)(4), (f)(2) or (f)(3)), each Partner
shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to that Partner's share
of the net decrease in Partnership Minimum Gain. The items to be so allocated
shall be determined in accordance with Regulation Section 1.704-2(f). This
paragraph (a) is intended to comply with the minimum gain chargeback requirement
in said section of the Regulations and shall be interpreted consistently
therewith. Allocations pursuant to this paragraph (a) shall be made in
proportion to the respective amounts required to be allocated to each Partner
pursuant hereto.

     (b) Minimum Gain Attributable to Partner Nonrecourse Debt. If there is a
net decrease in Minimum Gain Attributable to Partner Nonrecourse Debt during any
fiscal year (other than due to the conversion, refinancing or other change in
the debt instrument causing it to become partially or wholly nonrecourse,
certain capital contributions, or certain revaluations of Partnership property
as further outlined in Regulation Section 1.704-2(i)(4)), each Partner shall be
specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to that Partner's share of the
net decrease in the Minimum Gain Attributable to Partner Nonrecourse Debt. The
items to be so allocated shall be determined in accordance with Regulation
Section 1.704-2(i)(4) and (j)(2). This paragraph (b) is intended to comply with
the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt
contained in said section of the Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this paragraph (b) shall be made
in proportion to the respective amounts required to be allocated to each Partner
pursuant hereto.

     (c) Qualified Income Offset. In the event a Limited Partner unexpectedly
receives any adjustments, allocations or distributions described in Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such Limited Partner has an
Adjusted Capital Account Deficit, items of Partnership income and gain shall be
specially allocated to such Partner in an amount and manner sufficient to
eliminate the Adjusted Capital Account Deficit as quickly as possible. This
paragraph (c) is intended to constitute a "qualified income offset" under
Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

<PAGE>

     (d) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year or
other applicable period shall be allocated to the Partners in accordance with
their respective Percentage Interests.

     (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any
fiscal year or other applicable period shall be specially allocated to the
Partner that bears the economic risk of loss for the debt (i.e., the Partner
Nonrecourse Debt) in respect of which such Partner Nonrecourse Deductions are
attributable (as determined under Regulation Section 1.704-2(b)(4) and (i)(1).

     (f) Precontribution Gain. In the event that, during any fiscal year or
other applicable period, any Property Partnership allocates to the Partnership
Precontribution Gain, each Partner (or its successors in interest) who
heretofore contributed to the capital of the Partnership an interest in such
Property Partnership shall be allocated that Precontribution Gain in accordance
with its respective interest in such Precontribution Gain. For purposes hereof,
"Precontribution Gain" shall mean, with respect to each Shopping Center Project
owned by an existing Property Partnership, that unrealized gain attributable to
the excess of (a) the fair market value of such Shopping Center Project on April
15, 1993, over (b) the adjusted tax basis of such Shopping Center Project on
such date; provided, however, that the amount of any Precontribution Gain
associated with a Shopping Center Project shall be adjusted to account for
allocations made in accordance with the provisions of Section 3(c) of this
Exhibit C and shall not, in any event, exceed that amount of gain actually
allocated to the Partnership by the Property Partnership as a result of the sale
or other disposition of such Shopping Center Project.

     (g) Curative Allocations. The Regulatory Allocations shall be taken into
account in allocating other items of income, gain, loss, and deduction among the
Partners so that, to the extent possible, the cumulative net amount of
allocations of Partnership items under paragraphs 1 and 2 of this Exhibit C
shall be equal to the net amount that would have been allocated to each Partner
if the Regulatory Allocations had not occurred. This subparagraph (g) is
intended to minimize to the extent possible and to the extent necessary any
economic distortions which may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith. For
purposes hereof, "Regulatory Allocations" shall mean the allocations provided
under this paragraph 2.

5. Tax Allocations.

     (a) Generally. Subject to paragraphs (b) and (c) hereof, items of income,
gain, loss, deduction and credit to be allocated for income tax purposes
(collectively, "Tax Items") shall be allocated among the Partners on the same
basis as their respective book items.

     (b) Sections 1245/1250 Recapture. If any portion of gain from the sale of
property is treated as gain which is ordinary income by virtue of the
application of Code Sections 1245 or 1250 ("Affected Gain"), then (A) such
Affected Gain shall be allocated among the Partners in the same proportion that
the depreciation and amortization deductions giving rise to the Affected Gain
were allocated and (B) other Tax Items of gain of the same character that would
have been

<PAGE>

recognized, but for the application of Code Sections 1245 and/or 1250, shall be
allocated away from those Partners who are allocated Affected Gain pursuant to
Clause (A) so that, to the extent possible, the other Partners are allocated the
same amount, and type, of capital gain that would have been allocated to them
had Code Sections 1245 and/or 1250 not applied. For purposes hereof, in order to
determine the proportionate allocations of depreciation and amortization
deductions for each fiscal year or other applicable period, such deductions
shall be deemed allocated on the same basis as Net Income and Net Loss for such
respective period.

     (c) Allocations Respecting Section 704(c) and Revaluations; Curative
Allocations Resulting from the Ceiling Rule. Notwithstanding paragraph (b)
hereof, Tax Items with respect to Partnership property that is subject to Code
Section 704(c) and/or Regulation Section 1.704-1(b)(2)(iv)(f) (collectively
"Section 704(c) Tax Items") shall be allocated in accordance with said Code
section and/or Regulation Section 1.704-1(b)(4)(i), as the case may be. The
allocation of Tax Items shall be in accordance with the "traditional method" set
forth in Treas. Reg. _1.704-3(b)(1), unless otherwise determined by the General
Partner, and shall be subject to the ceiling rule stated in Regulation Section
1.704-3(b)(1). The General Partner is authorized to specially allocate Tax Items
(other than the Section 704(c) Tax Items) to cure for the effect of the ceiling
rule. The intent of this Section 3(c) and Section 2(f) above is that each
Partner who contributed to the capital of the Partnership a partnership interest
in an existing Property Partnership will bear, through reduced allocations of
depreciation and increased allocations of gain or other items, the tax
detriments associated with any Precontribution Gain and this Section 3(c) and
Section 2(f) are to be interpreted consistently with such intent.<PAGE>

                                                                   Exhibit 10.18

                             STOCKHOLDERS AGREEMENT

                          Dated as of December 20, 1995

                                  By and Among

                                GGP/HOMART, INC.

                             GGP LIMITED PARTNERSHIP

                    THE COMPTROLLER OF THE STATE OF NEW YORK
                    AS TRUSTEE OF THE COMMON RETIREMENT FUND

                    EQUITABLE LIFE INSURANCE COMPANY OF IOWA

                           USG ANNUITY & LIFE COMPANY

                   TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA

                                       and

                         GENERAL GROWTH PROPERTIES, INC.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
RECITALS ................................................................     1

                                   ARTICLE I.

DEFINITIONS .............................................................     1

   1.1.     "Accredited Investor" .......................................     2
   1.2.     "Additional Subscription Dates" .............................     2
   1.3.     "Additional Subscription Payment" ...........................     2
   1.4.     "Affiliate" .................................................     2
   1.5.     "Aggregate Subscription" ....................................     2
   1.6.     "Annual Business Plan" ......................................     2
   1.7.     "Assistant Attorney General" ................................     2
   1.8.     "Available Subscription" ....................................     3
   1.9.     "Benefit Plan Investor" .....................................     3
   1.10.    "Board" .....................................................     3
   1.11.    "Called Subscriptions" ......................................     3
   1.12.    "Cash Reserves" .............................................     3
   1.13.    "Cause" .....................................................     3
   1.14.    "Cause Notice" ..............................................     3
   1.15.    "Closing" ...................................................     3
   1.16.    "Closing Date" ..............................................     3
   1.17.    "Change of Control" .........................................     3
   1.18.    "Class A Directors" .........................................     4
   1.19.    "Class A Group" .............................................     4
   1.20.    "Class A Minimum Investment" ................................     4
   1.21.    "Class A Stockholders" ......................................     5
   1.22.    "Class B Directors" .........................................     5
   1.23.    "Class B Group" .............................................     5
   1.24.    "Class B Minimum Investment" ................................     5
   1.25.    "Class B Stockholders" ......................................     5
   1.26.    "Class C Stockholders" ......................................     5
   1.27.    "Code" ......................................................     5
   1.28.    "Company Assets" ............................................     5
   1.29.    "Company FFO" ...............................................     5
   1.30.    "Cure Notice" ...............................................     5
   1.31.    "Defaulting Stockholder" ....................................     5
   1.32.    "Development Manager" .......................................     5
   1.33.    "Dissolution Commencement Notice" ...........................     5
   1.34.    "Dissolution Purchase Price" ................................     5
   1.35.    "Dissolution Trigger Date" ..................................     6
   1.36.    "Dissolution Value of the Company" ..........................     6
   1.37.    "Dissolution Value of a Property" ...........................     6
   1.38.    "Distributee" ...............................................     6
   1.39.    "Electing Class" ............................................     6
   1.40.    "ERISA" .....................................................     6
   1.41.    "Exchange Amount" ...........................................     6
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>                                                                         <C>
   1.42.    "Exchange Amount Payment Notice" ............................     6
   1.43.    "Exchange Election Notice" ..................................     6
   1.44.    "Exchange Trigger Date" .....................................     6
   1.45.    "Exchanging Stockholder" ....................................     6
   1.46.    "Existing Lender Arrangements" ..............................     6
   1.47.    "Expenses" ..................................................     6
   1.48.    "Commitment" ................................................     8
   1.49.    "FTC" .......................................................     8
   1.50.    "Funded Subscription" .......................................     9
   1.51.    "Funding Notice" ............................................     9
   1.52.    "GCL" .......................................................     9
   1.53.    "General Growth Chairman" ...................................     9
   1.54.    "General Growth FFO" ........................................     9
   1.55.    "General Growth Officers" ...................................     9
   1.56.    "General Growth Share Closing Price" ........................     9
   1.57.    "GG Stock" ..................................................     9
   1.58.    "Homart Assets" .............................................    10
   1.59.    "Homart Closing Date" .......................................    10
   1.60.    "Homart Stock Purchase Agreement" ...........................    10
   1.61.    "HSR" .......................................................    10
   1.62.    "Initial Subscription" ......................................    10
   1.63.    "Investment Company Act" ....................................    10
   1.64.    "IRS" .......................................................    10
   1.65.    "Management Transfer Agreement" .............................    10
   1.66.    "Material Adverse Change" ...................................    10
   1.67.    "Measurement Period" ........................................    10
   1.68.    "Natick Mall Agreement" .....................................    10
   1.69.    "Net Disposition Proceeds" ..................................    10
   1.70.    "Net Taxable Income" ........................................    11
   1.71.    "Non-Defaulting Stockholder" ................................    11
   1.72.    "Non-Funding Stockholder" ...................................    11
   1.73.    "Offer" .....................................................    11
   1.74.    "Offer Effective Date" ......................................    12
   1.75.    "Operating Cash Flow" .......................................    12
   1.76.    "Organic Change" ............................................    12
   1.77.    "Person" ....................................................    12
   1.78.    "Plan Asset Regulations .....................................    12
   1.79.    "Planned Expansion or Renovation Programs" ..................    12
   1.80.    "Properties Currently Under Development" ....................    12
   1.81.    "Property Manager" ..........................................    12
   1.82.    "Proportionate Share" .......................................    12
   1.83.    "Receipts" ..................................................    12
   1.84.    "Relevant Trade Area" .......................................    13
   1.85.    "Reserve Amount" ............................................    14
   1.86.    "Response Notice" ...........................................    14
   1.87.    "Rules" .....................................................    14
   1.88.    "Serial Transferee" .........................................    14
   1.89.    "Serial Transferor" .........................................    14
   1.90.    "Significant Company Assets" ................................    14
   1.91.    "Special Reserve" ...........................................    14
   1.92.    "Sublease" ..................................................    14
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                         <C>
   1.93.    "Subsidiaries" ..............................................    14
   1.94.    "Ten Day Average General Growth Share Closing Price" ........    14
   1.95.    "33 Act" ....................................................    15
   1.96.    "Trading Day" ...............................................    15
   1.97.    "Transfer" ..................................................    15
   1.98.    "Transferee" ................................................    15

                                   ARTICLE II.

ACQUISITION OF SHARES; CLOSING ..........................................    15

   2.1.     Issuance and Acquisition of Shares ..........................    15
   2.2.     Closing .....................................................    16
   2.3.     Conditions to Stockholders' Obligations .....................    16
   2.4.     Merger of Homart Newco One, Inc. into the Company; Issuance
               of Preferred Stock .......................................    19
   2.5.     Termination .................................................    19

                                  ARTICLE III.

GOVERNANCE; BOARD OF DIRECTORS ..........................................    20

   3.1.     Action by Stockholders to Effectuate this Agreement .........    20
   3.2.     Classes of Common Stock; Number of Directors; Voting
               Rights ...................................................    20
   3.3.     Initial Directors ...........................................    22
   3.4.     Subsequent Election of Directors ............................    22
   3.5.     Removal and Replacement of Directors ........................    22
   3.6.     Officers; Management; Dissolution in the Event of Cause .....    22
   3.7.     Chairman of the Board .......................................    26
   3.8.     Committees ..................................................    26
   3.9.     Certificate of Incorporation; By-Laws .......................    26
   3.10.    Actions by Directors ........................................    27
   3.11.    Meetings of the Board .......................................    32
   3.12.    Restrictions on Other Agreements ............................    33

                                   ARTICLE IV.

OTHER CORPORATE MATTERS .................................................    33

   4.1.     Fiscal Year; Designation of Auditors ........................    33
   4.2.     Dividends ...................................................    33
   4.3.     Conduct of Business .........................................    33
   4.4.     Operation in Accordance with REIT Requirements and Other
               Matters ..................................................    34
   4.5.     Sources and Uses of Funds; Organizational Expenses;
               Reorganization Expenses; Reserves ........................    34
   4.6.     Other Activities of Stockholders ............................    36
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<S>                                                                         <C>
   4.7.     Reports and Statements ......................................    37

                                   ARTICLE V.

EXCHANGE RIGHT ..........................................................    40

   5.1.     The Exchange Right ..........................................    40
   5.2.     Payment of the Exchange Amount ..............................    43
   5.3.     Registered Stock; Registration Statement ....................    43
   5.4.     Closing of an Exchange Transaction ..........................    44
   5.5.     Necessary Government Filings ................................    45
   5.6.     Board Representation ........................................    47
   5.7.     GG Properties Organic Change ................................    48

                                   ARTICLE VI.

TRANSFERS OF COMMON STOCK ...............................................    49

   6.1.     Certain Restrictions ........................................    49
   6.2.     Compliance with Securities Laws .............................    49
   6.3.     Transfer of Ownership Interests in Affiliates ...............    49
   6.4.     Transfers of Common Stock by Stockholders ...................    50
   6.5.     Certain Prohibited Transfers of Common Stock by
               Stockholders .............................................    52
   6.6.     Expenses of Transfer ........................................    53
   6.7.     Indemnification by Transferor ...............................    53
   6.8.     Acceptance of Prior Acts ....................................    54
   6.9.     Certain Conditions to Transfer ..............................    54
   6.10.    Responsibility for Subscriptions ............................    54

                                  ARTICLE VII.

SUBSCRIPTIONS ...........................................................    55

   7.1.     Additional Subscriptions ....................................    55
   7.2.     Delay or Acceleration of Additional Subscription Payments ...    55
   7.3.     Certain Rights and Obligations with Respect to Additional
               Subscription Payments ....................................    56
   7.4.     Failure to Make Additional Subscription Payments ............    56
   7.5.     Funding Shortfalls ..........................................    57

                                  ARTICLE VIII.

DISSOLUTION RIGHT .......................................................    57

   8.1.     Special Dissolution Right ...................................    57
   8.2.     Other Dissolutions ..........................................    65
</TABLE>

                                      -iv-

<PAGE>

<TABLE>
<S>                                                                         <C>
                                   ARTICLE IX.

LEGENDS .................................................................    66

                                   ARTICLE X.

POST-CLOSING TERMINATION ................................................    67

                                   ARTICLE XI.

MISCELLANEOUS ...........................................................    68

   11.1.    Recapitalization, Exchanges, etc. Affecting the Common
               Stock ....................................................    68
   11.2.    Injunctive Relief ...........................................    68
   11.3.    Successors and Assigns ......................................    68
   11.4.    Amendment; Waiver ...........................................    69
   11.5.    Representations by Stockholders .............................    69
   11.6.    Notices .....................................................    71
   11.7.    Further Assurances ..........................................    71
   11.8.    Confidentiality .............................................    71
   11.9.    Waiver of Claims Against Directors ..........................    72
   11.10.   APPLICABLE LAW ..............................................    72
   11.11.   Headings ....................................................    72
   11.12.   Entire Agreement ............................................    72
   11.13.   Severability ................................................    73
   11.14.   Counterparts ................................................    73
   11.15.   Arbitration .................................................    73
   11.16.   Consent to Jurisdiction .....................................    74
</TABLE>

Schedule I      Aggregate, Initial and Additional Subscriptions
Schedule II     Planned Expansions or Renovation Programs
Schedule III    Properties Currently Under Development
Schedule IV     Properties Securing Wells Fargo Credit Facility
Schedule V      Loan Expansions
Schedule VI     List of Existing Lender Consents
Schedule VII    Management Policies
Schedule VIII   Intentionally Omitted
Schedule IX     Excluded Costs and Expenses
Schedule X      Management Fees and Reimbursements
Schedule XI     Intentionally Omitted
Schedule XII    Intentionally Omitted
Schedule XIII   Planned Regional Malls
Schedule XIV    Expenses
Schedule XV     Special Reserves
Schedule XVI    Grandfathered Malls
Schedule XVII   Additional Subscriptions

                                       -v-

<PAGE>

Exhibit A Definition of Company FFO
Exhibit B Definition of General Growth FFO
Exhibit C Significant Company Assets
Exhibit D Form of Amended and Restated Certificate of Incorporation
Exhibit E Form of By-laws
Exhibit F Form of Natick Mall Agreement
Exhibit G Form of Management Transfer Agreement
Exhibit H Form of Sublease
Exhibit I Form of Annual Business Plan
Exhibit J Trade Area Maps
Exhibit K Form of Transferee Agreement

                                      -vi-

<PAGE>

                             STOCKHOLDERS AGREEMENT

          This STOCKHOLDERS AGREEMENT (this "Agreement") is made and entered
into as of December 20, 1995, by and among GGP/HOMART, INC., a Delaware
corporation (the "Company"), GGP LIMITED PARTNERSHIP, a Delaware limited
partnership ("GGP"), THE COMPTROLLER OF THE STATE OF NEW YORK AS TRUSTEE OF THE
COMMON RETIREMENT FUND ("NYSCRF"), a fund, established pursuant to NY Retirement
and Social Security Law Section 422, in the custody of the Comptroller of the
State of New York, EQUITABLE LIFE INSURANCE COMPANY OF IOWA, USG ANNUITY & LIFE
COMPANY, TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA and GENERAL GROWTH
PROPERTIES, INC., a Delaware corporation ("GG Properties"). GGP, NYSCRF,
EQUITABLE LIFE INSURANCE COMPANY OF IOWA, USG ANNUITY & LIFE COMPANY AND
TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA are sometimes referred to herein
individually as a "Stockholder" or collectively as the "Stockholders."

                                    RECITALS

          A. Upon the Closing (as defined below), the Stockholders will have
funded their Initial Subscriptions (as defined below) and will own all of the
issued and outstanding shares of Class A Common Stock, Class B Common Stock and
Class C Common Stock, each with a par value of $.01 per share, of the Company
(collectively, the "Common Stock").

          B. Each of the Stockholders desires to promote the interests of the
Company and the mutual interests of the Stockholders by establishing herein
certain terms and conditions upon which the Common Stock will be held, including
provisions relating to election of members of the board of directors of the
Company, governance of the Company, dissolution of the Company, the transfer or
exchange of the shares of Common Stock and other matters contained herein.

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration,
receipt and sufficiency of which is hereby acknowledged, the Company, the
Stockholders and GG Properties hereby agree as follows:

                                   ARTICLE I.

                                   DEFINITIONS

          As used in this Agreement, the following terms shall have the meanings
ascribed to them below:

<PAGE>

          1.1. "Accredited Investor" shall mean any institutional accredited
investor as defined in Rule 501(a)(1), (2), (3) or (7) under the 33 Act or as
defined under Rule 501(a)(8) under the 33 Act (if all of the equity owners of
such investor are Persons defined in Rule 501(a)(1), (2), (3) or (7) under the
33 Act); provided that such institutional accredited investor has total assets
in excess of $200,000,000.

          1.2. "Additional Subscription Dates" shall have the meaning set forth
in Section 7.1.

          1.3. "Additional Subscription Payment" shall have the meaning set
forth in Section 7.1.

          1.4. "Affiliate" shall mean, with respect to any Person, any other
Person that, directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Person, and
the term "Affiliated" has a meaning correlative to the foregoing. As used
herein, the term "control" shall mean either (i) having (directly or indirectly
through one or more intermediaries) the exclusive power to direct the management
and policies of a Person or (ii) having both (A) at least fifty percent (50%) of
the economic interest in a Person and (B) at least fifty percent (50%) of the
voting rights with respect to such Person with the full right to exercise such
vote, and the term "controlled" has a meaning correlative to the foregoing.
Notwithstanding the foregoing, General Growth Management, Inc., GGP Management,
Inc., any successor of either of them and any other Person shall be deemed to be
Affiliates of GGP, provided that GG Properties or GGP, directly or indirectly,
is entitled to receive at least seventy-five percent (75%) of all dividends or
other distributions made by such entity.

          1.5. "Aggregate Subscription" shall mean, with respect to any
Stockholder, the amount set forth opposite such Stockholder's name on Schedule I
attached hereto representing the maximum subscription price such Stockholder may
be obligated to pay to the Company for the total number of shares of Class A,
Class B or Class C Common Stock set forth opposite such Stockholder's name on
Schedule I attached hereto.

          1.6. "Annual Business Plan" shall have the meaning set forth in
Section 3.10(c).

          1.7. "Assistant Attorney General" shall have the meaning set forth in
Section 5.5(a).

                                      -2-

<PAGE>

          1.8. "Available Subscription" shall mean, with respect to any
Stockholder as of any date, such Stockholder's Aggregate Subscription minus the
sum of the Initial Subscription, the Funded Subscriptions and the Called
Subscriptions (which have not yet been funded) of such Stockholder to the
Company.

          1.9. "Benefit Plan Investor" shall have the meaning set forth in
Section 4.4(b).

          1.10. "Board" shall mean the Board of Directors of the Company in
office at the applicable time, as elected in accordance with the provisions of
the Certificate of Incorporation and this Agreement.

          1.11. "Called Subscriptions" shall mean, with respect to any
Stockholder as of any date, an amount (not to exceed in the aggregate such
Stockholder's Available Subscription) that is required to be paid to the Company
at a date specified in a Funding Notice delivered on or prior to such date in
accordance with Section 7.2.

          1.12. "Cash Reserves" shall mean $_________ to be funded from the
Initial Subscription plus the aggregate amount of all Reserve Amounts.

          1.13. "Cause" shall have the meaning set forth in Section 3.6(d).

          1.14. "Cause Notice" shall have the meaning set forth in Section
3.6(e).

          1.15. "Closing" shall have the meaning set forth in Section 2.2.

          1.16. "Closing Date" shall have the meaning set forth in Section 2.2.

          1.17. "Change of Control" shall mean, (a) with respect to GGP, GG
Properties or any successor (that would not otherwise result in a Change of
Control) ceasing to be the sole general partner of GGP, or (b) with respect to
GG Properties, any of the following: (i) any Person, other than the Bucksbaum
Family or any Stockholder becoming the beneficial owner of (x) more than 25% of
the GG Stock (assuming the Bucksbaum Family has converted all of their operating
partnership units in GGP into GG Stock) and (y) more than 110% of the GG Stock
beneficially owned by the Bucksbaum Family (assuming the Bucksbaum Family has
converted all of their operating partnership units in GGP into GG Stock); (ii)
the sale or transfer (other than by way

                                      -3-

<PAGE>

of merger or any other transaction in which GG Properties' stockholders receive
interests in a successor entity) of all or substantially all of GG Properties'
interests in its properties in a single transaction or a series of related
transactions; (iii) the merger of GGP or GG Properties and another Person and,
within eighteen (18) months after such merger, a majority of the Persons who
were officers (holding a position of executive vice president or higher or
having the responsibilities of any such positions) of GG Properties 90 days
prior to such merger are no longer employed by GG Properties or the survivor in
the merger (for reasons other than death or disability) in the same or a senior
position, or with the same or more senior responsibilities, as prior to the
merger; (iv) during any period of two consecutive calendar years, individuals
who at the beginning of such period constituted the board of directors of GG
Properties (together with any new directors whose election or nomination for
election was approved by a vote of a majority of the directors (or by a
nominating committee of the board of directors) then still in office, who either
were directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason to constitute a
majority of the directors of GG Properties or its successor by merger or
otherwise then in office or (v) the taking of any action, including the filing
of a petition, with respect to (x) an assignment for the benefit of creditors of
GGP or GG Properties, (y) the bankruptcy, insolvency, reorganization,
dissolution or any similar occurrence of GGP or GG Properties or (z) a
liquidation or any other occurrence that might result in the termination of GGP
or GG Properties (other than in connection with a merger or other transaction in
which GG Properties' stockholders receive interests in a successor entity) which
action, if taken by someone other than GGP or GG Properties has not been
discharged within sixty (60) days. For purposes of this Section 1.16, the term
"Bucksbaum Family" shall mean Matthew Bucksbaum, his spouse, children,
descendants and trusts for the benefit of any of them and the spouse, children,
descendants and estate of Martin Bucksbaum and any trusts for the benefit of any
of them.

          1.18. "Class A Directors" shall have the meaning set forth in Section
3.2(a).

          1.19. "Class A Group" shall have the meaning set forth in Section
8.1(a).

          1.20. "Class A Minimum Investment" shall have the meaning set forth in
Section 6.4(a).

                                      -4-

<PAGE>

          1.21. "Class A Stockholders" shall mean the holders of Class A Common
Stock.

          1.22. "Class B Directors" shall have the meaning set forth in Section
3.2(a).

          1.23. "Class B Group" shall have the meaning set forth in Section
8.1(a).

          1.24. "Class B Minimum Investment" shall have the meaning set forth in
Section 6.4(b).

          1.25. "Class B Stockholders" shall mean the holders of Class B Common
Stock.

          1.26. "Class C Stockholders" shall mean the holders of Class C Common
Stock.

          1.27. "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time, or any corresponding provisions of succeeding law.

          1.28. "Company Assets" shall mean all right, title and interest of the
Company or any of its Subsidiaries in and to all or any portion of the assets of
the Company and such Subsidiaries and any property (real or personal) or estate
acquired in exchange therefor or in connection therewith.

          1.29. "Company FFO" as defined on Exhibit A hereto.

          1.30. "Cure Notice" shall have the meaning set forth in Section
3.6(e).

          1.31. "Defaulting Stockholder" shall have the meaning set forth in
Section 7.4.

          1.32. "Development Manager" shall mean GGP, General Growth Management,
Inc., a Delaware corporation, or another Affiliate of GGP designated by GGP to
act as the development manager for the Company or one or more of its
Subsidiaries pursuant to Section 3.6(b).

          1.33. "Dissolution Commencement Notice" shall have the meaning set
forth in Section 8.1(a).

          1.34. "Dissolution Purchase Price" shall have the meaning set forth in
Section 8.1(c).

                                       -5-

<PAGE>

          1.35. "Dissolution Trigger Date" shall mean the earlier of (i) the
date on which a Change of Control has occurred and (ii) the date that is four
years after the Homart Closing Date.

          1.36. "Dissolution Value of the Company" shall have the meaning set
forth in Section 8.1(c).

          1.37. "Dissolution Value of a Property" shall have the meaning set
forth in Section 8.1(f).

          1.38. "Distributee" shall have the meaning set forth in Section
8.1(f).

          1.39. "Electing Class" shall have the meaning set forth in Section
3.2(b).

          1.40. "ERISA" shall have the meaning set forth in Section 4.4(b).

          1.41. "Exchange Amount" shall have the meaning set forth in Section
5.1(b).

          1.42. "Exchange Amount Payment Notice" shall have the meaning set
forth in Section 5.2.

          1.43. "Exchange Election Notice" shall have the meaning set forth in
Section 5.1(a).

          1.44. "Exchange Trigger Date" shall mean the earlier to occur of (i)
the date that is, two years after the Homart Closing Date, (ii) the date on
which an Organic Change occurs and (iii) the date on which all of the
Stockholders Aggregate Subscriptions were required to have been fully paid to
the Company pursuant to Sections 2.1, 7.1 and 7.2.

          1.45. "Exchanging Stockholder" shall have the meaning set forth in
Section 5.1(a)

          1.46. "Existing Lender Arrangements" shall have the meaning set forth
in Section 2.3(h).

          1.47. "Expenses" for a given period of time shall mean a sum equal to
the aggregate of expenses, charges and costs actually paid or required to be
paid during such period of time in connection with the business of the Company
or the properties owned by the Company or any wholly-owned Subsidiary of the
Company including, without limitation:

                                       -6-

<PAGE>

                    (a) expenses, costs, fees and charges in connection with the
               ownership, operation, management or leasing of the Company's
               properties, including without limitation, all fees and
               reimbursement amounts payable pursuant to Section 3.6(b);

                    (b) expenses, costs and charges in connection with the
               repair, maintenance, replacement, alteration or addition or
               capital improvement to any property owned by the Company or a
               wholly-owned Subsidiary, including any casualty or condemnation
               losses to the extent that such losses are not reimbursed during
               such period by any third party responsible therefor or through
               insurance maintained by the Company;

                    (c) all payments of scheduled amortization of principal,
               interest, points or fees on, or hedging costs associated with,
               the mortgage loans or other loans to the Company or its
               wholly-owned Subsidiaries, including upon any refinancing
               thereof;

                    (d) all sales, payroll, real estate, personal property,
               occupancy and other excise, income, franchise, property,
               privilege or similar taxes and assessments imposed upon the
               Company, any wholly-owned Subsidiary, or any of their properties;

                    (e) utility costs and deposits and other costs and deposits
               required to obtain or lease any service or equipment relating to
               the Company, any property owned by the Company or a wholly-owned
               Subsidiary;

                    (f) leasing commissions and expenditures required to be made
               in connection with any lease covering space in or at any property
               owned by the Company or a wholly-owned Subsidiary, including
               tenant improvements, tenant allowances and payments, costs
               incurred in connection with the Company's assuming a tenant's
               lease obligations with respect to other real property and costs
               incurred in connection with the Company's exercise of a right to
               "take-back" space in a property owned by the Company or a wholly-
               owned Subsidiary;

                                       -7-

<PAGE>

                    (g) the Reserve Amount;

                    (h) the fees and expenses of investment bankers, attorneys,
               accountants, architects, engineers, appraisers and other
               professionals retained by or on behalf of the Company in
               accordance with the terms hereof (other than such fees and
               expenses that are referred to in Section 4.5(b));

                    (i) any liabilities for which the Special Reserve has been
               established unless paid from the Special Reserve; and

                    (j) all other costs and expenses of the Company incurred in
               accordance with this Agreement or as determined by the Board.

                    Notwithstanding the foregoing, there shall, however, be
excluded from Expenses:

                    (1) all non-cash items such as depreciation and
amortization;

                    (2) amounts distributed as dividends pursuant to this
Agreement;

                    (3) all payments and expenses taken into account in
determining Net Disposition Proceeds;

                    (4) any expense, cost or charge enumerated in clauses (a)
through (j) above incurred in connection with any of the Properties Currently
Under Development or the Planned Expansion or Renovation Programs which are
included within the budgets therefor prior to completion of such properties,
expansions or renovations; and

                    (5) any expense, cost or charge enumerated in clauses (a)
through (j) above (other than clause (g)) to the extent such expense, cost or
charge was paid from Cash Reserves.

          1.48. "Commitment" shall have the meaning set forth in Section 2.3(g).

          1.49. "FTC" shall have the meaning set forth in Section 5.5(a).

                                      -8-

<PAGE>

          1.50. "Funded Subscription" shall mean, with respect to any
Stockholder as of any date, such Stockholder's Initial Subscription plus all
Additional Subscription Payments which have actually been paid to the Company on
or before such date pursuant to Section 7.1 or 7.2(b).

          1.51. "Funding Notice" shall have the meaning set forth in Section
7.2(b).

          1.52. "GCL" shall mean the Delaware General Corporation Law, as
amended from time to time.

          1.53. "General Growth Chairman" shall have the meaning set forth in
Section 3.7(a).

          1.54. "General Growth FFO" as defined on Exhibit B hereto.

          1.55. "General Growth Officers" shall have the meaning set forth in
Section 3.6(a).

          1.56. "General Growth Share Closing Price" on any date shall mean,
with respect to the GG Stock, the last sale price, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked
prices, regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on the New York Stock Exchange or, if the GG Stock is not listed or
admitted to trading on the New York Stock Exchange, as reported in the principal
consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the GG Stock is listed or
admitted to trading or, if the GG Stock is not listed or admitted to trading on
any national securities exchange, the last quoted price, or if not so quoted,
the average of the high bid and low asked prices in the over-the-counter market,
as reported by the National Association of Securities Dealers, Inc. Automated
Quotations System or, if such system is no longer in use, the principal other
automated quotations system that may then be in use or, if the GG Stock' is not
quoted by any such organization, the average of the closing bid and asked prices
as furnished by a professional market maker making a market in the GG Stock as
such person is selected from time to time by the Board of Directors of GG
Properties.

          1.57. "GG Stock" shall mean the common stock, par value $.10 per
share, of GG Properties.

                                      -9-

<PAGE>

          1.58. "Homart Assets" shall mean the real estate and other assets
acquired either directly, or indirectly through the investment in and purchase
of the Stock, and the other assets purchased pursuant to the Homart Stock
Purchase Agreement.

          1.59. "Homart Closing Date" shall have the meaning assigned to the
term "Closing Date" in the Stock Purchase Agreement.

          1.60. "Homart Stock Purchase Agreement" shall mean, collectively, the
Amended and Restated Stock Purchase Agreement, dated as of October 16, 1995 (the
"Stock Purchase Agreement"), between Sears, Roebuck and Co., Homart Development
Co., Homart Newco One, Inc. and the Company; the Real Estate Purchase Agreement
dated as of July 31, 1995, as amended as of October 16, 1995, by and among the
Company, Homart Development Co. and Sears, Roebuck and Co.; and all of the
related documents entered into in connection with such agreements in each case
as subsequently amended or supplemented through the date hereof.

          1.61. "HSR" shall have the meaning set forth in Section 5.5(a).

          1.62. "Initial Subscription" shall have the meaning set forth in
Section 2.1.

          1.63. "Investment Company Act" shall mean the Investment Company Act
of 1940, as the same may be amended from time to time.

          1.64. "IRS" shall mean the Internal Revenue Service.

          1.65. "Management Transfer Agreement" shall have the meaning set forth
in Section 2.3(e).

          1.66. "Material Adverse Change" shall have the meaning set forth in
Section 8.1(d).

          1.67. "Measurement Period" shall have the meaning set forth in Section
5.1 (a).

          1.68. "Natick Mall Agreement" shall have the meaning set forth in
Section 2.3(d).

          1.69. "Net Disposition Proceeds" shall mean proceeds from any event
that would be deemed a capital transaction in accordance with generally accepted
accounting principles consistently applied, including without

                                      -10-

<PAGE>

limitation, sales of real or personal property, condemnations and conveyances in
lieu thereof, damage recoveries, receipts of insurance proceeds (other than rent
insurance proceeds), or borrowings, net of (i) the expenses or capital
expenditures of the Company and its wholly owned Subsidiaries associated with
such transaction (including the portion of any insurance proceeds or
condemnation award applied to the restoration of the affected property, and
payment or reservation for payment for the discharge of any liability arising
pursuant to such transaction), (ii) amounts required (in the Board's discretion
or, if contemplated in an approved Annual Business Plan, as set forth in such
Annual Business Plan) to establish reserves and to pay current or potential
expenses and liabilities of the Company or its Subsidiaries, (iii) amounts used
or reserved (in the Board's discretion or, if contemplated in an approved Annual
Business Plan, as set forth in such Annual Business Plan) to repay indebtedness
of the Company or its Subsidiaries and (iv) amounts used or reserved (in the
Board's discretion or, if contemplated in an approved Annual Business Plan, as
set forth in such Annual Business Plan) to fund the estimated equity
requirements for the Properties Currently Under Development and for any
expansions or renovations of the Company Assets; provided that Net Disposition
Proceeds shall include proceeds from the sale, refinancing or other disposition
of a Company Asset held by a Subsidiary that is not wholly owned by the Company
only to the extent distributed to the Company by such Subsidiary.

          1.70. "Net Taxable Income" for any taxable year shall mean either (a),
the Company's "real estate investment trust taxable income" as defined in
Section 857(b)(2) of the Code for such year, or (b) the Company's real estate
investment trust taxable income (as determined by excluding net capital gain and
computing the deduction for dividends paid without regard to capital gains
dividends) and the excess of the Company's net capital gains over the deduction
for dividends paid determined with reference to capital gains dividends only
(all as defined in Section 857(b)(3) of the Code) for such year, whichever would
produce a lower amount of federal income tax.

          1.71. "Non-Defaulting Stockholder" shall have the meaning set forth in
Section 7.4.

          1.72. "Non-Funding Stockholder" shall have the meaning set forth in
Section 2.5(c).

          1.73. "Offer" shall have the meaning set forth in Section 8.1(c).

                                      -11-

<PAGE>

          1.74. "Offer Effective Date" shall have the meaning set forth in
Section 8.1(c).

          1.75. "Operating Cash Flow" for any given period of time means the
excess, if any, of (i) the Receipts for such period of time minus (ii) the
Expenses for such period of time.

          1.76. "Organic Change" shall have the meaning set forth in Section
5.7.

          1.77. "Person" shall mean an individual, corporation, partnership,
limited liability company, trust, unincorporated organization, government or any
agency or political subdivision thereof or any other entity that may be treated
as a person under applicable law.

          1.78. "Plan Asset Regulations" shall have the meaning set forth in
Section 4.4(b).

          1.79. "Planned Expansion or Renovation Programs" shall mean the
expansion or renovation programs for certain of the Company's Assets as more
particularly described on Schedule II hereto.

          1.80. "Properties Currently Under Development" shall mean those
certain Company Assets listed on Schedule III hereto.

          1.81. "Property Manager" shall mean GGP, General Growth Management,
Inc., a Delaware corporation, or another Affiliate of GGP designated by GGP to
act as the property manager for the Company or one or more of the Subsidiaries
pursuant to Section.3.6(b).

          1.82. "Proportionate Share" shall mean, with respect to any
Stockholder or any number of shares of Common Stock being exchanged pursuant to
Section 5.1(a), a fraction, the numerator of which is the total number of shares
of Common Stock owned by such Stockholder or being so exchanged, as the case may
be, and the denominator of which is the total number of shares of Common Stock
owned by all of the Stockholders.

          1.83. "Receipts" shall mean for any given period of time, a sum equal
to the aggregate of all cash amounts actually received by or unconditionally
made available to the Company or the Company's wholly-owned Subsidiaries from or
in respect of all sources, including without limitation:

                                      -12-

<PAGE>

                    (a) all cash actually received by the Company from
               Subsidiaries that are not wholly-owned by the Company;

                    (b) all rents, percentage rent, rent settlements, expense
               reimbursements and other charges received from tenants and other
               occupants of the Company's properties;

                    (c) proceeds of rent insurance and business interruption
               insurance;

                    (d) all utility or other deposits returned to the Company;

                    (e) interest, if any, earned on tenant's security deposits
               or escrows to the extent unconditionally retained and security
               deposits to the extent applied pursuant to the provisions of the
               applicable leases;

                    (f) the amount of any net reduction of Cash Reserves, other
               than to pay Expenses;

                    (g) any Special Reserve amounts used to pay Expenses; and

                    (h) any income items (as defined in accordance with GAAP)
               received by the Company from any other source and not included in
               (a) through (g) above.

               Notwithstanding the foregoing, Receipts shall not include (1) any
amounts received by the Company on account of the issuance or sale of any
securities, including without limitation the Stockholders' Aggregate
Subscription, (2) any tenant's security deposit and interest thereon, if any, as
long as the Company has a contingent legal obligation to return that deposit or
such interest thereon, (3) any amounts included in the calculation of Net
Disposition Proceeds, (4) any amounts received by the Company in connection with
any of the Properties Currently Under Development or the Planned Expansion or
Renovation Programs prior to completion of such properties, expansions or
renovations and (5) any Special Reserve amounts other than those referred to in
(g) above.

          1.84. "Relevant Trade Area" shall have the meaning set forth in
Section 4.6(a).

                                      -13-

<PAGE>

          1.85. "Reserve Amount" shall mean for any given period of time an
amount or amounts to be held from Receipts after payment of Expenses (other than
the Reserve Amount) as part of the Cash Reserves and which shall be used for the
payment of capital improvements for the properties of the Company and its
wholly-owned Subsidiaries (such as major repairs or replacements to the roofs or
parking lots) or such other items as may be determined from time to time by the
Board. Special Reserve amounts shall not be treated as Reserve Amounts.

          1.86. "Response Notice" shall have the meaning set forth in Section
8.1(d).

          1.87. "Rules" shall have the meaning set forth in Section 5.5(a).

          1.88. "Serial Transferee" shall have the meaning set forth in Section
6.4(b).

          1.89. "Serial Transferor" shall have the meaning set forth in Section
6.4(b).

          1.90. "Significant Company Assets" shall mean those Company Assets
specified on Exhibit C, and such other Company Assets as the Board may designate
as such from time to time.

          1.91. "Special Reserve" shall have the meaning set forth in Section
4.5(d).

          1.92. "Sublease" shall have the meaning set forth in Section 2.3(1).

          1.93. "Subsidiaries" shall mean, from and after the Homart Closing
Date, Homart Newco One, Inc., and any successor thereto and any other direct or
indirect corporate, partnership or other subsidiary of the Company whether or
not wholly owned by the Company and a "Subsidiary" shall mean any one of them.

          1.94. "Ten Day Average General Growth Share Closing Price" shall mean
the average of the General Growth Share Closing Prices for each of the ten
Trading Days immediately preceding (i) for purposes of Article V, the date of
any Exchange Election Notice delivered by a Stockholder pursuant to Section 5.1
hereof or (ii) for purposes of Section 4.7(c), the last day of the period of any
report delivered to a Stockholder pursuant to such Section.

                                      -14-

<PAGE>

          1.95. "33 Act" shall mean the Securities Act of 1933, as amended from
time to time.

          1.96. "Trading Day" shall mean a day on which the principal national
securities exchange on which the GG Stock is listed or admitted to trading is
open for the transaction of business or, if the GG Stock is not listed or
admitted to trading on any national securities exchange, shall mean any day
other than a Saturday, a Sunday or a day on which banking institutions in the
State of New York are authorized or obligated by law or executive order to
close.

          1.97. "Transfer" shall mean to transfer, sell, assign, pledge,
hypothecate, give, create a security interest in or lien on, place in trust
(voting or otherwise), transfer by operation of law (other than by way of a
merger or consolidation of the Company) or in any other way encumber or dispose
of, directly or indirectly and whether or not voluntarily, any Common Stock.

          1.98. "Transferee" shall have the meaning set forth in Section 6.1.

          For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

          (a) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision;

          (b) the words "including" and "include" and other words of similar
import shall be deemed to be followed by the phrase "without limitation"; and

          (c) any capitalized term used in any Schedule to this Agreement but
not defined in such Schedule shall have the meaning assigned to such term in
this Agreement or in another Schedule to this Agreement.

                                   ARTICLE II.

                         ACQUISITION OF SHARES; CLOSING

          2.1. Issuance and Acquisition of Shares. Subject to the terms and
conditions set forth herein, at the Closing, the Company shall sell to each of
the Stockholders, and each of the Stockholders shall acquire from the Company,
the number and class of shares of Common Stock set forth opposite such
Stockholder's name on Schedule I hereto at a

                                      -15-

<PAGE>

purchase price of $25,000 per share and no other shares of capital stock of the
Company shall be outstanding as of such date. The aggregate purchase price to be
paid by each of the Stockholders at the Closing pursuant to this Section 2.1 is
set forth opposite such Stockholder's name on such Schedule I and is referred to
herein as such Stockholder's "Initial Subscription." GGP shall receive a credit
against the purchase price for its Initial Subscription equal to the amount of
the earnest money deposit (plus interest accrued thereon) applied to the payment
of the purchase price under the Homart Stock Purchase Agreement.

          2.2. Closing. The closing of the purchase and sale of the Common Stock
to be issued by the Company pursuant to Section 2.1 hereof (the "Closing") shall
take place on a date to be designated in writing to the Stockholders by GGP,
which date shall be no earlier than three (3) business days prior to the
scheduled Homart Closing Date (the "Closing Date"). The Closing shall take place
at the offices of Sullivan & Cromwell, 250 Park Avenue, New York, New York, or
at such other place or places as the parties hereto may agree in writing. At the
Closing, the Company shall deliver to each Stockholder certificates evidencing
the number and class of shares of Common Stock to be issued to such Stockholder,
all registered in the name of such Stockholder, against payment to the Company
by wire transfer of immediately available federal (same day) funds in the amount
of the Initial Subscription set forth opposite such Stockholder's name on
Schedule I hereto. The Stockholders hereby agree that the funds paid to the
Company pursuant to this Section 2.1 shall be invested by the Company in an
interest bearing account at Chemical Bank in New York City until the Homart
Closing Date, at which time such funds shall be used in the manner contemplated
by this Agreement.

          2.3. Conditions to Stockholders' Obligations. The obligation of each
Stockholder to acquire the shares of Common Stock to be acquired by it as set
forth herein at the Closing is subject to the satisfaction on or prior to the
Closing Date of the following conditions:

               (a) The Certificate of Incorporation and By-laws of the Company
     in effect on the Closing Date shall be in the form of Exhibits D and E,
     hereto, respectively.

               (b) The Homart Stock Purchase Agreement shall be in full force
     and effect, shall not have been amended or modified in any material respect
     without the prior written consent of the Class B Stockholder (which

                                      -16-

<PAGE>

     consent shall not be unreasonably withheld), and no unwithdrawn notice of
     any breach (anticipatory or otherwise) thereunder shall have been given by
     any party to another party thereunder.

               (c) The conditions precedent to the closing of the transactions
     contemplated by the Homart Stock Purchase Agreement shall have been
     fulfilled or waived, or shall be reasonably likely to be fulfilled or
     waived, so that the Homart Closing Date shall be reasonably likely to occur
     within three (3) business days of the Closing Date, and, if any material
     condition precedent to the Company's obligations under the Homart Stock
     Purchase Agreement shall have been waived, the Class B Stockholder shall
     have consented in writing to such waiver, which consent shall not be
     unreasonably withheld.

               (d) GGP shall have entered into a definitive agreement with the
     Company with respect to the Natick Mall, substantially in the form of
     Exhibit F hereto (the "Natick Mall Agreement").

               (e) The Property Manager shall have entered into a definitive
     agreement with the Company with respect to the acquisition by the Property
     Manager upon the Homart Closing Date of certain employees and management
     related assets and operations, substantially in the form of Exhibit G
     hereto (the "Management Transfer Agreement").

               (f) The Company shall have obtained a commitment from Wells Fargo
     Bank for a first mortgage credit facility in an amount not less than $170
     million, such credit facility to be secured by the properties listed on
     Schedule IV hereto and scheduled to close on the Homart Closing Date, on
     terms and conditions reasonably satisfactory to the Class B Stockholder
     (the "Wells Fargo Financing Commitment").

               (g) The Company shall have obtained commitments from certain
     lenders listed on Schedule V hereto to expand their existing loan
     facilities that are secured by certain properties listed on Schedule V to
     amounts no less than the amounts set forth on Schedule V for such lender
     and corresponding property, and scheduled to close on the Homart Closing
     Date, on terms and conditions reasonably satisfactory to the Class B
     Stockholder (the "Loan Expansion Commitments", and together with the Wells
     Fargo Financing Commitment, the "Financing Commitment").

                                      -17-

<PAGE>

               (h) The Company shall have obtained written consents from lenders
     that have outstanding loans secured by certain of the properties to the
     transactions contemplated in the Homart Stock Purchase Agreement on terms
     and conditions reasonably satisfactory to the Class B Stockholder (the
     "Existing Lender Arrangements"), or such consents shall not be required,
     from the lenders under existing indebtedness encumbering the properties
     identified on Schedule VI.

               (i) The Company's representations and warranties contained herein
     shall have been true and correct in all material respects when made and
     shall be true and correct in all material respects on the Closing Date and
     the Company shall have complied with all of its covenants and agreements to
     be performed by the Company on or before the Closing Date.

               (j) Each Stockholder shall have funded its Initial Subscription
     hereunder unless either (1) GGP shall have funded any shortfall or (2)
     replacement funds shall have been obtained on terms and conditions
     reasonably acceptable to each Stockholder that is not in breach of its
     obligation to fund its Initial Subscription.

               (k) The Company shall have prepared, and NYSCRF shall have
     approved, an operating and capital budget for fiscal year 1996.

               (l) The Company and GGP Management, Inc. shall have entered into
     a Sublease Agreement (the "Sublease"), substantially in the form of Exhibit
     H hereto.

               (m) Each Stockholder shall have received a certificate signed on
     behalf of GGP by the chief executive officer of the general partner in GGP
     to the effect that (1) all of the conditions set forth in this Section 2.3
     (other than those set forth in clauses (f), (g) and (h) have been
     satisfied, (2) the Homart Closing Date is reasonably likely to occur within
     three (3) business days of the Closing and (3) the conditions set forth in
     Sections 2.3 (f), (g) and (h) will be satisfied on or prior to the Homart
     Closing Date.

               (n) Each Stockholder shall have received an opinion of counsel to
     the Company with respect to the incorporation and good standing of the
     Company and the authorization and issuance of the Common Stock being
     delivered on the Closing Date.

                                      -18-

<PAGE>

          2.4. Merger of Homart Newco One, Inc. into the Company: Issuance of
Preferred Stock. (a) The Stockholders hereby acknowledge and agree that promptly
following the Homart Closing Date, the Company will cause Homart Newco One, Inc.
to be merged into the Company.

          (b) The Stockholders also hereby acknowledge and agree that promptly
after the Homart Closing Date the Company will issue up to one hundred twenty
(120) shares of its preferred stock in the manner and having such terms as shall
be determined by the Board.

          2.5. Termination. (a) Notwithstanding anything to the contrary
contained in this Agreement, this Agreement may be terminated at any time before
the Closing:

                    (i) by the mutual written consent of GGP and NYSCRF; or

                    (ii) by GGP or NYSCRF if the Closing shall not have occurred
          on or before January 31, 1996.

          (b) In the event of termination pursuant to this Section 2.5, this
Agreement shall become null and void and of no further force or effect, with no
liability on the part of any party hereto, or their directors, officers, agents,
representatives or stockholders, except for the liability of a party for breach
of this Agreement and except as provided in clause (c) below.

          (c) If this Agreement shall be terminated pursuant to Section
2.5(a)(ii) because (1) the condition set forth in Section 2.3 (j) has not been
satisfied due to the breach by any Stockholder (a "Non-Funding Stockholder") of
its obligation to fund its Initial Subscription pursuant to Section 2.1 or (2)
the conditions set forth in Sections 2.3(d), (e), (i) and (1) have not been
satisfied due to the failure by GGP or its Affiliate to satisfy such conditions,
then, in addition to any other remedy available at law or in equity, (A) in the
case of clause (1) above, any Non-Funding Stockholder shall not, and each
Non-Funding Stockholder agrees not to, and (B) in the case of clause (2) above,
neither GGP nor any of its Affiliates shall, and each of GGP and its Affiliates
agree not to, acquire, directly or indirectly, all or any portion of the Homart
Assets for a period of eighteen (18) months following the date this Agreement is
so terminated. Nothing in the foregoing shall be deemed to preclude or limit any
other Stockholder, other than a Non-Funding Stockholder, in the case of clause
(1), or GGP and its Affiliates, in the case of clause (2), from

                                      -19-

<PAGE>

acquiring all or any portion of the Homart Assets if this Agreement shall be
terminated as described in the preceding sentence.

                                  ARTICLE III.

                         GOVERNANCE; BOARD OF DIRECTORS

          3.1. Action by Stockholders to Effectuate this Agreement. Each
Stockholder agrees to take all actions necessary to carry out and effectuate the
provisions of this Agreement, including to vote its shares of Common Stock (to
the extent it has voting rights) in a manner consistent with this Agreement and
to cause any director elected by it (if it has the right to elect directors) to
take such actions as are required to be taken by this Agreement.

          3.2. Classes of Common Stock: Number of Directors: Voting Rights.

          (a) The Stockholders hereby acknowledge and agree that, except as
otherwise provided herein, (i) the Company shall have three classes of Common
Stock: Class A Common Stock, Class B Common Stock and Class C Common Stock, (ii)
the shares of Class A Common Stock and Class B Common Stock shall have voting
rights and shall each be voted as a separate class, with each share of Common
Stock entitled to one vote per share and all resolutions of the Class to be
adopted by a vote of a majority of the shares of the Class voted, (iii) the
shares of Class C Common Stock shall have no voting rights except as may be set
forth in this Agreement and except as may be required under the GCL
notwithstanding a provision to the contrary in this Agreement or the Company's
Certificate of Incorporation, any such voting rights to be exercised as a
separate class, with each share of Class C Common Stock entitled to one vote per
share, (iv) the Board of Directors of the Company shall consist of six
directors, (v) the shares of Class A Common Stock shall have the right to elect
three directors to the Board (the "Class A Directors"), with such directors to
be elected by a majority of the shares voted, and (vi) the shares of Class B
Common Stock shall have the right to elect three directors to the Board (the
"Class B Directors"), with such directors to be elected by a majority of the
shares voted; provided, however, that if any holder of Class A Common Stock or
Class B Common Stock shall be a Defaulting Stockholder, all of the shares of
such Class, whether or not held by the Defaulting Stockholder, shall
automatically become shares of Class C Common Stock. The Stockholders agree
that, so long as both Class A Common Stock and Class B Common Stock is
outstanding, the Class A Directors shall

                                      -20-

<PAGE>

have the right and authority to designate all of the officers and directors of
the Subsidiaries, subject to the approval of the Class B Directors, which
approval shall not be unreasonably withheld.

          (b) If at any time shares of either Class A Common Stock or Class B
Common Stock (but not both) shall be outstanding, then (i) the Board of
Directors shall consist of seven directors, at least a majority of which shall
be comprised of Persons independent of the holder or holders of the Electing
Class; (ii) the remaining class of Common Stock entitled to vote for directors
(the "Electing Class") shall be entitled to elect six of the directors of the
Company with such directors to be elected by a majority of the shares of the
Electing Class; and (iii) the holders of Class C Common Stock shall be entitled
to elect one director with such director to be elected by a majority of the
outstanding shares of Class C Common Stock voting for this purpose as a Class,
with each share of Class C Common Stock entitled to one vote per share. For
purposes of this Agreement, (1) if the Class A Common Stock is the Electing
Class, a Person shall be deemed to be independent if such Person is not an
Affiliate or employee of GG Properties, GGP or any of their successors or any of
their Affiliates, provided, however, that no director shall be deemed not to
qualify as independent solely because such director is a director of GG
Properties, (2) if the Class B Common Stock is the Electing Class, a Person
shall be deemed to be independent if such Person is not an Affiliate or
employee of any holder of Class B Common Stock or any of its Affiliates, (3) so
long as there is an Electing Class, a director elected by the holders of Class C
Common Stock shall be deemed an independent director and (4) if there is no
Electing Class, a Person shall be deemed to be independent if such Person is not
an Affiliate or employee of any holder of Class C Common Stock or any of its
Affiliates.

          (c) If at any time the shares of neither Class A Common Stock nor
Class B Common Stock shall be outstanding, then (i) the Board of Directors shall
consist of seven directors, at least a majority of which shall be comprised of
Persons independent of the holder or holders of the Class C Common Stock and
(ii) the shares of Class C Common Stock shall be entitled to equal voting rights
and powers and shall be voted together as a single class with respect to all
matters on which stockholders may be entitled to vote (including the election of
directors), with each share of Class C Common Stock entitled to one vote per
share.

          (d) Directors on the Board shall not receive compensation unless such
directors are independent directors

                                      -21-

<PAGE>

elected pursuant to clause (b) or (c) above in which case such independent
directors may be paid reasonable and customary compensation as determined by the
Board. Directors shall be entitled to indemnification from the Company as
provided in the Company's Certificate of Incorporation and By-laws.

          3.3. Initial Directors. To carry out the provisions of Section 3.2,
simultaneously with, or immediately following the Closing, GGP, as the sole
Class A Stockholder, and NYSCRF, as the sole Class B Stockholder, hereby elects
the following designated persons as Class A Directors and Class B Directors,
respectively, to serve until the first annual meeting of the Stockholders and
until each such director's successor has been elected and qualified to be
effective as of the Closing Date.

     Class A Directors   Matthew Bucksbaum
                         Robert A. Michaels
                         John Bucksbaum

     Class B Directors   Alan C. Sullivan
                         Martin S. Levine
                         Frank L. Sullivan, Jr.

          3.4. Subsequent Election of Directors. (a) Except as otherwise
provided herein, meetings of any class of stockholders entitled to vote for the
election of directors' may be convened for the purpose of electing the directors
of such class, or for the removal or replacement of such directors, or such
election, removal or replacement may be accomplished by written consent of
stockholders of the class in lieu of a meeting or otherwise.

          (b) Any Class A Director shall also be a director or an executive
officer of GG Properties holding the office of executive vice president or
higher.

          3.5. Removal and Replacement of Directors. The Stockholders agree
that, except as otherwise provided herein, no director may be removed from
office except by a vote of the shares of the class of Common Stock which elected
such director. The Stockholders also agree that the shares of the class of
Common Stock which elected such director shall have the exclusive right, with or
without cause, to vote for the removal of such director from the Board and to
nominate and elect a replacement director therefor.

          3.6. Officers; Management; Dissolution in the Event of Cause. (a)
Subject to the last sentence of Section

                                      -22-

<PAGE>

3.2(a), the officers of the Company and the Subsidiaries shall consist of the
Persons designated by the Board, and such Persons shall serve in the offices
designated by the Board until their respective successors are duly appointed by
the Board. Provided both Class A Common Stock and Class B Common Stock is
outstanding, the Class A Stockholders and the Class B Stockholders agree to
cause the Class A Directors and Class B Directors, if any, to designate the
Chief Executive Officer, President, Chief Operating Officer, Chief Financial
Officer, Treasurer and Secretary of GG Properties to serve ex officio as the
Chief Executive Officer, President, Chief Operating Officer, Chief Financial
Officer, Treasurer and Secretary of the Company and of the Subsidiaries (the
"General Growth Officers"). So long as the General Growth Officers are officers
of the Company, the Class A Stockholders and the Class B Stockholders agree to
cause the Class A Directors and Class B Directors to designate certain persons
identified by any of the General Growth Officers as vice presidents, assistant
treasurers or assistant secretaries of the Company and/or its Subsidiaries.

          (b) The officers of the Company or of any Subsidiary shall be
authorized to manage the business and affairs of the Company and its
Subsidiaries subject to the direction and supervision of the Board. The General
Growth Officers, so long as they shall serve as the management of the Company,
shall manage the Company and each of the properties owned by the Company and its
Subsidiaries in a manner substantially consistent with their management of GGP
and GG Properties. Without in any way limiting the generality of the foregoing,
the officers of the Company shall manage the day to day operations of the
Company's properties and those of its Subsidiaries in accordance with the
policies and other matters set forth on Schedule VII. All costs and expenses
incurred in connection with the management of the Company and the ownership,
operation, management and development of the Company's properties and those of
its Subsidiaries shall be paid by the Company, or if paid by GGP or any of its
Affiliates, the Company shall reimburse GGP or its Affiliate therefor; provided,
however, that for so long as the General Growth Officers are the officers of the
Company, the costs and expenses listed on Schedule IX hereto shall be paid by
GGP or its Affiliates and shall not be charged to the Company or paid from
Company assets. So long as the General Growth Officers are the officers of the
Company, the Company shall pay to GGP or its Affiliates (as provided below) the
fees and reimbursable amounts in the amounts and in the manner set forth on
Schedule X. Unless otherwise approved by the Board, and except as may otherwise
be provided in this Agreement, no

                                      -23-

<PAGE>

other fee or compensation shall be paid by the Company to GGP, GG Properties or
any of their Affiliates in connection with the management of the Company, its
properties and the properties of its Subsidiaries. So long as the General Growth
Officers are the officers of the Company, the General Growth Officers shall be
authorized to enter into one or more agreements with GGP and any of its
Affiliates to delegate all or any portion of the managerial responsibilities of
the General Growth Officers to such entities; provided that, (i) the General
Growth Officers shall not be relieved of their obligation to manage the Company
or any other obligation or responsibility under this Agreement by reason of such
delegation, (ii) the Company shall not incur any additional cost by reason of
such delegation and (iii) GGP and any such Affiliate shall be obligated to carry
out their delegated managerial responsibilities in accordance with the policies
set forth on Schedule VII to the extent applicable. Any such agreement entered
into by the Company and GGP or any of its Affiliates may provide that all or any
portion of the fees and reimbursable amounts set forth on Schedule X be paid to
an Affiliate of GGP, rather than to GGP, and may contain customary indemnities
from the Company to GGP and such Affiliate against claims, losses, liabilities,
costs and expenses arising out of the operation or management of the Company's
properties, other than such claims, losses, liabilities, costs and expenses
caused by the gross negligence or wilful misconduct of GGP or such Affiliate.
Any such agreement shall be terminable by the Company immediately following the
General Growth Officers ceasing to serve as the Company's management or
otherwise as required to effectuate the terms of this Agreement. Unless
otherwise approved by the Board, the Company and its wholly-owned Subsidiaries
shall not have any employees.

          (c) The Class B Directors shall have the right, in their sole
discretion, to cause the Company to distribute certain of the Company's
properties to the Distributee in the manner described in Section 8.1(f) in the
event that Cause exists. If the Class B Directors elect to so cause the Company
to distribute certain of its properties, (i) the Class B Stockholders shall be
considered the Offeror and the Class A and Class C Stockholders shall be
considered the Offeree for purposes of Section 8.1(f), (ii) the first
distribution of properties shall occur as soon as practicable in the tax year in
which the election is made and (iii) notwithstanding anything to the contrary in
Section 8.1(f), the Offeror shall have the right to select the first property.

                                      -24-

<PAGE>

          (d) For purposes of this Agreement, "Cause" shall mean, (i) the
failure of the General Growth Officers to submit an Annual Business Plan to the
Board as provided in Section 3.10(c) hereof, (ii) the failure of the General
Growth Officers to obtain prior Board approval (as part of an approved Annual
Business Plan or otherwise) for any of the matters enumerated in Section
3.10(d), (iii) the General Growth Officers taking or causing the Company to take
any action materially in contravention of an approved Annual Business Plan, (iv)
a wilful and material violation by GGP or GG Properties of the provisions of
Section 4.6 hereof or (v) the engaging by any General Growth Officer, GGP, GG
Properties, the Property Manager, if any, or the Development Manager, if any, in
wilful misconduct, including, without limitation, fraud, embezzlement or theft,
which is demonstrably and materially injurious to the Company; provided that
Cause shall not be deemed to exist until the procedures set forth in Section
3.6(e) have been complied with.

          (e) If the Class B Stockholders or Class B Directors believe that an
event giving rise to Cause has occurred, the Class B Stockholders or Class B
Directors shall deliver a notice (the "Cause Notice") to the General Growth
Officers setting forth with particularity the event giving rise to Cause and the
applicable clause of Section 3.6(d). If the event giving rise to Cause is one
enumerated in Section 3.6(d)(i), (ii) or (iii), the General Growth Officers
shall have fifteen (15) days from the date of the delivery of such notice to
cure the action or failure to act (or if such action or failure to act, or
consequence of such action or failure to act, is curable but is of such a nature
that it cannot be cured within such fifteen (15) day period, the General Growth
Officers shall commence such cure and proceed diligently to complete the curing
thereof as promptly as practicable). The General Growth Officers shall promptly,
and, in any event, by the end of the fifteen (15) day cure period, notify (the
"Cure Notice") the Class B Stockholders and the Class B Directors that either
(i) the event giving rise to Cause has been cured and specifying the actions
taken with respect thereof or (ii) the event giving rise to Cause is curable but
cannot be cured within fifteen (15) days and specifying the actions that have
been taken and will be taken in respect thereof. Unless the Class B Stockholders
or Class B Directors reasonably object in writing to the Cure Notice within ten
(10) days of delivery thereof, the event giving rise to Cause shall be deemed to
be cured. If GGP wishes to contest the existence of Cause, the General Growth
Officers shall within ten (10) days of receipt of the Cause Notice, or, if the
Class B Stockholders or Class B Directors have reasonably objected to the Cure

                                      -25-

<PAGE>

Notice, the Class B Stockholders or Class B Directors shall within ten (10) days
of receipt of the Cure Notice, submit the existence of Cause to arbitration
pursuant to Section 11.5 hereof. If the question of Cause has been submitted to
arbitration, Cause shall not be deemed to have occurred unless and until the
arbitrators have reached a final decision that Cause exists. If the General
Growth Officers neither submit the question of Cause to arbitration nor deliver
a Cure Notice within the fifteen (15) day period following the date of the
delivery of the Cause Notice, then Cause shall be deemed to exist on the day
immediately following such fifteen (15) day period. During any arbitration
proceeding, the General Growth Officers shall use all diligent and good faith
efforts to act or cease from acting in the manner that is the subject of the
dispute. Arbitration costs shall be charged to the losing party.

          3.7. Chairman of the Board. So long as the General Growth Officers are
officers of the Company, and provided both Class A Common Stock and Class B
Common Stock is outstanding or the holders of the Class A Common Stock are the
Electing Class, the Class A Stockholders and the Class B Stockholders agree to
cause the Class A Directors and Class B Directors to designate as the Chairman
of the Board of Directors of the Company and the Subsidiaries the director
elected by the Class A Common Stock who holds the most senior position at GG
Properties (the "General Growth Chairman").

          3.8. Committees. (a) The Board shall have the power to create
committees, including an executive committee and an audit committee, and to
delegate to such committees such powers and authority as the Board may determine
and as may then be permitted by the Company's Certificate of Incorporation and
By-Laws and the GCL; provided, however, that so long as the Board is comprised
of both Class A Directors and Class B Directors, any committee established by
the Board shall have at least one member designated by the Class A Directors and
at least one member designated by the Class B Directors unless the Board
determines otherwise.

          (b) The Class A Directors shall be exclusively entitled to designate,
remove and replace the Class A committee members and the Class B Directors shall
be exclusively entitled to designate, remove and replace the Class B committee
members.

          3.9. Certificate of Incorporation; By-Laws. Each Stockholder shall
vote all Common Stock over which it may have voting power and shall take all
other actions necessary and appropriate to ensure that the Company's Certificate
of

                                      -26-

<PAGE>

Incorporation and By-Laws do not at any time conflict with the provisions of
this Agreement and shall not vote to approve (or consent to the approval of) any
amendment to the Company's Certificate of Incorporation or By-Laws which would
be inconsistent with this Agreement.

          3.10. Actions by Directors. (a) At such times as both Class A Common
Stock and Class B Common Stock shall be outstanding, at all meetings of the
Board a quorum shall exist for the transaction of business if at least two (2)
Class A Directors and two (2) Class B Directors are present. At such times as
both Class A Common Stock and Class B Common Stock shall be outstanding, at all
meetings of any committee of the Board a quorum shall exist for the transaction
of business if at least one member designated by the Class A Directors and one
member designated by the Class B Directors are present, unless the Board shall
determine otherwise. At all other times (i.e., when the Board is constituted
pursuant to Section 3.2(b) or 3.2(c)) a quorum shall exist for the transaction
of business if at least a majority of directors or committee members are
present.

          (b) When action is to be taken by vote of the Board or any committee
thereof, each member of the Board or such committee shall be accorded one vote.
Except for the selection of officers of the Company and officers and directors
of the Subsidiaries as described in Section 2.2(e) above, each and every
corporate action taken by vote of the Board or any committee thereof shall be
authorized only by the affirmative vote of the majority of directors or
committee members, as the case may be, present at a duly constituted meeting at
which a quorum is present and acting throughout; provided that at such times as
both the Class A Common Stock and Class B Common Stock shall be outstanding and
entitled to elect directors of the Company pursuant to this Agreement, at least
one Class A Director and one Class B Director (in the case of Board meetings),
or one Class A committee member and one Class B committee member (in the case of
committee meetings), has voted in favor of such action.

          (c) On or before March 1, 1996 and on or before September 15th of each
year, commencing September 15, 1996, for each Company Asset that is operating,
is then under construction or development or is in the planning stage, the
General Growth Officers will cause to be prepared and submitted to the Board for
approval a proposed annual business plan (including an annual capital budget and
operating budget and leasing guidelines to permit the execution of leases on
behalf of the Company and the

                                      -27-

<PAGE>

Subsidiaries without specific Board approval, which shall include figures for
minimum square foot base rental, maximum tenant improvement allowances, maximum
obligations on lease take-overs and any other leasing criteria proposed by the
General Growth Officers), such plan to be substantially in the form of the
template attached hereto as Exhibit I (each, an "Annual Business Plan"). The
proposed Annual Business Plan shall also itemize each transaction or matter
requiring approval of the Board pursuant to Section 3.10(d) (viii) below. The
General Growth Officers will also cause the Board to be provided with quarterly
updates to the Annual Business Plans. A meeting of the Board to consider an
Annual Business Plan for approval shall, unless the Board otherwise determines,
be held no sooner than 45 days following submission of the proposed Annual
Business Plan to the Board but in all cases shall be held prior to commencement
of the fiscal year to which the Annual Business Plan relates (other than with
respect to the Annual Business Plan for fiscal year 1996). Prior to such
meeting, the General Growth Officers shall make available to the Class B
Directors and their representatives and advisors such backup information with
respect to the Annual Business Plan as the Class B Directors shall reasonably
request and shall be reasonably available to consult with the Class B Directors
regarding the details of the Annual Business Plan. If the Board shall consider
for adoption a proposed Annual Business Plan for any Company Asset for any year
and shall fail to adopt it in its entirety because of disagreement as to one or
more items although the Board shall agree on other items, then the Board shall
adopt as the Annual Business Plan for such year such proposed Annual Business
Plan exclusive of the items as to which there is disagreement, provided,
however, that if there is disagreement over any item of operating expense in
such Annual Business Plan that is nondiscretionary, then the Board shall adopt
such Annual Business Plan as it relates to such nondiscretionary item of
operating expense, and provided further, however, that if there is disagreement
over any discretionary item of operating expense in such Annual Business Plan,
then the Board shall adopt such Annual Business Plan including such
discretionary item of operating expense in an amount equal to the amount
reasonably proposed for such operating expense item by management of the
Company. Expenditures for nondiscretionary items shall not be limited by amounts
set forth in an approved Annual Business Plan. "Nondiscretionary items" shall
mean items that must be paid by the Company to avoid a material adverse effect
on the business, operations or value of the Company's assets. Without limiting
the generality of the foregoing, the Stockholders acknowledge and agree that
nondiscretionary items include the minimum amount of funds needed to (i) pay

                                      -28-

<PAGE>

and perform when due all of the Company's obligations under any notes, mortgages
and other instruments to which the Company is or shall be a party or by which it
or its assets are bound in connection with any financing, (ii) pay when due real
estate and other taxes affecting the Company Assets and insurance premiums for
the Company Assets and the Company, and (iii) comply with all laws now or
hereafter in force which shall be applicable to all or any part of the Company
Assets and the operation and management thereof (including the making of capital
expenditures required for such compliance) if the failure to comply would (A)
expose the Company, any Stockholder or any employee, agent, officer, director,
or contractor of the Company to the risk of criminal prosecution, (B) entitle
any enforcing entity to take any action which could materially and adversely
affect the business, operation or value of the Company or (C) invalidate or
impair any of the insurance maintained by the Company. Until the Annual Business
Plan for fiscal year 1996 has been prepared for and approved by the Board, the
Company shall be operated in accordance with the operating and capital budgets
referred to in Section 2.3(k).

          (d) The following matters will require approval of the Board (either
as part of an approved Annual Business Plan, as part of the operating and
capital budgets referred to in Section 2.3(k) or by separate Board action)
unless any such matters have been specifically approved pursuant to this
Agreement:

          (i) the purchase or other acquisition by the Company or any of its
     Subsidiaries of any material asset or property, but excluding purchase
     options where the cost of the option does not exceed $500,000;

          (ii) the sale, exchange or other disposition by the Company or any of
     its Subsidiaries of any Significant Company Asset;

          (iii) the development, redevelopment or expansion by the Company or
     any of its Subsidiaries of any material asset or property or any
     Significant Company Asset;

          (iv) the incurrence by the Company or any of its Subsidiaries of any
     indebtedness for borrowed money or the refinancing of any indebtedness for
     borrowed money (including, without limitation, any capital lease
     obligation) in excess of $500,000 in the aggregate in any fiscal year;

                                      -29-

<PAGE>

          (v) the pledge, encumbrance or subjecting to liens or mortgages by the
     Company or any of its Subsidiaries of any Significant Company Asset in
     connection with a financing or refinancing;

          (vi) with respect to each "Major Expense Category" (as so denominated
     in the Annual Business Plan), the expenditure by the Company or any of its
     Subsidiaries of amounts in excess of those set forth in an approved Annual
     Business Plan, unless such amounts do not exceed 105% of the total
     expenditures set forth in such Annual Business Plan for such Major Expense
     Category or are required, in the reasonable judgment of the Company's
     management, to be expended because of an emergency involving an immediate
     threat to persons or property and the Company's management is hereby
     authorized to spend such amounts without further Board action;

          (vii) the sale, exchange or other disposition of all or substantially
     all of the assets of the Company or any of its Subsidiaries or the merger,
     consolidation, reorganization or other similar transaction involving the
     Company or any of its Subsidiaries with or into another Person, in any such
     case, whether in a single transaction or a series of related transactions;

          (viii) any material transaction (or amendment or modification to any
     transaction) with, involving or benefitting GGP, GG Properties or an
     Affiliate of GGP or GG Properties other than any current or future
     transaction between the Property Manager or the Development Manager, on the
     one hand, and a non-wholly owned Subsidiary, on the other hand, relating to
     the providing of property or development management services pursuant to
     which the Property Manager or Development Manager, as the case may be,
     shall be paid fees for such services equal to the fees currently being paid
     by such non-wholly-owned Subsidiary, provided that if the Board shall not
     include Class B Directors, such transaction shall be voted upon solely by
     the independent directors;

          (ix) the taking of any action, including the filing of a petition,
     with respect to (x) an assignment for the benefit of creditors of the
     Company or any Subsidiary, (y) the bankruptcy, insolvency, reorganization,
     dissolution (other than a dissolution pursuant to Section 8.1) or any
     similar occurrence of the Company or any Subsidiary or (z) a
     liquidation

                                      -30-

<PAGE>

     (other than pursuant to Section 8.1) or any other occurrence that might
     result in the termination of the Company or any of its Subsidiaries;

          (x) the issuance of any Common Stock or any other capital stock of the
     Company or any of its Subsidiaries or the issuance, grant or entry into an
     agreement or arrangement providing for, options, warrants or other rights,
     interests or securities convertible into or exchangeable for any shares of
     Common Stock or any other class of capital stock of the Company or any of
     its Subsidiaries; provided, however, that (i) the Company shall not issue
     any shares of Class A Common Stock or Class B Common Stock other than
     shares that have been subscribed for under this Agreement without the
     consent of all of the shares of such class in which additional shares are
     proposed to be issued, (ii) any additional issuances shall first be offered
     to the Stockholders pursuant to the provisions of Article VII hereof, and
     (iii) the Stockholders (other than any Defaulting Stockholder) shall have
     preemptive rights to acquire any additional shares of Common Stock proposed
     to be issued by the Company in addition to those offered pursuant to
     Article VII hereof;

          (xi) the determination of the amount and timing of distributions of
     Net Disposition Proceeds;

          (xii) the determination of Reserve Amounts for any fiscal year;

          (xiii) the establishment of the Company's policy with respect to the
     appropriate levels of debt capitalization of the Company;

          (xiv) the consent to any material amendments or supplements to, or the
     making of material elections or grant of waivers of material conditions or
     the enforcement of material rights under, the Homart Stock Purchase
     Agreement, the Financing Commitment and the Existing Lender Arrangements;

          (xv) the consent to any amendments or supplements to, or the making of
     elections or grant of waivers of conditions or the enforcement of rights
     under, the Natick Mall Agreement, the Management Transfer Agreement or the
     Sublease, provided, however, that in connection with any Board resolutions
     with respect to such matters, the Class A Directors shall not have the
     right to vote and the Class A Directors vote shall not be required for the
     approval of any such action;

                                      -31-

<PAGE>

          (xvi) the engagement or retention by the Company of any property or
     development manager for any of the Company's properties or those of its
     wholly-owned Subsidiaries other than GGP, GG Properties or any of their
     Affiliates;

          (xvii) the engagement or retention by the Company of any financial
     advisor or investment banking firm for any major capital transaction or any
     legal counsel for any material litigation or Organic Change; and

          (xviii) the amendment of any of the policies set forth in Schedule VII
     hereof or any of the fees or other matters set forth in Schedule X hereof.

          (e) The Stockholders hereby approve, and the Company shall be
authorized to undertake, (i) the expansion or renovation of those properties
described on Schedule II hereto and the expenditure of funds and/or incurrence
of indebtedness in connection therewith pursuant to the expansion and renovation
budgets previously delivered to and approved by the Class B Stockholder, (ii)
the development of those properties described on Schedule III hereto and the
expenditure of funds and/or incurrence of indebtedness in connection therewith
pursuant to the development budgets previously delivered to and approved by the
Class B Stockholder, (iii) the funding and use of the Reserves as described in
Section 4.5(d) and (iv) delivery by the Board of Funding Notices to the
Stockholders permitting the Stockholders to accelerate the funding of their
Available Subscriptions as and when determined by the Board for the purposes
permitted by this Agreement.

          3.11. Meetings of the Board. (a) The Board shall meet not less
frequently than quarterly, upon notice duly given to all directors. Regular
meetings of the Board shall be held at such place as shall be determined by the
Board. Any failure to so meet shall not give rise to any presumption or
inference that the Stockholders shall have any liability for the obligations of
the Company.

          (b) Notwithstanding anything to the contrary contained in the
Company's By-Laws or the GCL, the Board shall meet upon the request of any
director conveyed in writing to each other director, at a time no fewer than two
(2) and no more than twenty-one (21) business days after such notice is given,
and at a place as determined by the Board; provided, however, attendance at such
meeting may be by telephone or otherwise as provided in the Company's By-Laws.

                                      -32-

<PAGE>

          3.12. Restrictions on Other Agreements. No Stockholder shall grant any
proxy or enter into or agree to be bound by any voting trust with respect to the
Common Stock, nor shall any Stockholder enter into any stockholder agreement or
arrangements of any kind (including agreements or arrangements with respect to
the acquisition, disposition or voting of shares of Common Stock) with any
Person with respect to the Common Stock, in either case, on terms inconsistent
with the provisions of this Agreement (whether or not such agreements and
arrangements are with other Stockholders or holders of Common Stock that are not
parties to this Agreement).

                                   ARTICLE IV.

                             OTHER CORPORATE MATTERS

          4.1. Fiscal Year; Designation of Auditors. The Company's fiscal year
shall be the calendar year. The Company's auditors shall be selected by the
Board, provided, however, that (a) such firm shall be a "Big Six" certified
public accounting firm (or any successor to any such firm) and (b) unless the
Class A Directors and Class B Directors determine otherwise, such firm shall not
be the auditors of GGP or GG Properties.

          4.2. Dividends. Subject in all cases to any applicable provisions of
the GCL, the Company shall distribute to the Stockholders at least on a
quarterly basis an amount at least equal to the Company's Operating Cash Flow
during the immediately preceding fiscal quarter, provided that the Company shall
distribute with respect to each fiscal year not less than one hundred percent
(100%) of the Company's Net Taxable Income for such fiscal year. The regular
record dates of the Company for the purpose of determining Stockholders entitled
to quarterly distributions shall be the same as the regular record dates of GG
Properties and the payment dates of the Company for regular quarterly dividends
shall be the business day immediately preceding the payment date of GG
Properties for regular quarterly dividends. GG Properties shall notify the
Company at least ten days prior to each of its regular record dates of the date
of such record date and the related payment date.

          4.3. Conduct of Business. (a) The Company shall not, directly or
indirectly, acquire any assets or businesses other than the Stock (as defined in
the Homart Stock Purchase Agreement) and the Homart Assets except in connection
with the holding, development, redevelopment, expansion, renovation, operation
and otherwise dealing with

                                      -33-

<PAGE>

the Homart Assets (including (i) the development of the Properties Currently
Under Development, (ii) the development of the planned regional malls listed on
Schedule XIII hereto, (iii) the development of all or a portion of the vacant
land included as part of the Homart Assets and (iv) the acquisition of land or
properties adjacent to the real property constituting the Homart Assets and
third parties' interests in the partnerships or joint ventures constituting the
Homart Assets).

          (b) The Company shall conduct its affairs in a manner that will not
cause the Company to be deemed to be, and will not make any investment which
could cause it to become, an "investment company" for purposes of the Investment
Company Act.

          4.4. Operation in Accordance with REIT Requirements and Other Matters.
(a) The Company shall operate in a manner that will enable the Company to (i)
satisfy the requirements for qualifying as a real estate investment trust under
the Code and (ii) avoid any federal income or excise tax liability and shall
file an election to be taxed as a real estate investment trust for its first
taxable year and, from and after January 31, 1996, the Company shall at all
times ensure that the Company shall have no less than 100 holders of its capital
stock.

          (b) The Company shall at all times operate, and each Stockholder shall
cause the Company to operate in a manner so that it will be treated as an
"operating company" under Pension and Welfare Benefits Administration Regulation
Section 2510.3-101 (the "Plan Asset Regulations") issued by the Department of
Labor under Title I of the Employee Retirement Income Security Act of 1974, as
the same may be amended from time to time ("ERISA") as long as equity
participation by Benefit Plan Investors (as defined in the Plan Asset
Regulations) is "significant," as defined therein.

          (c) The Company shall endeavor to operate and structure its
investments in a manner so as to minimize, to the extent reasonably possible and
to the extent not inconsistent with the best interests of the Company, the
amount of unrelated business taxable income recognized by Stockholders that are
pension funds or educational institutions exempt from Federal income taxes.

          4.5. Sources and Uses of Funds; Organizational Expenses;
Reorganization Expenses; Reserves. (a) On the Homart Closing Date, (i) the
Company will use the Initial Subscriptions to fund the purchase price under the
Homart Stock Purchase Agreement, to pay the organizational expenses

                                      -34-

<PAGE>

described in Section 4.5(b), to pay to GGP the reorganization costs described in
Section 4.5(c) and to partially fund the Reserves referred to in Section 4.5(d),
(ii) the Company and/or its Subsidiaries shall incur the indebtedness, or
refinance the existing indebtedness, to the extent contemplated in the Financing
Commitment and the Existing Lender Arrangements, and (iii) the Company or its
Subsidiaries shall close under the Natick Mall Agreement, the Management
Transfer Agreement and the Sublease.

          (b) Each Stockholder hereby acknowledges and agrees that all expenses
that are listed under the category of "Expenses Billed to Date" on Schedule XIV
hereto and amounts listed under the category of "Estimated Expenses to be
Incurred After the Closing" on Schedule XIV hereto, in each case that have been
or will be incurred by or on behalf of the Company on or prior to the Homart
Closing Date or in connection with the closing under the Homart Stock Purchase
Agreement shall be expenses of the Company and shall be paid by the Company on
or promptly following the Homart Closing Date.

          (c) On the Homart Closing Date, the Company shall pay to GGP from the
Initial Subscriptions made to the Company or from other funds available to the
Company the amount of $10,000,000.00 to reimburse GGP and its Affiliates for
various restructuring and transition costs that GGP and its Affiliates have
incurred and will continue to incur in connection with reorganizing and
combining the organization of Homart Development Co. with GGP and its Affiliates
as set forth on a schedule previously delivered to and approved by the Class B
Stockholder. Any such costs incurred in excess of $10,000,000.00 will be the
responsibility of GGP and its Affiliates, as applicable, and will not be the
responsibility of the Company.

          (d) (i) The Company shall establish and fund either on the Homart
     Closing Date or over time from the Initial Subscriptions and Funded
     Subscriptions made to the Company or from other capital resources available
     to the Company certain reserves in the specified amounts set forth on
     Schedule XV hereto (the "Special Reserves") with respect to certain
     liabilities which are estimated to be incurred by the Company through
     December 31, 1999. Any costs incurred with respect to such liabilities
     which exceed the amounts available under the Special Reserves, except for
     those liabilities set forth in clause (ii) below, will be for the account
     of the Company. Any Special Reserves that are not expended will be retained
     by the Company for other Company purposes. The Board may from time to

                                      -35-

<PAGE>

     time reduce the amount of the Special Reserves either by making a special
     dividend to the Stockholders (which special dividend shall not be deemed to
     be a part of any dividend made pursuant to Section 4.2) or by reallocating
     Available Subscriptions for other purposes.

          (ii) The following Special Reserve liabilities represent liabilities
     due from the Company to GGP with respect to GGP obligations arising as a
     result of the Management Transfer Agreement: liabilities incurred by GGP
     for hiring bonuses to Homart employees being employed by GGP following the
     Homart Closing Date for which the Company will indemnify GGP, and reimburse
     GGP, to the extent set forth in Schedule XV, such reimbursement to be made
     at the Homart Closing Date.

          4.6. Other Activities of Stockholders. (a) Neither GGP nor GG
Properties nor any of their Affiliates shall, directly or indirectly, as an
owner, managing or general partner, majority or controlling stockholder,
consultant, joint venturer, manager or otherwise, acquire, develop, redevelop,
improve, construct or manage any regional shopping mall project, that is, in any
such case, located within the trade area (as shown in red on the maps attached
hereto as Exhibit J) of any of the mall shopping centers listed on Exhibit J
hereto (the "Relevant Trade Area"); provided, however, that nothing herein shall
prohibit or restrict GGP or GG Properties or any of their Affiliates from
owning, operating, developing, improving, expanding or managing any of the mall
shopping centers owned, operated, being developed or managed, directly or
indirectly, by any of them on the date hereof and listed on Schedule XVI hereto
and; provided further, however, that GGP, GG Properties and their Affiliates
shall have until June 30, 1996 to divest its management position at the Dutch
Square Mall located in Columbia, South Carolina, and the Southdale Mall located
in Minneapolis, Minnesota. If, as manager of the Visalia Mall located in
Visalia, California, GGP or its Affiliate engages in any active discussions with
a new department store interested in locating at such mall, GGP shall disclose
such fact to the Board, and the Class B Directors shall have the exclusive right
to determine whether a conflict exists. If the Class B Directors so determine
that a conflict exists, GGP or its Affiliate shall divest itself of its
management position with respect to the Visalia Mall as soon as practicable.

          (b) Notwithstanding anything to the contrary in Section 4.6(a),
neither GGP nor GG Properties shall be in breach of Section 4.6(a) if, in
connection with the

                                      -36-

<PAGE>

acquisition of a portfolio of three or more properties or management contracts,
GGP, GG Properties or any of their Affiliates acquires, or becomes the property
manager or development manager for, any regional shopping mall project that is
located within the Relevant Trade Area (the "Competing Asset"); provided GGP, GG
Properties or such Affiliate terminates any management position with respect to
such Competing Asset as soon as possible but no later than within one year.

          (c) Subject to Section 4.6(a) and (b), each Stockholder may engage or
invest in any other activity or venture or possess any interest therein
independently or with others. None of the Stockholders, the Company or any other
Person employed by, related to or in any way affiliated with any Stockholder or
the Company shall have any duty or obligation to disclose or offer to the
Company or any of the Stockholders, or obtain for the benefit of the Company or
any of the Stockholders, any such other activity or venture or interest therein.
None of the Company, the Stockholders, the creditors of the Company or any other
person having any interest in the Company shall have (i) any claim, right or
cause of action against any of the Stockholders or any other Person employed by,
related to or in any way affiliated with, any of the Stockholders by reason of
any direct or indirect investment or other participation, whether active or
passive, in any such activity or venture therein or (ii) any right to any such
activity or venture or interest therein or the income or profits derived
therefrom.

          4.7. Reports and Statements. (a) Not later than 45 days after the end
of each fiscal quarter (other than the fourth quarter), the Company shall
prepare (or cause to be prepared) and mail to each Stockholder an unaudited
report (prepared in accordance with generally accepted accounting principles)
setting forth as of the end of such fiscal quarter:

          (i) a balance sheet of the Company and of the Subsidiaries on a
     consolidated basis; and

          (ii) an income statement for such fiscal quarter of the Company and of
     the Subsidiaries on a consolidated basis.

          (b) Not later than 90 days after the end of each fiscal year, the
Company shall prepare (or cause to be prepared) and shall mail to each
Stockholder, a report setting forth as of the end of such fiscal year:

                                      -37-

<PAGE>

          (i) a balance sheet of the Company and of the Subsidiaries on a
     consolidated basis (which will include appropriate footnote disclosure);

          (ii) an income statement for such fiscal year of the Company and of
     the Subsidiaries on a consolidated basis;

          (iii) a statement of cash flows for such fiscal year of the Company
     and of the Subsidiaries on a consolidated basis; and

          (iv) a statement of changes in stockholders' equity for such fiscal
     year for the Company and the Subsidiaries on a consolidated basis.

The annual financial statements referred to above shall be accompanied by a
report of the Company's independent certified public accountants stating that an
audit of such financial statements has been made in accordance with generally
accepted auditing standards, stating the opinion of the accountants in respect
of the financial statements and the accounting principles and practices
reflected therein and as to the consistency of the application of the accounting
principles, and identifying any matters to which the accountants take exception
and stating, to the extent practicable, the effect of each such exception on
such financial statements. The Company shall provide to any Stockholder such
supporting schedules and other data as may from time to time be reasonably
requested by such Stockholder relating to the presentation of the Company's
financial statements on a consolidated basis.

          (c) Commencing with the first anniversary of this Agreement, not later
than 45 days after the end of each of the first three fiscal quarters of each
fiscal year, and not later than 90 days after the end of each fiscal year, the
Company shall prepare (or cause to be prepared) and mail to each holder of Class
B Common Stock and Class C Common Stock a report setting forth in reasonable
detail a calculation of (i) the General Growth FFO and (ii) the Company's FFO,
and (iii) the Exchange Amount as if such holder had delivered an Exchange
Election Notice with respect to all of its exchangeable shares of Common Stock
on the day immediately following the last day of the period of such report.

          (d) Not later than 45 days after the end of each of the first three
fiscal quarters of each fiscal year, the Company shall prepare (or cause to be
prepared) and mail to each Stockholder a report setting forth in reasonable
detail a calculation of the Company's Operating Cash Flow for the

                                      -38-

<PAGE>

immediately preceding quarter together with a comparison of the (i) Operating
Cash Flow for the same fiscal quarter in the prior year and (ii) budgeted
Operating Cash Flow for the quarter, based upon the Annual Business Plan
approved by the Board covering such fiscal quarter.

          (e) Not later than 90 days after the end of each fiscal year, the
Company shall prepare (or cause to be prepared) and mail to each Stockholder a
report setting forth in reasonable detail a calculation of the Company Operating
Cash Flow for the immediately preceding fiscal year together with the comparison
of the (i) Operating Cash Flow for the prior fiscal year and (ii) budgeted
Operating Cash Flow for the fiscal year, based upon the Annual Business Plan
approved by the Board of Directors for such prior fiscal year.

          (f) Concurrently with each dividend distribution pursuant to Section
4.2, the Company shall deliver to each Stockholder a report setting forth in
reasonable detail a calculation of the Stockholder's Proportionate Share of the
Company's Operating Cash Flow for the immediately preceding quarter and the
amount of the dividend being distributed with respect to such period.

          (g) Concurrently with each distribution of Net Disposition Proceeds,
the Company shall deliver to each Stockholder a report setting forth in
reasonable detail a description of the transaction or transactions giving rise
to the Net Disposition Proceeds, a calculation of the Net Disposition Proceeds,
a calculation of the Stockholder's Proportionate Share of such Net Disposition
Proceeds and the amount of the Net Disposition Proceeds being distributed to
such Stockholder.

          (h) The Company shall prepare and deliver to each Stockholder the
reports set forth in Schedule VII.

          (i) The Company shall prepare and deliver to each Stockholder such
other reports as NYSCRF shall reasonably require.

          (j) The Company shall deliver to each Class C Stockholder a copy of
each Annual Business Plan that has been approved by the Board, promptly
following such approval.

                                      -39-

<PAGE>

                                   ARTICLE V.

                                 EXCHANGE RIGHT

          5.1. The Exchange Right. (a) At any time after the Exchange Trigger
Date, each Class B Stockholder and Class C Stockholder (an "Exchanging
Stockholder") shall have the right from time to time, upon delivery to GG
Properties of a written election notice (the "Exchange Election Notice"), to
exchange all or a portion of its Common Stock (other than with respect to any
shares of Class C Stock that have been acquired from GGP or GG Properties,
unless GGP or GG Properties, as part of the transaction by which such shares
were acquired, consents to the application of this Section 5.1 to such
shares) for consideration from GG. Properties equal to:

          (i)  the product of (x) the Company's FFO for the most recently
               completed four fiscal quarters for which the report of the
               Company's FFO and the General Growth FFO referred to in Section
               4.7(e) has been delivered to the Stockholders prior to the date
               of the Exchange Election Notice (the "Measurement Period"),
               adjusted as set forth below and calculated on the same basis as
               the General Growth FFO multiplied by (y) the Proportionate Share
               represented by the shares of Common Stock being exchanged,
               multiplied by

          (ii) an amount equal to (1) the Ten Day Average General Growth Share
               Closing Price divided by (2) the General Growth FFO Per share for
               the Measurement Period adjusted as set forth below:

          (b) Calculation of the Company's FFO or the General Growth FFO shall
be adjusted so as to give pro forma effect to (i) the incurrence of debt or
issuance of capital stock by the Company and its Subsidiaries or by GG
Properties or GGP, as the case may be, during the Measurement Period or
subsequent to the end of the Measurement Period through the date of the Election
Notice as if such debt or capital stock had been incurred or issued, as the case
may be, and the application of the proceeds from the incurrence or issuance, as
the case may be, of such debt or capital stock had occurred at the beginning of
the Measurement Period, (ii) the repayment or elimination of any debt of the
Company or any Subsidiary or of GG Properties or GGP, as the case may be
(including a

                                      -40-

<PAGE>

pro-forma repayment or elimination of debt (assuming such debt bears interest at
the Company's weighted average cost of debt) as a result of (1) any Additional
Subscription Payments received from an Exchanging Stockholder in conjunction
with the exercise of its exchange rights under this Article V and (2) a
corresponding deemed receipt of any Additional Subscription Payments from the
holders of Class A Common Stock whether or not actually funded), or the
repurchase or redemption of any capital stock of the Company or any Subsidiary
or of GG Properties or GGP, as the case may be, during the Measurement Period or
subsequent to the end of the Measurement Period through the date of the Election
Notice as if such debt had been repaid or eliminated or such capital stock had
been repurchased or redeemed at the beginning of the Measurement Period, and
(iii) any asset disposition and any asset acquisition by the Company or any
Subsidiary or by GG Properties or GGP, as the case may be, the gross proceeds or
gross purchase price of which, as the case may be, exceeds $1 million and that
occurred during the Measurement Period or subsequent to the end of the
Measurement Period through the date of the Election Notice as if such asset
disposition or asset acquisition had occurred at the beginning of the
Measurement Period; provided further that, in making such calculations, the
interest expense attributable to interest or dividends on any debt of the
Company or any Subsidiary or of GG Properties or GGP, as the case may be, or
capital stock (other than Common Stock) of the Company or any Subsidiary or of
GG Properties or GGP, as the case may be, which bears a floating rate shall be
determined on a pro forma basis as if the rate in effect on the date of
determination had been the applicable rate for all of the Measurement Period.
The amount derived by application of clauses (a)(i) and (ii) above as adjusted
by this clause (b) is referred to herein as the " Exchange Amount."

          (c) No Stockholder may exercise the exchange right set forth in this
Section 5.1 to the extent that the transfer of such Stockholder's Common Stock
in exchange for GG Stock as set forth in Section 5.2 could, based upon a written
opinion of counsel satisfactory to such Stockholder, cause GG Properties or the
Company to fail to qualify as a real estate investment trust under the Code. No
Stockholder may deliver more than one Exchange Election Notice in any twelve
month period. No stockholder may deliver an Exchange Election Notice, for shares
of Common Stock that would result in an Exchange Amount less than $10,000,000
unless such Exchange Election Notice relates to such Stockholder's entire
remaining shares of Common Stock. No Stockholder, other than the original
signatories to this Agreement, shall have the right to exchange more than the
Maximum Number of

                                      -41-

<PAGE>

Shares of Common Stock pursuant to this Article V in any twelve month period.
The term "Maximum Number of Shares of Common Stock" shall mean the greater of
(i) one half of the total number of Shares of Common Stock at any time owned
(including shares that have previously been exchanged or disposed of) by a
Stockholder and (ii) such number of shares of Common Stock as would result in an
Exchange Amount of $100,000,000 or less.

          (d) If any accounting convention, policy or procedure covering any
future expenditure, receipt, sale, purchase or other event has not been fully or
adequately addressed in the definition of General Growth FFO or Company FFO as
set forth on Exhibits B and A hereto, respectively, then any amendment to the
definition of General Growth FFO or Company FFO, as appropriate, to provide for
any such convention, policy or procedure with respect to any such event shall
require the consent of GG Properties and the Board.

          (e) On or prior to the Closing Date, GG Properties shall cause its
board of directors to adopt a resolution approving all of the transactions
contemplated by this Agreement that could be deemed to be a "business
combination" as defined in Section 203 of the GCL between GG Properties and any
Exchanging Stockholder that becomes an "interested stockholder" as defined in
Section 203 of the GCL, including, without limitation, (i) additional issuances
of GG Stock to such Stockholder in the context of exchanges under this Article V
and (ii) the acquisition by such Stockholder of properties from the Company in
the context of Article VIII hereof. GG Properties shall also cause its board
of directors to adopt a resolution authorizing any Exchanging Stockholder that
becomes an "interested stockholder" as defined in Section 203 of the GCL to vote
its shares of GG Stock received in an exchange transaction for all purposes. GG
Properties agrees that it will not adopt or otherwise approve any "poison pill"
or stockholder rights plan and would have the effect of diluting an Exchanging
Stockholder's equity interest in GG Properties upon exercise of the exchange
rights contained in this Article V or that would otherwise conflict with or
impair such exchange rights.

          (f) Any Stockholder exercising exchange rights pursuant to this
Article V shall, as a condition to such exercise, (1) have timely and fully
funded any previously required funding of all or any portion of its Aggregate
Subscription and (2) fund any unfunded portion of its Aggregate Subscription,
but, with respect to clause (2), shall not receive additional shares of Common
Stock

                                      -42-

<PAGE>

therefor, and there shall not be any deemed receipt by any other Stockholder of
additional Shares of Common Stock in connection with such funding.

          (g) GG Properties shall insure that it has sufficient authorized but
unissued shares of Common Stock to enable it to satisfy the exchange rights of
all Stockholders hereunder, and shall, subject to obtaining necessary
stockholder approval, cause its certificate of incorporation and other corporate
charter documents to be amended from time to time, and shall solicit the consent
of its stockholders to the extent required to effectuate any such amendment. In
the event GG Properties elects to pay the Exchange Amount in GG Stock, GG
Properties shall take all steps required by applicable law and regulation and
required under its certificate of incorporation to enable GG Properties to issue
such GG Stock to the Exchanging Stockholder on the relevant closing date.

          5.2. Payment of the Exchange Amount. GG Properties shall have the
option to pay the Exchange Amount in cash or in shares of GG Stock or any
combination thereof. At any time within forty-five (45) days after the date of
the Exchange Election Notice, GG Properties shall deliver to the relevant
Stockholder a written notice (the "Exchange Amount Payment Notice") specifying
whether GG Properties has elected to pay the Exchange Amount in cash, GG Stock
or a specified combination thereof. If GG Properties fails to deliver the
Exchange Amount Payment Notice within such forty-five (45) day period in which
it affirmatively elects to pay the Exchange Amount entirely in GG Stock, GG
Properties shall be deemed to have elected to pay the Exchange Amount entirely
in cash.

          5.3. Registered Stock; Registration Statement.

          To the extent required to enable a Stockholder to publicly distribute
the GG Stock received by it in an exchange transaction, GG Properties shall
prepare and file with the Commission promptly following the delivery of an
Exchange Election Notice (to the extent not then available) a shelf registration
statement under the 33 Act registering GG Stock with respect to the GG Stock of
such Stockholder. GG Properties shall maintain the effectiveness of such shelf
registration statement with respect to such Stockholder's GG Stock, and shall
include such Stockholder as a selling Stockholder with respect to such shelf
registration statement to the extent the public distribution of such
Stockholder's GG Stock would otherwise be prohibited under the 33 Act. All
expenses of such shelf registration of GG Stock required by this Section 5.3
shall be shared equally by GG

                                      -43-

<PAGE>

Properties and the Exchanging Stockholder. If requested by a Stockholder that is
selling GG Stock pursuant to an underwritten offering, GG Properties will
reasonably cooperate with such Stockholder in connection with such underwritten
offering, including, upon request, entering into and performing its obligations
under a customary underwriting agreement (which may include representations,
warranties and indemnities customarily given by GG Properties to its
underwriters) with the underwriters of such offering; provided that GG
Properties shall have the right to select the lead or managing underwriter for
such offering (such underwriter to be either Goldman, Sachs & Co. or one of the
top three lead underwriters of REIT equity securities for the immediately
preceding completed calendar year) and such Stockholder shall reimburse GG
Properties for all reasonable attorneys' fees incurred by GG Properties in
connection with such underwritten offering.

          5.4. Closing of an Exchange Transaction. (a) The closing of an
exchange transaction contemplated by this Article V shall occur (i) if GG
Properties has elected to pay the Exchange Amount entirely in GG Stock, on the
date set forth in the Exchange Amount Payment Notice, but in no event later than
the forty-fifth (45th) day following the date on which the Exchanging
Stockholder delivered the Exchange Election Notice or (ii) if GG Properties has
elected to pay the Exchange Amount entirely in cash, on a date set forth in the
Exchange Amount Payment Notice, which date shall in no event be later than the
one hundred twentieth (120th) day following the date on which the Exchanging
Stockholder delivered the Exchange Election Notice. If GG Properties has elected
to pay the Exchange Amount in a combination of GG Stock and cash, (A) the
closing of the delivery of GG Stock shall take place on a date set forth in the
Exchange Amount Payment Notice which date shall in no event be later than the
forty-fifth (45th) day following the date on which the Exchanging Stockholder
delivered the Exchange Election Notice and (B) the closing of the delivery of
the cash portion of the Exchange Amount shall take place on a date set forth in
the Exchange Amount Payment Notice, which date shall in no event be later than
the one hundred twentieth (120th) day following the date on which the Exchanging
Stockholder delivered the Exchange Election Notice. At the closing or closings,
which shall be held at the offices of counsel to GG Properties, (i) GG
Properties shall deliver to the relevant Stockholder the cash portion of the
Exchange Amount required to be paid to the Stockholder in immediately available
funds and, if GG Properties has elected to pay all or a portion of the Exchange
Amount with GG Stock, such certificates representing the number of shares of
such GG Stock to be

                                      -44-

<PAGE>

delivered (calculated based on the Ten Day Average General Growth Share Closing
Price, if the closing with respect to such GG Stock occurs within seven (7)
business days of the date of the Exchange Election Notice, or (subject to
Section 5.5(b)) calculated based on (x) the Ten Day Average General Growth
Share Closing Price or (y) the average of the General Growth Share Closing
Prices for each of the ten Trading Days immediately preceding the business day
preceding the closing date, whichever would result in the issuance of the
greater number of shares of GG Stock, if the closing occurs after the seventh
(7th) business day following the date of the Exchange Election Notice)
registered in the names of the Persons designated by such Stockholder, (ii) such
Stockholder shall deliver to GG Properties the certificates representing the
Common Stock being exchanged (together with all necessary fully executed stock
powers), free and clear of any lien, claim or encumbrance (and such Stockholder
hereby represents and warrants that such Common Stock shall immediately prior to
such sale, be so free and clear), (iii) GG Properties shall deliver to GGP the
certificates representing the Common Stock being exchanged (together with all
necessary fully executed stock powers) and (iv) GG Properties, such Stockholder,
GGP and the Company shall execute such other documents and take such other
action as shall be reasonably necessary to consummate the transactions
contemplated by this Article V.

          (b) Pending the closing of an exchange transaction contemplated by
this Article V, an Exchanging Stockholder shall be entitled to all rights,
including voting rights and rights to receive dividends and distributions, that
such Stockholder would ordinarily have with respect to its shares.

          (c) Any shares of Class B Common Stock received by GGP in such an
exchange transaction shall, automatically upon consummation of the exchange
transaction, become shares of Class C Common Stock.

          5.5. Necessary Government Filings. (a) If (i) a Stockholder delivers
to GG Properties an Exchange Election Notice and (ii) as of the date of such
Exchange Election Notice, the purchase by GG Properties of such Stockholder's
Common Stock pursuant to Section 5.1 is subject to the premerger notification
and reporting requirements under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended ("HSR"), and the rules and regulations thereunder (the
"Rules"), then GG Properties shall use its reasonable best efforts to (1) duly
file with the United States Federal Trade Commission (the "FTC") and the
Assistant Attorney General (as defined in Section 7A(b)(1)(A) of HSR), no later

                                      -45-

<PAGE>

than the fifteenth (15th) day after the date of the Exchange Election Notice, a
fully completed premerger notification and report form with respect to GG
Properties pursuant to Section 7A(a) of HSR and a fully completed written
request for early termination of the waiting period pursuant to Section 7A(b)(2)
of HSR and Rule 803.11 thereunder, (2) deliver to the Company (for execution and
filing by the Company), no later than the fifteenth (15th) day after the date of
the Exchange Election Notice, a fully completed premerger notification and
report form with respect to the Company as required to be filed pursuant to
Section 7A(a) of HSR and (3) cause the applicable waiting period under HSR to
terminate on or before the thirtieth (30th) day after the date of the Exchange
Election Notice.

          (b) If (i) a Stockholder delivers to GG Properties an Exchange
Election Notice and (ii) as of the date of such Exchange Election Notice, the
acquisition by such Stockholder of GG Stock in exchange for such Stockholder's
Common Stock pursuant to Section 5.1 is subject to the premerger notification
and reporting requirements under HSR and the Rules, then (A) GG Properties and
such Stockholder shall use their respective reasonable best efforts to duly file
with the FTC and the Assistant Attorney General, no later than the fifteenth
(15th) day after the date of the Exchange Election Notice, a fully completed
premerger notification and report form with respect to GG Properties pursuant to
Section 7A(a) of HSR and (B) GG Properties shall use its reasonable best efforts
to file with the FTC and the Assistant Attorney General a fully completed
written request for early termination of the waiting period pursuant to Section
7(A)(b)(2) of HSR and Rule 803.11 thereunder, and cause the applicable waiting
period under HSR to. terminate on or before the thirtieth (30th) day after the
date of the Exchange Election Notice. Notwithstanding anything to the contrary
in Section 5.4, if a Stockholder is required to make a filing under HSR pursuant
to this Section 5.5(b), and as a result thereof, the closing of the delivery of
GG Stock cannot occur on or prior to the seventh (7th) business day following
the date of the Exchange Election Notice, then the number of shares of GG Stock
to be delivered at such closing shall be calculated based upon the Ten Day
Average General Growth Share Closing Price.

          (c) If a Stockholder has delivered an Exchange Election Notice
pursuant to Section 5.1 above and GG Properties and such Stockholder have
complied with the provisions of Section 5.5(a) above but, notwithstanding GG
Properties' and such Stockholder's reasonable best efforts, the applicable
waiting period under HSR with respect to such

                                      -46-

<PAGE>

exchange has not terminated by the closing date set forth in Section 5.4 above,
then, notwithstanding anything to the contrary in this Article V, the closing
date set forth in Section 5.4 above shall be extended to the fifth business day
after all applicable waiting periods under HSR have been terminated. From and
after the original closing date set forth in Section 5.4 above, GG Properties
shall continue to use its reasonable best efforts to cause the applicable
waiting period under HSR with respect to such exchange to be terminated.

          5.6. Board Representation. If a Stockholder exchanges its Common Stock
pursuant to this Article V, and receives as consideration for such Common Stock,
GG Stock having a value of at least $100,000,000, then at the election of such
Stockholder, GG Properties will exercise all authority under the GCL and under
GG Properties' Certificate of Incorporation and Bylaws to (i) cause one
Satisfactory Nominee (as defined below) designated by such Stockholder and to
cause one independent director nominated by the board of directors of GG
Properties (the "GG Board") (if such Satisfactory Nominee would not qualify as
an independent director) to be promptly elected to the GG Board as a member of
the class of directors whose term is the latest to expire and (ii) increase the
size of the GG Board to account for such additional director or directors. At
each annual meeting of stockholders of GG Properties thereafter at which
directors in the same class as the Satisfactory Nominee shall be elected, such
Stockholder shall be entitled to propose to the GG Board or the nominating
committee thereof one Satisfactory Nominee in accordance with the procedures set
forth below. The proposal by such Stockholder of any person for election to the
GG Board shall be made after consultation with GG Properties, each person
designated by such Stockholder for election to the GG Board shall be reasonably
acceptable to the GG Board (each such person, a "Satisfactory Nominee"). GG
Properties shall cause each Satisfactory Nominee designated by such Stockholder
for election to the GG Board to be included in the slate of nominees recommended
by the GG Board to GG Properties' stockholders for election as directors at each
annual meeting of the stockholders of GG Properties at which directors in the
same class as the Satisfactory Nominee shall be elected and shall use its best
efforts to cause the election of each such Satisfactory Nominee, including
soliciting proxies in favor of the election of such persons. In the event that
any Satisfactory Nominee elected to the GG Board shall cease to serve as a
director for any reason, the vacancy resulting therefrom shall be filled by the
GG Board with a substitute Satisfactory Nominee according to the procedures
described

                                      -47-

<PAGE>

above. Notwithstanding the foregoing, such Stockholder shall no longer have the
right to propose a Satisfactory Nominee to the GG Board from and after the date
such Stockholder ceases to own at least $80,000,000 worth of GG Stock based on
then current market value. The parties agree that the designees of such
Stockholder on the GG Board shall not participate in any action taken by the GG
Board or GG Properties relating to this Agreement.

          5.7. GG Properties Organic Change. Any capital reorganization or
reclassification of the capital stock of GG Properties, or consolidation or
merger of GG Properties with another Person, or the sale of all or substantially
all of the assets of GG Properties to another Person which is effected in such a
way that holders of GG Stock are entitled to receive (either directly or upon
subsequent liquidation) stock, securities, cash or other property with respect
to or in exchange for GG Stock is referred to herein as an "Organic Change."
Prior to and as a condition of such Organic Change, GG Properties shall make
lawful and adequate provision to insure that the Class B Stockholders and Class
C Stockholders will thereafter have the right to acquire and receive upon
exchange of their shares of Class B Common Stock or shares of Class C Common
Stock pursuant to this Article V, in lieu of shares of GG Stock, such shares of
stock, securities, cash or other property as such Stockholders would have been
entitled to receive in connection with such Organic Change if such Stockholders
had exercised their exchange rights immediately prior to the Organic Change.
Prior to the consummation of any such Organic Change, GG Properties shall insure
that the successor Person (if other than GG Properties) resulting from such
Organic Change or the Person purchasing assets shall assume by written
instrument delivered to the Class B Stockholders and Class C Stockholders the
obligation to deliver to each such Stockholder such shares of stock, securities
or assets as, in accordance with the foregoing provisions, such Stockholder
would be entitled to receive upon exercise of its exchange rights. If a
purchase, tender or exchange offer is made to and accepted by the holders of
more than 50% of the outstanding shares of GG Stock, GG Properties shall, prior
to the consummation of any consolidation, merger or sale with the Person having
made such offer or with any Affiliate of such Person, insure that the Class B
Stockholders and Class C Stockholders shall have been given a reasonable
opportunity to then elect to receive upon the exercise of their exchange rights
pursuant to this Article V either the stock, securities or assets then issuable
with respect to the GG Stock or the stock, securities or assets, or the
equivalent, issued to previous holders of GG Stock in accordance with such
offer.

                                      -48-

<PAGE>

                                   ARTICLE VI.

                            TRANSFERS OF COMMON STOCK

          6.1. Certain Restrictions. No Stockholder shall, directly or
indirectly, Transfer any Common Stock to any Person (any such Person in whose
favor a Transfer of Stock is made and all subsequent permitted transferees of
any such Person being referred to collectively as "Transferees" and individually
as a "Transferee"), unless such Transfer is made pursuant to this Article VI or
Articles V or VIII hereof provided, however, that nothing in this Agreement
shall restrict the Transfer of any ownership interest in any Stockholder unless
such Stockholder's assets consist substantially of Common Sock, in which case
the Transfer shall be deemed a Transfer of such Common Stock. Each Stockholder
hereby agrees that it will not Transfer all or any portion of its Common Stock
except as permitted by this Agreement, that the Company shall not reflect on its
books any Transfer of Common Stock to any Person except in accordance with this
Agreement, and that any Transfer of Common Stock not permitted by the provisions
of this Agreement shall be null and void ab initio.

          6.2. Compliance with Securities Laws. No Stockholder shall Transfer
any Common Stock, and the Company shall not reflect on its books any Transfer of
Common Stock, unless (a) the Transfer is pursuant to an effective registration
statement under the 33 Act and under any applicable state securities or blue sky
laws or (b) such Stockholder shall have furnished the Company with evidence
reasonably satisfactory to the Company that no such registration is required
because of the availability of an exemption from registration under the 33 Act
and under applicable state securities or blue sky laws. A written opinion of
counsel of recognized standing to the effect set forth in clause (b) of the
preceding sentence shall satisfy the requirements of such clause.

          6.3. Transfer of Ownership Interests in Affiliates. Each Stockholder
hereby agrees that the Transfer by such Stockholder of any ownership interest or
right of exclusive control, if applicable, in any Person that is its Affiliate
if (i) such Person or an Affiliate of such Person that is controlled by such
Person owns Common Stock and (ii) such Transfer would result in such Person no
longer being an Affiliate of such Stockholder, shall be deemed a Transfer of the
shares of Common Stock owned by such Person; provided, however that this Section
6.3 shall in no way limit the transfer of ownership interests or the right of
exclusive control in GG Properties or GGP.

                                      -49-

<PAGE>

          6.4. Transfers of Common Stock by Stockholders. (a)(i) Except as
otherwise provided in this Section 6.4(a), a holder of Class A Common Stock
shall not Transfer all or any portion of its shares of Class A Common Stock
without the prior approval of the Board.

          (1) Any holder of Class A Common Stock shall have the right, without
     the approval of the Board, to Transfer all or any portion of its shares of
     Class A Common Stock to one or more of its Affiliates (other than an
     Affiliate that owns a share of the Company's Non-Voting Preferred Stock)
     and any shares so transferred shall remain Class A Common Stock.

          (2) Any holder of Class A Common Stock shall have the right, without
     the approval of the Board, to Transfer all or any portion of its Common
     Stock to one or more Accredited Investors or to another Stockholder;
     provided that any shares of Class A Common Stock Transferred pursuant to
     this clause 6.4(a)(i)(2) shall automatically be converted into an equal
     number of shares of Class C Common Stock.

          (ii) Any shares of Class A Common Stock, the Transfers of which have
required approval and been approved of by the Board, shall automatically be
converted into an equal number of shares of Class C Common Stock upon their
transfer.

          (iii) If as a result of the provisions of this Agreement, including
but not limited to the provisions of this Article VI, the aggregate equity
investment in the Company represented by the outstanding shares of Class A
Common Stock (based, on the Aggregate Subscription therefor) becomes less than
the greater of (x) $100 million and (y) twenty percent (20%) of the total equity
investment of all Stockholders in the Company (based on the Aggregate
Subscription therefor) (the "Class A Minimum Investment"), then all remaining
shares of Class A Common Stock shall automatically be converted into an equal
number of shares of Class C Common Stock.

          (b) (i) Except as otherwise provided in this Section 6.4(b), a holder
of Class B Common Stock shall not Transfer all or any portion of its shares of
Class B Common Stock without the prior approval of the Board.

          (1) Any holder of Class B Common Stock shall have the right, without
     the approval of the Board, to Transfer all or any portion of its Class B
     Common Stock

                                      -50-

<PAGE>

     to one or more of its Affiliates and any shares so transferred shall remain
     Class B Common Stock.

          (2) Any holder of Class B Common Stock shall have the right, without
     the approval of the Board, to Transfer all or any portion of its Class B
     Common Stock to one or more Accredited Investors or to another Stockholder,
     provided that (subject to Section 6.4(b)(v) below) any shares of Class B
     Common Stock Transferred pursuant to this clause 6.4(b)(i)(2) shall
     automatically be converted into an equal number of shares of Class C Common
     Stock.

          (ii) Any shares of Class B Common Stock, the Transfers of which have
required approval and been approved of by the Board, shall automatically be
converted into an equal number of shares of Class C Common Stock upon their
transfer.

          (iii) If as a result of the provisions of this Agreement, including
but not limited to the provisions of this Article VI, the aggregate equity
investment in the Company represented by the outstanding shares of Class B
Common Stock (based on the Aggregate Subscription therefor) becomes less than
the greater of (x) $150 million and (y) thirty percent (30%) of the total equity
investment of all Stockholders in the Company (based on the Aggregate
Subscription therefor) (the "Class B Minimum Investment"), then all remaining
shares of Class B Common Stock shall automatically be converted into an equal
number of shares of Class C Common Stock.

          (iv) Any holder of Class B Common Stock shall have the right, without
approval of the Board, to Transfer all or any portion of its Class B Common
Stock to GG Properties pursuant to the exchange rights contained in Article V
hereof or to GGP pursuant to the special dissolution procedures contained in
Article VIII hereof.

          (v) Notwithstanding anything to the contrary in Section 6.4(b)(i)(2),
the following shall apply:

          (1) if all or a portion of the outstanding shares of Class B Common
Stock are Transferred to one Person or one group of Affiliated Persons not
formed for the purpose of acquiring such Common Stock, and the Class B Common
Stock so Transferred represents at least the Class B Minimum Investment, then
such Class B Common Stock shall remain Class B Common Stock and shall not be
automatically converted into an equal number of shares of Class C Common Stock
as a result of such Transfer.

                                      -51-

<PAGE>

          (2) If (1) shares of Class B Common Stock are Transferred to a Person
not formed for the purpose of acquiring such Common Stock (a "Serial
Transferee") by a transferor (a "Serial Transferor") such that the remaining
shares of Class B Common Stock owned by the Serial Transferor are automatically
converted into Class C Common Stock pursuant to Section 6.4(b)(iii) and (2) the
Serial Transferee by virtue of such transfer, and any previous transfers of
Class B Common Stock by the Serial Transferor to the Serial Transferee, then
owns Common Stock which, if it were all Class B Common Stock would be at least
equal to the Class B Minimum Investment, then the Serial Transferee's Common
Stock equal to the number of shares of Common Stock that would be at least equal
to the Class B Minimum Investment shall automatically be converted into an equal
number of shares of Class B Common Stock upon such transfer.

          (c) Except as otherwise provided in this Section 6.4(c), no Class C
Stockholder shall Transfer all or any portion of its Class C Common Stock
without the prior approval of the Board. Notwithstanding anything to the
contrary in this Section 6.4(c), a Class C Stockholder shall have the right,
without the approval of the Board, to Transfer all or a portion of its Class C
Common Stock to (i) one or more of its Affiliates, (ii) one or more Accredited
Investors or to another Stockholder, and (ii) GGP pursuant to the exchange
rights contained in Article V hereof.

          6.5. Certain Prohibited Transfers of Common Stock by Stockholders. (a)
Notwithstanding any other provision of this Agreement to the contrary, no
Transfer of all or any portion of any Stockholder's Common Stock shall be made
if such Transfer would result in:

          (i) the Company being required to register, or seek an exemption from
     registration, as an investment company under the Investment Company Act; or

          (ii) the Company failing to qualify as a real estate investment trust
     under the Code.

          (b) Notwithstanding any other provision of this Agreement to the
contrary, without the prior written approval of the Class A Directors, which
approval may be given or withheld in the Class A Directors, sole discretion, no
Transfer of all or any portion of any Stockholder's Class B Common Stock or
Class C Common Stock shall be made to any Person whose principal business is the
development or management of regional shopping malls other than any Person that
is an insurance company, an investment company

                                      -52-

<PAGE>

registered under the Investment Company Act, an investment advisor registered
under the Investment Advisors Act of 1940, as amended, acting in its capacity as
an investment advisor, or a fiduciary under ERISA acting in such capacity.

          (c) The Board may in its discretion require as a condition of any
Transfer permitted under this Article VI, the delivery of a written opinion of
responsible counsel (who may be counsel for the Company), satisfactory in form
and substance to the Board, to the effect that such Transfer would not result in
any of the consequences set forth in clause (a)(i) or (a)(ii) and shall cover
such other matters as the Board may reasonably require. In addition, a Person to
whom a Transfer may be made pursuant to this Article VI may also be required, in
the discretion of the Board, and as a condition precedent to such Transfer, to
make certain representations, warranties and covenants including, but not
limited to, representations as to such Person's net worth, sophistication and
investment intent. The Company agrees to cooperate with any Stockholder making a
Transfer by providing promptly such records and other factual information as may
be reasonably requested with respect to any proposed Transfer provided that such
Stockholder and any prospective transferee that receives such records and
information shall agree in writing to maintain the confidentiality thereof.

          6.6. Expenses of Transfer. The transferring Stockholder agrees that it
will pay all expenses, including reasonable attorneys' fees, incurred by the
Company in connection with any Transfer of its Common Stock.

          6.7. Indemnification by Transferor. In the event that the Company or
any non-transferring Stockholder becomes involved in any capacity in any action,
proceeding, or investigation brought by or against any Person (including any
Stockholder) in connection with any Transfer by a Stockholder of its Common
Stock (other than a Transfer pursuant to Article V or Article VIII hereof), the
transferring Stockholder will periodically reimburse each of the Company and any
non-transferring Stockholder for its legal and other expenses (including the
cost of any investigation and preparation) incurred in connection therewith. To
the fullest extent permitted by law, the transferring Stockholder also will
indemnify the Company and any non-transferring Stockholder against any losses,
claims, damages, or liabilities to which any of them may become subject in
connection with such Transfer. The reimbursement and indemnity obligations of
the transferring Stockholder under this paragraph shall be in addition to any
liability which the transferring Stockholder may otherwise have, shall

                                      -53-

<PAGE>

extend upon the same terms and conditions to the partners, employees, and
controlling Persons of the Company and any non-transferring Stockholder, and
shall be binding upon and inure to the benefit of any successors, assigns,
heirs, and personal representatives of the Company, any non-transferring
Stockholder, and any such Persons. The foregoing provisions shall survive any
termination of this Agreement.

          6.8. Acceptance of Prior Acts. Any person who becomes a Stockholder
accepts, ratifies and agrees to be bound by all actions duly taken pursuant to
the terms and provisions of this Agreement by the Company and the Stockholders
prior to the date it became a Stockholder and, without limiting the generality
of the foregoing, specifically ratifies and approves all agreements and other
instruments as may have been executed and delivered on behalf of the Company
prior to said date and which are in force and effect on said date.

          6.9. Certain Conditions to Transfer. As a condition precedent to any
Transfer under Section 6.4(a), (b) (other than Section 6.4(b)(iv)) or (c), each
Transferee shall have executed and delivered to the Company and each other
Stockholder, an instrument in substantially the form of Exhibit K hereto
confirming that such Transferee agrees to be bound by the terms of this
Agreement (including, without limitation, this Article VI and Article VII) and
shall have" submitted to the Company such evidence as the Company may reasonably
request to demonstrate that such Transfer is a permitted transfer under this
Article VI. Any Transferee of Common Stock permitted pursuant to the terms of
Section 6.4(a), (b) (other than Section 6.4(b)(iv)) or (c) shall, upon execution
and delivery to the Company and each other Stockholder of an instrument in
substantially the form of Exhibit K hereto, be entitled to all the benefits of
this Agreement, including without limitation, the exchange rights as set forth
in Article V. The certificates issued to any Transferee which represent the
Common Stock so Transferred shall bear the legends provided in Article IX
hereof, if required by such Article.

          6.10. Responsibility for Subscriptions. Any Transferee of all or a
portion of a Stockholder's shares of Common Stock shall be obligated to pay when
due any Called Subscriptions or Available Subscriptions on account of such
transferred shares of Common Stock. Each Stockholder agrees that,
notwithstanding the Transfer of all or any portion of its Common Stock, as
between it and the Company it will remain liable for the Called Subscriptions
and Available

                                      -54-

<PAGE>

Subscriptions in each case relating to the Transferred shares of Common Stock.

                                  ARTICLE VII.

                                  SUBSCRIPTIONS

          7.1. Additional Subscriptions. In addition to each Stockholder's
Initial Subscription, subject to Section 7.2 hereof, each Stockholder shall make
additional subscriptions in the amounts and on the dates (the Additional
Subscription Dates") set forth opposite such Stockholder's name on Schedule XVII
hereto. Any subscription payment made by a Stockholder pursuant to this Section
7.1, is sometimes referred to herein as an "Additional Subscription Payment."
Upon payment by a Stockholder of its Additional Subscription Payment, the
Company shall issue to such Stockholder, at a purchase price of $25,000 per
share, the number of additional shares of Common Stock set forth opposite such
Stockholder's name on Schedule XVII hereto. All such additional shares issued to
a holder of Class A Common Stock shall be shares of Class A Common Stock, all
such additional shares issued to a holder of Class B Common Stock shall be
shares of Class B Common Stock and all other such additional shares shall be
shares of Class C Common Stock.

          7.2. Delay or Acceleration of Additional Subscription Payments. (a) On
or before the tenth (10th) business day prior to any Additional Subscription
Date, the Board shall have the authority to postpone one or more of the
Additional Subscription Dates to such date or dates as the Board shall deem in
the best interest of the Company. Upon any such decision by the Board, the
Company shall promptly notify each Stockholder of such postponement and the new
Additional Subscription Date. Notwithstanding anything to the contrary in
Section 7.l or this Section 7.2, the Company shall not have the right to require
Additional Subscription Payments pursuant to this Article VII after the fourth
anniversary of the Closing Date.

          (b) The Board shall also have the right to accelerate Additional
Subscription Payments by delivering to each Stockholder a funding notice (each,
a "Funding Notice") setting forth the amount of such Additional Subscription
Payment and the date on which such Additional Subscription Payment shall be
made. Each Stockholder shall, within fifteen (15) days after the date of a
Funding Notice, pay its Called Subscription to the Company in the amount set
forth in the Funding Notice, and the Company shall issue

                                      -55-

<PAGE>

additional shares of Common Stock to such Stockholder to reflect a purchase
price of $25,000 per share, provided that such amount to be paid shall not
exceed such Stockholder's Available Subscription immediately prior to the
issuance of such Funding Notice. Subject to Section 7.4, payments required to be
made by the Stockholders pursuant to a Funding Notice shall be in proportion to
the Stockholders' Proportionate Shares. The Board shall have the right to
deliver a Funding Notice under this Section 7.2 only to fund (1) cash needs for
the Properties Currently Under Development and for the Planned Expansion and
Renovation Programs, (2) liabilities in excess of the Special Reserves therefor
set forth on Schedule XV hereto to the extent not funded with the Initial
Subscriptions and (3) the cost of purchasing a joint venture partner's interest
in any of the properties listed in Schedule VI.

          7.3. Certain Rights and Obligations with Respect to Additional
Subscription Payments. Each Stockholder waives its obligation to any setoff or
reduction with respect to its right to make its Additional Subscription Payments
based on any claim that such Stockholder has against the Company (without
prejudice to such Stockholder's right to assert such claim in a separate
action). The reinvestment or establishment of a reserve by the Company of or
from Operating Cash Flow or Net Disposition Proceeds shall not reduce any
Stockholder's Called Subscriptions or Available Subscription. Except as
expressly required by Section 7.1, 7.2 and 7.4, no Stockholder shall have any
obligation to make any subscription payment to the Company or to advance any
funds thereto.

          7.4. Failure to Make Additional Subscription Payments. If any
Stockholder shall fail to timely make an Additional Subscription Payment
required pursuant to Section 7.1 or 7.2 (such Stockholder is herein referred to
as a "Defaulting Stockholder"), the Company shall first give written notice to
the Defaulting Stockholder offering it 10 additional days in which to make its
Additional Subscription Payments and acquire additional shares of Common Stock,
and if such Defaulting Stockholder shall fail within such 10 day period to make
such Additional Subscription Payments, the Company shall give notice of such
failure to all other Stockholders (each, a "Non-Defaulting Stockholder"), and
such Non-Defaulting Stockholders shall within ten (10) days of such notice
(unless the Defaulting Stockholder shall have made its Additional Subscription
Payment during such period), fund their Proportionate Share (the respective
percentage which the shares owned by each such Non-Defaulting Stockholder bears
to the total number of shares of all Non-Defaulting Stockholders) of the
Additional

                                      -56-

<PAGE>

Subscription Payment that the Defaulting Stockholder failed to pay and shall
acquire their Proportionate Share of the additional shares of Common Stock which
the Defaulting Stockholder failed to acquire; provided, however, no Stockholder
shall be required pursuant to this Section 7.4 to make subscription payments in
excess of such Stockholder's Available Subscription and provided, further, that
any payments made by a Non-Defaulting Stockholder pursuant to this Section 7.4
shall be deemed to be Funded Subscriptions of such Stockholder. All shares of
Common Stock owned by a Defaulting Stockholder that are not shares of Class C
Common Stock shall automatically be converted into shares of Class C Common
Stock upon a Stockholders' failure to make an Additional Subscription Payment
pursuant to Section 7.1 or 7.2 and the expiration of the ten (10) day period
referred to above.

          7.5. Funding Shortfalls. If as a result of a default by a Defaulting
Stockholder and after giving effect to Section 7.4 above, the Funded
Subscriptions of all Stockholders is less than the Aggregate Subscriptions of
such Stockholders, then the Board may give notice of such shortfall to all
Non-Defaulting Stockholders, and such Non-Defaulting Stockholders shall within
twenty (20) days of such notice have the right, but not the obligation, to fund
their Proportionate Share of the additional required funding. Each
Non-Defaulting Stockholder who elects to participate shall acquire its adjusted
Proportionate Share (the respective percentage which the shares owned by each
participating Non-Defaulting Stockholder bears to the total number of shares of
all participating Non-Defaulting Stockholders) of the additional shares of
Common Stock represented by such additional funding. All such additional shares
acquired with such additional funding shall be shares of Class C Common Stock
which shall be acquired at a price determined by the Board.

                                  ARTICLE VIII.

                                DISSOLUTION RIGHT

          8.1. Special Dissolution Right. (a) At any time after the Dissolution
Trigger Date, the holders of all shares of Class A Common Stock (acting by
majority vote), on the one hand (the "Class A Group"), and the holders of all
shares of Class B Common Stock (acting by majority vote) (the "Class B Group"),
on the other hand, shall each have the right to offer their Common Stock to the
other Group by delivering a written notice to the Company and the other Group
(by delivery to GGP in the case of the Class A Group

                                      -57-

<PAGE>

and to NYSCRF in the case of the Class B Group, provided each still owns shares
of Class A Common Stock or Class B Common Stock, respectively) (the "Dissolution
Commencement Notice"). The Company shall promptly, after receipt thereof,
deliver a copy of any Dissolution Commencement Notice to all Stockholders other
than GGP and NYSCRF. Any action by the Class A Group hereunder shall for all
purposes hereunder bind and be deemed to include all other holders of shares of
Class A Common Stock and all holders of shares of Class C Common Stock. Any
action by the Class B Group hereunder shall for all purposes hereunder bind and
be deemed to include all other holders of shares of Class B Common Stock. The
Group that delivers a Dissolution Commencement Notice shall be referred to as
the "Offeror" and the other party or parties shall be referred to as the
"Offeree." No Group may deliver more than one Dissolution Commencement Notice in
any 18-month period.

          (b) Upon receipt of a Dissolution Commencement Notice, the Offeror and
the Offeree shall cause the Company to obtain an appraisal of the fair market
value of each of the Company's properties as follows. Within ten (10) days of
the Dissolution Commencement Notice, each Group shall each select an Appraiser.
If either Group fails to select an Appraiser within such ten (10) day period,
such Group shall forfeit its right to select an Appraiser. Within ten (10) days
of the selection by each Group of its Appraiser, the selected Appraisers shall
collectively select a third Appraiser. If no third Appraiser is selected within
such time period, the Appraisal Institute shall select the third Appraiser upon
the request of either Group's selected Appraiser. Each of the Appraisers shall
be instructed to complete and submit to the Offeror and Offeree its appraised
valuation in full narrative form within sixty (60) days of the selection of the
third Appraiser. If an Appraiser shall not deliver its appraisal for each
property within such sixty (60) day period, any appraisal subsequently submitted
by such Appraiser shall be disregarded. If, after the Offer Effective Date but
prior to delivery of the Response Notice, the Offeror or the Offeree believes
that a Material Adverse Change has occurred with respect to any Company property
since the date of the foregoing appraisal, the Offeror or the Offeree may, by
notice to the Appraisers, require that the Appraisers issue a new appraisal of
such property reflecting such Material Adverse Change; provided that the
obtaining of a new appraisal shall not extend the date on which a Response
Notice is to be delivered and; provided, further, however, that if such new
appraisal is delivered after the delivery of a Response Notice, the Dissolution
Value of the Company or the Dissolution Value of a Property, as the case may be,
shall be adjusted to account for such

                                      -58-

<PAGE>

new appraisal. Such new appraisal shall be conducted in the manner and in
accordance with the rules applicable to the original appraisals. A "Material
Adverse Change" shall mean, with respect to any property, an event or occurrence
that is reasonably likely to have resulted in the diminution by 10% or more of
the appraised value of such property as determined prior to such event or
occurrence. If there shall occur a Material Adverse Change with respect to any
property after delivery of the Response Notice, no additional appraisals shall
be made with respect to such property and the appraised value of such property
shall remain as in effect prior to such Material Adverse Change for all purposes
hereunder. The appraised value for each property shall be the average of the two
closest appraisals for that property. As used herein, "Appraiser" means an
independent member of the Appraisal Institute, with a national practice, having
at least ten years' standing and established experience in appraising companies
similar to the Company.

          (c) Upon receipt of the final appraised value as determined by
subsection (b) above, the Offeror (by majority vote) shall have thirty (30) days
to withdraw, by written notice to the Offeree, the Dissolution Commencement
Notice. In the event of such withdrawal, the Offeror shall pay all costs and
expenses of all Appraisers. If within such thirty (30) day period (the last day
of such thirty (30) day period being the "Offer Effective Date"), the Offeror
shall not have withdrawn the Dissolution Commencement Notice, the Dissolution
Commencement Notice shall become effective and shall constitute an irrevocable
offer (the "Offer") by the Offeror to sell to the Offeree all of its Common
Stock at a purchase price (the "Dissolution Purchase Price") equal to the
Offeror's Proportionate Share of the Dissolution Value of the Company. The
"Dissolution Value of the Company" shall be the book value of the Company as of
the end of the Company's most recent fiscal quarter, calculated in accordance
with GAAP, except that in calculating such book value the aggregate appraised
fair market value of the Company's properties determined in accordance with
paragraph (b) above shall be used in lieu of the GAAP net book value of the
Company's properties. In the event the Offer shall become effective, each Group
shall bear one half of the costs and expenses of all Appraisers.

          (d) Upon effectiveness of the Offer as described in subsection (c)
above, the Offeree shall have the right to either (i) purchase the Offeror's
Common Stock for the Dissolution Purchase Price, (ii) elect to require that the
Company, or all or substantially all of the Company's assets, be sold
(including, without limitation, by way of merger) in which case the Board shall
proceed diligently to

                                      -59-

<PAGE>

sell the Company or the Company Assets so that such sale shall be completed
within no longer than a fifteen (15) month period, or (iii) elect to distribute
certain of the Company's properties in the manner described in paragraph (f)
below. The Offeree may exercise such right by written notice to the Offerer,
delivered within six (6) months after the Offer Effective Date, of its election
(each such notice, a "Response Notice"). If the Offeree shall not deliver a
Response Notice within much six (6) month period, the Offeree shall be deemed to
have elected the alternative set forth in clause (iii) above.

          (e) If the Offeree elects to purchase all of the Offeror's Common
Stock pursuant to Section 8.1(d)(i) above, the closing of the purchase and sale
of the Offeror's Common Stock shall take place at the offices of counsel to the.
Offeror and shall occur on the date that is six (6) months after the date of the
Response Notice (or, if such date is not a business day, on the next succeeding
day that is a business day) unless the Offeror and Offeree shall have agreed
upon a different date in writing. At such closing, (i) the Offeror shall deliver
to the Offeree certificates representing the Offeror's Common Stock, free and
clear of any lien, claim or encumbrance (and the Offeror hereby represents,
warrants and covenants that such Common Stock shall, immediately prior to such
sale, be so free and clear), (ii) the Offeree shall deliver to the Offeror the
Dissolution Purchase Price in immediately available funds, and (iii) the Offeror
and the Offeree shall execute such other documents and take such other action as
shall be reasonably necessary to consummate the purchase and sale of the
Offeror's Common Stock as contemplated by this Article VIII. Each member of the
Offeree shall be obligated to purchase the Offeror's Common Stock pro rata in
proportion to such member's respective percentage interest of the Offeree (the
respective percentage which the shares owned by such member bears to the total
number of shares of all Stockholders comprising the Offeree) and each member of
a Group which is the Offeror shall be obligated to sell all of its shares in the
Company. If the Offeree includes holders of Class A Common Stock, the election
referred to above may be made by a majority of the holders of Class A Common
Stock; provided, however, that if the holder of Class A Common Stock elects
option (i) above, only the holders of Class C Common Stock who have approved
such election shall be obligated to purchase the Offeror's Common Stock and the
Offeree, for purposes of Section 8.1(e), shall be deemed to include only the
holders of Class A Common Stock and the holders of Class C Common Stock who have
approved such election. After the date of the Response Notice until the closing
of the purchase by the Offeree pursuant to this

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<PAGE>

Section 8.1(e), the Offeror shall retain all rights with respect to its Common
Stock, including without limitation the right to vote for directors or to
receive dividends or other distributions paid or made with respect to such
Common Stock.

          If the Offeree elects to purchase all of the Offeror's Common Stock
pursuant to Section 8.1(d)(i) and such purchase is subject to the premerger
notification and reporting requirements under HSR and the Rules, then (i) the
Offeror and the Offeree shall use their respective reasonable best efforts to
duly file with the FTC and the Assistant Attorney General, no later than the
tenth (10th) day after the date of the Response Notice, fully completed
premerger notification and report forms with respect to the Offeror and the
Offeree pursuant to Section 7A(a) of HSR and (ii) the Offeror shall use its
reasonable best efforts to file with the FTC and the Assistant Attorney General
no later than the tenth (10th) day after the date of the Response Notice a fully
completed written request for early termination of the waiting period pursuant
to Section 7A(b)(2) of HSR and Rule 803.11 thereunder, and cause the applicable
waiting period under HSR to terminate on or before the ninetieth (90th) day
after the date of the Response Notice. The filing fees incurred in connection
with the premerger notification and report forms shall be borne by the Offeror.

          If the Offeror and the Offeree have complied with the provisions of
the immediately preceding paragraph but the applicable waiting period under HSR
with respect to purchase of the Offeror's Common Stock has not terminated by the
closing date set forth in this Section 8.1(e), then, notwithstanding anything to
the contrary in this Section 8.1(e), the closing date shall be extended to the
fifth business day after all applicable waiting periods under HSR have been
terminated. From and after the original closing date set forth in this Section
8.1(e), the Offeror shall continue to use its reasonable beet efforts to cause
the applicable waiting period under HSR to be terminated.

          If the Offeree shall default in its obligation to purchase the
Offeror's Common Stock as provided in this Section 8.1(e), then the Company
shall make the property distribution in the manner described in clause (f) below
(but in a single distribution and with the Offeror entitled to select all of the
properties until it has selected properties equal in value to its Proportionate
Share of the Dissolution Value of all of the Company's properties (calculated
pursuant to paragraph (f) hereof)) as soon as possible following such default,
but in no event later than

                                      -61-

<PAGE>

thirty (30) days after the date scheduled for closing the purchase of the
Offeror's Common Stock under Section 8.1(e), and the Offeror shall have the
right without the approval of any other Stockholders to cause the Company to
make such distribution of properties and to take all such actions as may be
necessary to accomplish such distribution.

          (f) If the Offeree elects to distribute certain of the Company's
properties (together with associated liabilities) pursuant to Section
8.1(d)(iii) above or a distribution is required to be made pursuant to Section
8.1(e) or 8.1(g), the Company's properties (together with associated
liabilities) shall be divided among the Offeror and the Offeree by having each
select properties on an alternating one-by-one basis (with the Offeree being
entitled to the first selection) until either the Offeror or the Offeree has
selected properties having a Dissolution Value equal to its Proportionate Share
of the Dissolution Value of all of the Company's properties with any remaining
properties going to the other party. The "Dissolution Value of a Property" shall
be the appraised fair market value of the property, determined in accordance
with subsection (b) above, less the face amount of all indebtedness encumbering
or incurred with respect to the property, and the amount of any other
liabilities existing with respect to such property (including any unpaid
arrearages in the payment of debt service with respect to the property)
calculated in accordance with GAAP and reflected on the Company's financial
statements for the most recent fiscal quarter. All properties selected by the
Offeror (together with associated liabilities) will be distributed to the
Offeror in exchange for all of its shares of Common Stock, and the Offeror shall
thereafter no longer be a Stockholder of the Company unless GGP or any of its
affiliates is a member of the Offeror in which case all properties selected by
the Offeree (together with associated liabilities) will be distributed to the
Offeree in exchange for all of its shares of Common Stock, and the Offeree shall
thereafter no longer be a Stockholder of the Company. The party to whom the
properties shall be distributed shall be referred to as the "Distributee". The
Offeror and the Offeree will bear in equal portions all transfer costs
(including, without limitation, any transfer taxes, if any are required by law,
New York State real property gains taxes, if any are required by law, title
insurance premiums, costs of surveys and recording fees) and any prepayment
penalties or other amounts payable to lenders, and the Company's Cash Reserves
(as reflected in the Company's financial statements as of the end of the
Company's most recent fiscal quarter) associated with the distribution of such
properties and other corporate level assets and liabilities shall be

                                      -62-

<PAGE>

apportioned on a pro rata basis. The Distributee shall indemnify the Company and
the Stockholders against any losses, claims, damage or liabilities to which any
of them may become subject arising out of or relating to the properties (and
associated liabilities) distributed to the Distributee. The Company and the
Stockholders shall indemnify the Distributee against any losses, claims, damage
or liabilities to which the Distributee may become subject arising out of or
relating to the properties (and associated liabilities) retained by the Company.
The properties distributed to the Distributee shall be distributed subject to
customary prorations. Each of the Offeree and Offeror will cooperate with the
other to facilitate the distribution of properties contemplated by this Section
8.1(f), including, without limitation, with respect to obtaining (1) tenant
estoppels or delivering notices to tenants relating to the distribution, and (2)
tenant, lender, ground lessor or joint venturer consents and to eliminate any
cross-collateralized or cross-defaulted financings between the properties
selected by the Distributee, on the one hand, and the other properties, on the
other hand, including, without limitation, by agreeing to encumber properties
not designated for transfer and to remove cross-collateralized encumbrances from
properties designated for transfer. The distribution of properties (together
with associated liabilities) will occur as early as possible in three
installments of as near equivalent value as possible over three taxable years,
with the first distribution to occur as early as possible in the taxable year in
which the Response Notice is given and thereafter a distribution shall occur on
the first business day of each of the two subsequent tax years. For example, if
the Offeror delivers a Dissolution Commencement Notice on December 1, 1999 and
the Offeree delivers a Response Notice electing to distribute properties
pursuant to Section 8.1(d)(iii) above on May, 31, 2000, the first distribution
would occur on June 1, 2000, the second distribution would occur in January,
2001, and the third distribution would occur in January, 2002. Upon the second
distribution of properties, all Common Stock owned by the Distributee shall
automatically be converted into Class C Common Stock and such party shall no
longer have the right to elect directors to the Board unless the Company shall
fail to make the third distribution as required by this Section 8.1(f) in which
case such Common Stock shall automatically be converted back to its original
Class of Common Stock. During the distribution period, (i) the Offeror may cause
the Company to engage a property manager or managers to manage the properties
selected by the Offeror rather than have such properties be managed by the
Company or its managers, (ii) the Company shall encumber any of the properties
selected by the Offeror in connection with a

                                      -63-

<PAGE>

financing or refinancing only at the direction of the Offeror and (iii) the
Company shall operate the properties selected by the Offeror to the extent owned
by the Company in a manner consistent with past business practices. During the
distribution period, the risk of casualty, damage or condemnation or other
adverse change with respect to any property to be distributed to the Distributee
shall be borne by the Distributee and with respect to any property to be
retained by the Company shall be borne by the Company, provided, however, that
any insurance proceeds payable with respect thereto shall, with respect to a
property to be distributed to the Distributee, be paid to the Distributee, and
with respect to a property to be retained by the Company, be paid to the
Company. If as a result of the selection process described above, one party
shall be entitled to properties that have an aggregate Dissolution Value (based
on the Dissolution Value of the Properties obtained pursuant to this paragraph
(f)) in excess of such party's Proportionate Share of the Dissolution Value of
all of the Company's properties (including the pro-rations and adjustments
described in this paragraph (f)), then such party shall pay a cash adjustment to
the other party. Such cash adjustment shall be paid in three equal installments
on each date a distribution of properties is made.

          If at the time a distribution of properties is to be made a property
(an "Impaired Property") cannot be distributed due to an inability to remove it
from a cross-collateralized or cross-defaulted pool, a title issue, the
inability to obtain a necessary consent or any other similar matter, then such
property shall be retained by the Company and the Offeror and Offeree shall
reselect the properties that remain in the Company and that were selected after
the Impaired Property was selected, on an alternating one-by-one basis until
either the Distributee has selected properties able to be distributed as
contemplated herein having a Dissolution Value equal to its then Proportionate
Share of the Dissolution Value of all of the Company's properties.

          (g) If pursuant to Section 8.1(d)(ii), the Offeree elects to require
that the Company, or all or substantially all of the Company's assets, be sold
(including by way of merger), but such sale or merger has not been completed
within the fifteen (15) month period following the Response Notice, then the
Company shall make the property distributions in the manner described in clause
(f) above (but in a single distribution and with the Offeror entitled to select
the first property) as soon as possible following the expiration of such fifteen
(15) month period.

                                      -64-

<PAGE>

          (h) Notwithstanding anything to the contrary in Article V, (i) if the
Class B Group is the Offeror, then from and after the delivery of a Dissolution
Commencement Notice by the Class B Group, the Class B Group shall not have the
right to exchange their Common Stock pursuant to Article V unless the Class B
Group has withdrawn such Dissolution Commencement Notice pursuant to Section
8.1(c) above and (ii) if the Class A Group is the Offeror and the Class A Group
has not withdrawn its Dissolution Commencement Notice pursuant to Section 8.1(c)
above, then from and after the delivery by the Class B Group of a Response
Notice pursuant to Section 8.1(d) above, the Class B Group shall not have the
right to exchange their Common Stock pursuant to Article V. If the Class A Group
has delivered a Dissolution Commencement Notice and a holder of Class B Common
Stock delivers an Exchange Election Notice prior to the delivery by the Class B
Group of a Response Notice, then (1) such Exchange Election Notice shall
override such Dissolution Commencement Notice with respect to the shares of
Class B Common Stock that are the subject of such Exchange Election Notice, (2)
the shares of Class B Common Stock that are the subject of such Exchange
Election Notice shall be deemed to be shares of Class C Common Stock owned by
GGP for all purposes of this Section 8.1 whether or not the closing in respect
of such Exchange Election Notice has occurred prior to the delivery by the Class
B Group of a Response Notice and (3) the Class B Group shall not have the right
to elect in its Response Notice to purchase the Class A Group's Common Stock for
the Dissolution Purchase Price pursuant to Section 8.1(d)(i) above. Nothing in
this Article VIII shall affect any Class C Stockholder's right to exchange its
Common Stock pursuant to Article V.

          8.2. Other Dissolutions. (a) Notwithstanding anything in this
Agreement to the contrary, the holders of the Class A Common Stock or the
holders of the Class B Common Stock shall be entitled to elect to dissolve the
Company (in which case the Board shall promptly cause the Company to be
dissolved) in the event the Homart Closing Date and the closings under the
Natick Mall Agreement, the Management Transfer Agreement, the financing
contemplated under the Financing Commitment and the Existing Lender Arrangements
shall not have been consummated and shall not have closed by January 31, 1996.

          (b) If at any time shares of either Class A Common Stock or Class B
Common Stock (but not both) shall be outstanding, any determination to dissolve
the Company and the manner in which such dissolution shall occur shall be
determined by the Board and submitted to a vote of the Electing Class in
accordance with the provisions of the GCL.

                                      -65-

<PAGE>

If at any time shares of neither the Class A Common Stock or Class B Common
Stock shall be outstanding, any determination to dissolve the Company shall be
made by the Stockholders in accordance with the Company's Certificate of
Incorporation and the GCL.

                                   ARTICLE IX.

                                     LEGENDS

          All Stockholders agree that any certificates evidencing Common Stock
subject to this Agreement shall be stamped or endorsed with a legend in
substantially the following form; provided, however, in the event that shares of
Common Stock are registered under the 33 Act, the Company shall promptly upon
request, but in any event not later than is necessary in order to consummate any
sale pursuant to any underwriting agreement or sales agency agreement relating
thereto, deliver a replacement certificate not containing the first paragraph of
the legend below in exchange for the legended certificate (it being understood
that such legend shall be placed on such replacement certificate if the sale
does not occur in accordance with the terms of the registration statement); and
provided, further, the Company shall upon termination of this Agreement promptly
upon request deliver a replacement certificate not containing the second
paragraph of the legend below in exchange for the legended certificate:

          THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS, AND ACCORDINGLY NEITHER THE SHARES NOR ANY INTEREST
THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY
SUCH LAWS APPLICABLE THERETO AND THE RULES AND REGULATIONS THEREUNDER.

          IN ADDITION, TRANSFERS, VOTING AND OTHER MATTERS IN RESPECT OF THE
SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
SHAREHOLDERS AGREEMENT DATED AS OF DECEMBER 20, 1995 AMONG THE COMPANY AND
CERTAIN STOCKHOLDERS NAMED THEREIN, AS AMENDED FROM TIME TO TIME, A COPY OF
WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND MAY BE
OBTAINED WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY.

          THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO RESTRICTIONS ON OWNERSHIP AND TRANSFER FOR THE PURPOSE OF THE COMPANY'S
MAINTENANCE OF ITS

                                      -66-

<PAGE>

STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"). NO INDIVIDUAL MAY BENEFICIALLY OWN COMMON SHARES
IN EXCESS OF THE THEN APPLICABLE OWNERSHIP LIMIT WITH RESPECT TO COMMON SHARES,
WHICH MAY DECREASE OR INCREASE FROM TIME TO TIME, UNLESS SUCH INDIVIDUAL IS AN
EXISTING HOLDER. ANY INDIVIDUAL WHO ATTEMPTS TO BENEFICIALLY OWN SHARES IN
EXCESS OF THE ABOVE LIMITATION MUST IMMEDIATELY NOTIFY THE COMPANY. IN ADDITION,
NO PERSON MAY CONSTRUCTIVELY OWN COMMON SHARES IN EXCESS OF THE CONSTRUCTIVE
OWNERSHIP LIMIT, UNLESS SUCH PERSON IS AN EXISTING CONSTRUCTIVE HOLDER. ANY
PERSON WHO ATTEMPTS TO CONSTRUCTIVELY OWN COMMON SHARES IN EXCESS OF THE
CONSTRUCTIVE OWNERSHIP LIMIT MUST IMMEDIATELY NOTIFY THE COMPANY. ALL
CAPITALIZED TERMS USED IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE COMPANY'S
CERTIFICATE OF INCORPORATION, AS THE SAME MAY BE FURTHER AMENDED FROM TIME TO
TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON OWNERSHIP AND TRANSFER,
WILL BE SENT WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS. IF THE
RESTRICTIONS ON OWNERSHIP AND TRANSFER ARE VIOLATED, THE COMMON SHARES
REPRESENTED HEREBY WILL BE AUTOMATICALLY EXCHANGED FOR EXCESS SHARES AND WILL BE
DEEMED TRANSFERRED TO A SPECIAL TRUST AS PROVIDED IN THE CERTIFICATE OF
INCORPORATION.

                                   ARTICLE X.

                            POST-CLOSING TERMINATION

          Following the Closing, this Agreement shall terminate upon the earlier
to occur of the following: (i) such time as only one Stockholder or one
Affiliated group of Stockholders owns all of the issued and outstanding Common
Stock and (ii) the affirmative election of a majority of the outstanding shares
of each Class of Common Stock; provided, however, that no such termination shall
relieve any Person of any liability for a prior breach or default. Upon the
termination of this Agreement, (i) all shares of Common Stock shall be entitled
to equal rights in all respects including, without limitation, the election of
directors, (ii) the provisions of the Company's certificate of incorporation and
by laws shall govern, and (iii) the prohibitions on Transfers of Common Stock
contained in Sections 6.2, 6.4 and 6.5(a) and (d) shall, notwithstanding such
termination, continue to apply.

                                      -67-

<PAGE>

                                   ARTICLE XI.

                                  MISCELLANEOUS

          11.1. Recapitalization, Exchanges, etc. Affecting the Common Stock.
The provisions of this Agreement shall apply to the full extent set forth herein
with respect to (a) the Common Stock and (b) any and all shares of capital stock
of the Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of,
in exchange for, or in substitution for the Common Stock, by reason of any stock
dividend, split, reverse split, combination, recapitalization, reclassification,
merger, consolidation or otherwise. In the event of any change in the
capitalization of the Company, as a result of any stock split, stock dividend or
stock combination, the provisions of this Agreement shall be appropriately
adjusted.

          11.2. Injunctive Relief. Each party hereto acknowledges that it would
be impossible to determine the amount of damages that would result from any
breach of any of the provisions of this Agreement and that the remedy at law for
any breach, or threatened breach, of any of such provisions would likely be
inadequate and, accordingly, agrees that each other party shall, in addition to
any other rights or remedies which it may have, be entitled to seek such
equitable and injunctive relief as may be available from any court of competent
jurisdiction to compel specific performance of, or restrain any party from
violating, any of such provisions. In connection with any action or proceeding
for injunctive relief, each party hereto hereby waives the claim or defense that
a remedy at law alone is adequate and agrees, to the maximum extent permitted by
law, to have each provision of this Agreement specifically enforced against it,
without the necessity of posting bond or other security against it, and consents
to the entry of injunctive relief against it enjoining or restraining any breach
or threatened breach of such provisions of this Agreement.

          11.3. Successors and Assigns. All the terms and provisions of this
Agreement shall be binding upon, shall inure solely to the benefit of and shall
be enforceable by the parties hereto and their respective successors and
assigns, and no such term or provision is for the benefit of, or intended to
create any obligations to, any other Person, provided that (i) the Company shall
not have either the right or the power to assign or delegate any right or
obligation hereunder (including, without limitation by merger, consolidation or
other operation of law) and any

                                      -68-

<PAGE>

purported such assignment or delegation shall be void except as expressly
provided herein, and (ii) no Stockholder may assign any rights under this
Agreement (including, without limitation, by merger, consolidation or other
operation of law) except that, subject to the following sentence, any
Stockholder may assign its rights hereunder, in whole but not in part, in
connection with a Transfer of Common Stock made in strict compliance with all of
the provisions of this Agreement. If any Stockholder shall acquire additional
Common Stock and if any Transferee of any Stockholder shall acquire any Common
Stock, in each case in any manner, whether by a permitted Transfer, operation of
law or otherwise, such Common Stock shall be held subject to all of the terms of
this Agreement, and by taking and holding such Common Stock such Person shall be
conclusively deemed to have agreed to be bound by and to comply with all of the
terms and provisions of this Agreement.

          11.4. Amendment; Waiver. (a) Neither this Agreement nor any provision
hereof nor any provision of the Company's Certificate of Incorporation may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the Company and by the holders of a majority of the shares of
each class of Common Stock.

          (b) No failure by any party to insist upon the strict performance of
any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon breach thereof shall constitute a waiver of any
such breach or of any other covenant, duty, agreement or condition, any such
waiver being effective only if contained in a writing executed by the waiving
party.

          11.5. Representations by Stockholders. (a) Each Stockholder represents
and warrants, that (i) it has been duly authorized and otherwise duly qualified
to purchase and hold its Common Stock and to execute and deliver this Agreement
and all other instruments executed and delivered on behalf of it in connection
with the acquisition of its Common Stock, (ii) the consummation of such
transactions will not result in a breach or violation of, or a default under,
its charter or by-laws, if such Stockholder is a corporation, or its certificate
of limited partnership or its partnership agreement, if such Stockholder is a
partnership, or its other organizational documents, if such Stockholder is
neither a corporation or partnership, or any existing agreement by which it or
any of its properties is bound and (iii) this Agreement is a binding agreement
on the part of such Stockholder enforceable in accordance with its terms against
such Stockholder.

                                      -69-

<PAGE>

          (b) Each Stockholder, by executing this Agreement, represents and
warrants that it has acquired its Common Stock for its own account, or for the
account of a commingled pension trust or other institutional investor previously
specified in writing to the Company with respect to whom it has full investment
discretion, for investment and not with a view to resale or distribution
thereof, that it has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risk of an investment in
the Common Stock, and is able to bear the economic risk of its investment and
that it is fully aware that the Company is relying upon the truth and accuracy
of this representation and warranty. Each Stockholder agrees that it will not
transfer, sell or dispose of all or any portion of, or offer to transfer, sell
or dispose of all or any portion of its Common Stock, or solicit offers to buy
from or otherwise approach or negotiate in respect thereof with any person or
persons whomsoever, all or any portion of its Common Stock in any manner which
could violate or cause the Company to violate applicable federal or state
securities laws.

          (c) Each of GGP and GG Properties represents and warrants to the other
Stockholders (i) that they have delivered or caused to be delivered to each of
the other Stockholders true, correct and complete copies of the Homart Stock
Purchase Agreement (including the side letter agreements relating thereto dated
July 31, 1995 and October 16, 1995), the Ownership Interest Purchase Agreement
dated as of October 16, 1995 among Sears, Roebuck and Co., Homart Development
Co., Homart Newco One, Inc., Homart Newco Four, Inc., Homart Newco Five, Inc.,
Community Centers One L.L.C., Community Centers Two L.L.C. and the Company, the
Purchase and Sale Agreement dated as of October 16, 1995 by and between the
Company and Developers Diversified Realty Corporation, the Natick Agreement, the
Management Transfer Agreement, the Sublease and any of the agreements
specifically referred to therein (for example, the Escrow Agreement and the
Amended and Restated Tax Allocation Agreement) and (ii) that no other agreements
relating to the purchase of the assets of Homart by the Company have been
entered into by any of the Company, GGP or GG Properties.

          (d) NYSCRF represents and warrants to the Company and the other
Stockholders that it is a "government plan" within the meaning of Section 414(d)
of the Code and Section 3(32) of ERISA and that its acquisition of Common Stock
is in accordance with all applicable state laws.

          (e) NYSCRF represents and warrants to the other Stockholders that it
is exempt from the filing requirements

                                      -70-

<PAGE>

of HSR and the Rules. GGP represents and warrants to the other Stockholders that
its acquisition of Class A Common Stock is exempt from the filing requirements
of HSR and the Rules.

          (f) Each Stockholder which is a Benefit Plan Investor (other than
NYSCRF) represents and warrants that its acquisition and holding of Common Stock
is not a prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, except to the extent such acquisition and holding of Common Stock
meets the requirements of a prohibited transaction class exemption.

          11.6. Notices. Except as otherwise provided in this Agreement, all
notices, requests, claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been duly given when delivered
by hand, when delivered personally or by courier, five days after being
deposited in the United States mail, or when received by facsimile transmission
if promptly confirmed by one of the foregoing means, as follows: if to the
Company at 120 N. LaSalle, Suite 3300, Chicago, Illinois 60602, Attention:
Matthew Bucksbaum, facsimile transmission no. 312-422-2323, if to GGP at 120
N. LaSalle, Suite 3300, Chicago, Illinois 60602, Attention: Matthew Bucksbaum,
facsimile transmission no. 312-422-2323, if to any other Stockholder at the
address or facsimile transmission number set forth opposite such Stockholder's
name on Schedule I hereto and if to GG Properties at 215 Keo, Des Moines, Iowa
50309, Attention: Matthew Bucksbaum, facsimile transmission no. 515-283-0635
(or, in the case of Persons who become parties hereto subsequently, at their
last addresses or facsimile transmission numbers shown on the record books of
the Company). Each party hereto, by notice given to each other party hereto in
accordance with this Section 12.6, may change the address or facsimile
transmission number to which such notice or other communications are to be sent
to such Party.

          11.7. Further Assurances. Each party to this Agreement agrees to
execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things,
as may be required by law or as, in the reasonable judgment of the Board or any
Stockholder, may be necessary or advisable to carry out the intent and purpose
of this Agreement.

          11.8. Confidentiality. The Company and each of the Stockholders agree
not to disclose or permit the disclosure (except by the Company in connection
with the operation of its business) of any of the terms of this

                                      -71-

<PAGE>

Agreement or of any information relating to the Company Assets or the Company's
business, which the Company and the Stockholders hereby acknowledge constitute
non public, financial information, provided that such disclosure may be made (a)
to any person who is a partner, officer, director or employee of such
Stockholder or advisers or counsel to or accountants of such Stockholder solely
for their use and on a need-to-know basis, (b) with the prior consent of GGP and
a majority of the other Stockholders, (c) pursuant to a subpoena or order issued
by a court, arbitrator or governmental body, agency or official, (d) as required
by applicable federal or state laws (including, without limitation, securities
and freedom of information laws) or (e) to any lender or prospective lender to,
or investor in, such Stockholder.

          In the event that a Stockholder shall receive a request (or, in the
case of NYSCRF, at such time a notice of such request is communicated to the
representatives of NYSCRF who are responsible for the administration of its
ownership of Common Stock) to disclose any of the terms of this Agreement under
subpoena or order, such Stockholder shall (i) promptly notify the Board thereof,
(ii) consult with the Board on the advisability of taking steps to resist or
narrow such request and (iii) if disclosure is required or deemed advisable,
cooperate with the Board in any attempt it may make to obtain an order or other
assurance that confidential treatment will be accorded those terms of this
Agreement that are disclosed.

          11.9. waiver of Claims Against Directors. The Company and each
Stockholder agrees to waive any claim or right of action it might have, whether
individually or by or in the right of the Company, against any director on
account of any action taken or failure to take action by such director in the
performance of his duties to the extent permitted under the GCL.

          11.10. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

          11.11. Headings. The descriptive headings of the several sections in
this Agreement are for convenience only and do not constitute part of this
Agreement and shall not affect in any way the meaning or interpretation of this
Agreement.

          11.12. Entire Agreement. This Agreement (including the Schedules and
Exhibits hereto) constitutes the entire agreement between the parties hereto and

                                      -72-

<PAGE>

supersedes all prior agreements and understandings, oral or written, between the
parties hereto with respect to the subject matter hereof including, without
limitation, that certain Summary Terms of the Investment, draft dated November
3, 1995.

          11.13. Severability. Any provision of this Agreement that is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or lack of authorization without invalidating the remaining
provisions hereof or affecting the validity, unenforceability or legality of
such provision in any other jurisdiction.

          11.14. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together constitute one and the same instrument.

          11.15. Arbitration. Any claim arising out of an alleged breach of this
Agreement and any claim that Cause exists pursuant to Section 3.6(c) shall be
resolved by arbitration. Such arbitration shall be conducted in accordance with
the following:

          (a) Each party shall have five (5) business days after written notice
by another party of the commencement of arbitration proceedings hereunder to
appoint an arbitrator who is on the approved panel of arbitrators of the
American Arbitration Association. Each party shall immediately notify the other
party of such appointment. The two arbitrators so appointed shall then select a
third arbitrator within five (5) business days after the appointment of the
second arbitrator to then constitute the Board of Arbitration. If any party
shall fail to appoint an arbitrator within such five (5) business day period, or
if the two arbitrators selected by the parties shall fail, within five (5)
business days of their selection, to make a selection of a third arbitrator,
then the American Arbitration Association shall appoint the arbitrator that was
not selected by the failing party or shall appoint the third arbitrator, as the
case may be, in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The Board of Arbitration shall then proceed under such
rules.

          (b) Following the designation of such Board of Arbitration, the
parties, together with the members of the Board of Arbitrators, shall promptly
undertake appropriate

                                      -73-

<PAGE>

informal efforts to mediate and negotiate a solution to the matter covered by
the original notice.

          (c) If a negotiated solution cannot be achieved within fourteen (14)
days after the date on which the Board of Arbitration is constituted, then the
Board of Arbitration shall notify the parties. The proceeding, upon such
notification, will then become a compulsory arbitration to be conducted under
the Commercial Arbitration Rules of the American Arbitration Association by the
Board of Arbitration. These rules shall be subject to the following
modifications:

          (i) discovery shall be permitted under the same standards provided for
     in the Federal Rules of Civil Procedure;

          (ii) the members of the Board of Arbitration shall interpret and apply
     the provisions of this Agreement;

          (iii) except as otherwise set forth in Section 3.6(e), the arbitration
     costs may be charged to the losing party or allocated between the parties
     as may be determined by the Board of Arbitration; and

          (iv) the proceedings will be held in Chicago, Illinois, unless the
     parties shall otherwise agree in writing.

          (d) In connection with the enforcement of the mediation and
arbitration provisions of this Section 11.15, any agreement, decision or award
shall be final and conclusive as to any such claim.

          11.16. Consent to Jurisdiction. In connection with any suit, claim,
action or proceeding relating to the rights and obligations of the parties
arising out of this Agreement: GG Properties, GGP and each other Stockholder
hereby consents to the in personam jurisdiction of the United States federal
courts and Delaware state courts located in New Castle County, Delaware; each
such Person agrees that service in the manner set forth in Section 11.6 hereof
shall be valid and sufficient for all purposes; and each such Person agrees to,
and irrevocably waives any objection based on forum non conveniens or venue not
to, appear in any United States federal court or Delaware state court located in
New Castle County, Delaware. Each Stockholder (other than GGP) hereby
irrevocably appoints the

                                      -74-

<PAGE>

Company as agent for service of process with respect to any matters relating to
the rights and obligations of the parties arising out of this Agreement.

                                      -75-

<PAGE>

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date set forth above.

                                        GGP/HOMART, INC.

                                        By: /s/ Matthew Bucksbaum
                                            ------------------------------------
                                        Name: Matthew Bucksbaum
                                              ----------------------------------
                                        Title: CEO
                                               ---------------------------------

                                        GGP LIMITED PARTNERSHIP

                                        By: General Growth Properties, Inc.,
                                            its General Partner

                                        By: /s/ Matthew Bucksbaum
                                            ------------------------------------
                                        Name: Matthew Bucksbaum
                                              ----------------------------------
                                        Title: CEO
                                               ---------------------------------

                                        THE COMPTROLLER OF THE STATE OF NEW YORK
                                        AS TRUSTEE OF THE COMMON RETIREMENT FUND

                                        By: /s/ John E. Hull
                                            ------------------------------------
                                        Name: John E. Hull
                                        Title: Deputy Comptroller, Investments
                                               and Cash Management

<PAGE>

                                      EQUITABLE LIFE INSURANCE COMPANY OF IOWA

                                      By Equitable Investment Services, Inc.,
                                         Agent

                                      By: /s/ Bryan L. Borchert
                                          --------------------------------------
                                      Name: Bryan L. Borchert
                                      Title: Managing Director

                                      USG ANNUITY & LIFE COMPANY

                                      By Equitable Investment Services, Inc.,
                                         Agent

                                      By: /s/ Bryan L. Borchert
                                          --------------------------------------
                                      Name: Bryan L. Borchert
                                      Title: Managing Director

                                      TRUSTEES OF THE UNIVERSITY OF
                                      PENNSYLVANIA

                                      By: /s/ Lucy Momjian
                                          --------------------------------------
                                      Name: Lucy Momjian
                                            ------------------------------------
                                      Title: Associate Treasurer for Investments
                                             -----------------------------------

                                      GENERAL GROWTH PROPERTIES, INC.

                                      By: /s/ Matthew Bucksbaum
                                          --------------------------------------
                                      Name: Matthew Bucksbaum
                                            ------------------------------------
                                      Title: CEO
                                             -----------------------------------

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