Document:

SEC Exhibit

Exhibit 4.2
PROMISSORY NOTE A-1
DEFINED TERMS
	
			
	Execution Date:  As of May 6, 2016
	City and State of Signing:  Bloomfield Hills, Michigan

	Loan Amount:Two Hundred Seventy-Five Million and No/100 Dollars ($275,000,000.00)
	Interest Rate:  3.85% per annum

	Borrower:   Taubman Cherry Creek Shopping Center, L.L.C., a Delaware limited liability company

	Borrower’s Address:             c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300
Bloomfield Hills, Michigan  48304
Attention:  Treasurer

	Holder:    Metropolitan Life Insurance Company, a New York corporation, together with its successors and assigns.

	Holder’s Address:      Metropolitan Life Insurance Company
10 Park Avenue 
PO Box 1902
Morristown, New Jersey  07962
Attention:  Senior Managing Director, Real Estate Investments

                        and:     Metropolitan Life Insurance Company
425 Market Street, Suite 1050
San Francisco, California  94105
Attention: Associate General Counsel

	Lender:Individually and collectively as the context may require, Metropolitan Life Insurance Company, a New York corporation and The Prudential Insurance Company of America, a New Jersey corporation, together with their respective successors and assigns.

	Maturity Date:  June 1, 2028
	Advance Date:  The date funds under this Note are disbursed to Borrower.

	Intentionally Omitted
	Interest Installment Date:  The first day of each calendar month throughout the term of the Loan commencing on the first day of the second calendar month following the Advance Date (or if the Advance Date is on the first day of a month, commencing the first day of the first calendar month following the Advance Date).

	
			
	Intentionally Omitted
	Permitted Prepayment Period: From and after December 1, 2027 (the “Permitted Par Prepayment Date”), Borrower may prepay the entire Loan Amount without a Prepayment Fee (defined below) on thirty (30) days’ prior written notice to Holder.  In addition, Borrower may on any Interest Installment Date commencing on or after the twenty-fourth (24th) Interest Installment Date prepay the Loan with a Prepayment Fee on thirty (30) days’ prior written notice to Lender, provided that Borrower shall have a one-time right on not less than seven (7) days’ prior written notice to Lender to revoke such prepayment notice, or to extend the date originally noticed for prepayment by such prepayment notice to a stated subsequent Interest Installment Date (such date not to be more than sixty (60) days after the date Borrower originally noticed for prepayment) upon payment to Lender of Holder’s reasonable third-party out-of-pocket expenses incurred in connection with preparing for the prepayment originally scheduled for the date first noticed pursuant to such prepayment notice, such costs not to exceed Five Thousand and No/100 Dollars ($5,000.00). In no event may Borrower prepay this Note without simultaneously prepaying Note A-2 or any other promissory note evidencing the Aggregate Indebtedness (defined below).

	Liable Party:  The Taubman Realty Group Limited Partnership, a Delaware limited partnership.
Addresses of Liable Party:  200 East Long Lake Road, Ste. 300, Bloomfield Hills, Michigan  48304.

	Late Charge:  An amount equal to four cents ($.04) for each dollar that is overdue.
Default Rate:  The lesser of (i) an annual rate equal to the Interest Rate plus four percent (4%), and (ii) the highest rate permitted under applicable law.

	
			
	Note:  This Promissory Note, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-2:  Promissory Note A-2 in the principal amount of $275,000,000.00 made by Borrower to The Prudential Insurance Company of America, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements thereof.
Security Instrument:  Leasehold Deed of Trust, Security Agreement and Fixture Filing dated as of the Execution Date granted by Borrower to the trustee named therein for the benefit of the Lender to secure repayment of this Note, together with all further extensions, renewals, modifications, amendments and restatements thereof.
Loan Documents:  Collectively, this Note, Note A-2, the Security Instrument, the Assignment of Leases, the Subordination of Management Agreement, the Lockbox Agreement, the Terrorism Insurance Agreement, and any other documents related to this Note and/or Security Instrument and all further renewals, amendments, modifications, restatements and extensions of these documents, provided that the Guaranty and the Unsecured Indemnity Agreement are not Loan Documents.
Guaranty:  Guaranty Agreement dated as of the Execution Date and executed by Liable Party in favor of Lender, together with all further renewals, amendments, modifications and restatements thereof.
Indemnity Agreement:  Unsecured Indemnity Agreement dated as of the Execution Date and executed by Borrower and Liable Party in favor of Lender, together with all further renewals, amendments, modifications and restatements thereof.
The Indemnity Agreement and Guaranty are not Loan Documents, and the Indemnity Agreement shall survive repayment of the Loan or other termination of the Loan Documents, as provided therein.

FOR VALUE RECEIVED, Borrower promises to pay to the order of Holder at Holder’s Address or such other place as Holder may from time to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America that at the time of payment shall be legal tender for payment of all obligations.
Capitalized terms which are not defined in this Note shall have the meanings set forth in the Security Instrument.
1.Payment of Principal and Interest.  Principal and interest under this Note shall be payable as follows:

(a)Interest on the funded portion of the Loan Amount shall accrue from the Advance Date at the Interest Rate and shall be paid on each Interest Installment Date; provided, however, that interest accruing from the Advance Date through and including the last day of the month in which the Advance Date occurs shall be paid on the Execution Date;

(b)The principal sum evidenced by this Note shall be due and payable on the Maturity Date or on such earlier date, if any, as the maturity of this Note shall have been accelerated; and

(c)On the Maturity Date, a payment in the aggregate amount of the unpaid principal sum evidenced by this Note and Note A-2 or secured by the Security Instrument and/or any other Loan Documents as well as any additional advances under and in accordance with the terms of the Security Instrument that may be made to or on behalf of Borrower by Lender following the Advance Date (collectively, the “Aggregate Indebtedness”), shall become immediately payable in full.

In the event the first day of any month is not a Business Day, then the scheduled payment dates referenced above shall be the immediately succeeding Business Day.
Interest shall be calculated on the basis of a thirty (30) day month and a three hundred sixty (360) day year, except that (i) if the Advance Date occurs on a date other than the first day of a calendar month, interest payable for the period commencing on the Advance Date and ending on the last day of the month in which the Advance Date occurs shall be calculated on the basis of the actual number of days elapsed over a three hundred sixty-five (365) day or three hundred sixty-six (366) day year, as applicable, and (ii) if the Maturity Date occurs on a date other than the last day of the month, interest payable for the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be calculated on the basis of the actual number of days elapsed over a three hundred sixty-five (365) day or three hundred sixty-six (366) day year, as applicable.
Borrower acknowledges and agrees that a substantial portion of the Loan Amount shall be outstanding and due on the Maturity Date.
2.Application of Payments.  Upon the occurrence of an Event of Default, at the election of Holder, and to the extent permitted by law, all payments shall be applied in the order selected by Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the Interest Rate or at the Default Rate, as applicable.  The balance of any payments shall be applied to reduce the then-unpaid Loan Amount.

3.Security.  The covenants of the Security Instrument are incorporated by reference into this Note.  This Note shall evidence, together with Note A-2 and the Security Instrument shall secure, the Aggregate Indebtedness.

4.Late Charge.  If any payment of interest or any payment of a required escrow deposit is not paid within seven (7) days of the due date, Holder shall have the option to charge Borrower the Late Charge.  The Late Charge shall not apply to the final payment due on the Maturity Date or upon acceleration of the Loan.  The Late Charge is for the purpose of defraying the expenses incurred in connection with handling and processing delinquent payments and is payable in addition to any other remedy Holder may have.  Unpaid Late Charges shall become part of the Aggregate Indebtedness and shall be added to any subsequent payments due under the Loan Documents.

5.Acceleration Upon Default.  At the option of Holder, if Borrower fails to pay any sum specified in this Note when due after giving effect to any grace periods, or if an Event of Default occurs, the Aggregate Indebtedness, and all other sums evidenced and/or secured by the Loan Documents, including without limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable.

6.Interest Upon Default.  The Accelerated Loan Amount shall bear interest at the Default Rate which shall never exceed the maximum rate of interest permitted to be contracted for under the laws of the State of Colorado.  The Default Rate shall commence upon the occurrence of an Event of Default and shall continue until all defaults are cured.

7.Limitation on Interest.  The agreements made by Borrower with respect to this Note and the other Loan Documents are expressly limited so that in no event shall the amount of interest received, charged or contracted for by Holder exceed the highest lawful amount of interest permissible under the laws applicable to the Loan.  If at any time performance of any provision of this Note or the other Loan Documents results in the highest lawful rate of interest permissible under applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall automatically and without further action by any party be deemed to have been reduced to the highest lawful amount of interest then permissible under applicable laws.  If Holder shall ever receive, charge or contract for, as interest, an amount which is unlawful, at Holder’s election, the amount of unlawful interest shall be refunded to Borrower (if actually paid) or applied to reduce the then-unpaid Loan Amount.  To the fullest extent permitted by applicable laws, any amounts contracted for, charged or received under the Loan Documents included for the purpose of determining whether the Interest Rate would exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term of this Note.

8.Prepayment.  Borrower shall not have the right to prepay all or any portion of the Aggregate Indebtedness at any time during the term of this Note except as expressly set forth in the Defined Terms.  If Borrower provides notice of its intention to prepay, the Accelerated Loan Amount shall become due and payable on the date specified in the prepayment notice subject to Borrower’s one-time right to revoke such prepayment notice or extend the date specified in such prepayment notice as provided in the Defined Terms.

9.Prepayment Fee.

(a)Any tender of payment by Borrower or any other person or entity of the Aggregate Indebtedness, other than as expressly provided in the Loan Documents, shall constitute a prohibited prepayment.  If a prepayment of all or any part of the Aggregate Indebtedness is made following (i) an Event of Default and an acceleration of the Maturity Date, or (ii) except from and after the Permitted Par Prepayment Date, in connection with a purchase of the Property or a repayment of the Aggregate Indebtedness at any time before, during or after, a judicial or non-judicial foreclosure or sale of the Property, then to compensate Holder for the loss of the investment, Borrower shall pay an amount equal to the Prepayment Fee (as hereinafter 

defined); provided that any prepayment made pursuant to Section 7.04(c) of the Security Instrument in connection with a casualty or condemnation shall be without any Prepayment Fee.

(b)The “Prepayment Fee” shall be the greater of (A) the Prepayment Ratio (as hereinafter defined) multiplied by the difference between (x)  and (y), where (x) is the present value of all remaining payments of principal and interest including the outstanding principal due on the Permitted Par Prepayment Date (and assuming the Aggregate Indebtedness is prepaid in full on the Permitted Par Prepayment Date), discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate compounded semi-annually, and (y) is the amount of the principal then outstanding, or (B) one percent (1%) of the amount of the principal being prepaid

(c)The “Treasury Rate” shall be the annualized yield on securities issued by the United States Treasury having a maturity equal to the remaining stated term of the Note, as quoted in the Federal Reserve Statistical Release [H.15 (519)] under the heading “U.S. Government Securities - Treasury Constant Maturities - Nominal” for the date which is five (5) Business Days prior to the date on which prepayment is being made.  If this rate is not available as of the date of prepayment, the Treasury Rate shall be determined by interpolating between the yield on securities of the next longer and next shorter maturity.  If the Treasury Rate is no longer published, Holder shall select a comparable rate.  Holder will, upon request, provide an estimate of the amount of the Prepayment Fee two (2) weeks before the date of the scheduled prepayment.  A Business Day is any day of the week other than a Saturday, Sunday or a day on which national banks are closed in Detroit, Michigan and/or Denver, Colorado and/or New York, New York.

(d)The “Prepayment Ratio” shall be a fraction, the numerator of which shall be the amount of principal being prepaid pursuant to this Note, and the denominator of which shall be the principal then outstanding under this Note.

10.Waiver of Right to Prepay Note Without Prepayment Fee.  Borrower acknowledges that Holder has relied upon the anticipated investment return under this Note in entering into transactions with, and in making commitments to, third parties and that the tender of any prohibited prepayment under Section 9(a) hereof, shall, to the extent permitted by law, include the Prepayment Fee.  Borrower agrees that the Prepayment Fee represents the reasonable estimate of Holder and Borrower of a fair average compensation for the loss that may be sustained by Holder as a result of a prohibited prepayment of this Note and it shall be paid without prejudice to the right of Holder to collect any other amounts provided to be paid under the Loan Documents.

BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE UNDER APPLICABLE STATE LAW TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT FEE OR PENALTY, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY EVENT OF DEFAULT BY BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH IS PROHIBITED OR RESTRICTED BY THE SECURITY INSTRUMENT, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY THE PREPAYMENT FEE SPECIFIED IN SECTION 9.  BY EXECUTING THIS NOTE, BORROWER AGREES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION FOR THIS WAIVER AND AGREEMENT.

11.Liability of Borrower.  Upon the occurrence of an Event of Default, except as provided in this Section 11, Holder will look solely to the Property and the security under the Loan Documents for the repayment of the Loan and will not enforce a deficiency or other judgment, order or claim against Borrower or any direct or indirect owner of Borrower or any partner, director, officer, trustee, shareholder, member, employee or principal of any such owner, nor any of their successors and assigns except as set forth in this Section 11.  However, nothing contained in this Section 11 shall limit the rights of Holder to proceed against Borrower and/or Liable Party, (i) to enforce any leases entered into by Borrower or its affiliates as tenant, guarantees, or other agreements entered into by Borrower in a capacity other than as borrower or any policies of insurance; (ii) to recover damages for fraud or intentional material misrepresentation; (iii) to recover any Net Proceeds which have not been applied in accordance with the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, by Borrower or which, under the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, should have been paid to Holder; (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or fees paid to Borrower that are part of the collateral for the Loan or prepaid rents for a period of more than thirty (30) days which have not been delivered to Holder upon foreclosure; (v) to recover Rents and Profits received by Borrower after the first day of the month in which an Event of Default occurs and prior to the earlier of (1) the date such Event of Default is cured by Borrower or expressly waived in writing by Holder or (2) the date Holder (or any other third party purchaser at a foreclosure sale) acquires title to the Property, which have not been applied to the Loan or in accordance with the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with the provisions of the Security Instrument pertaining to Hazardous Materials or the Unsecured Indemnity Agreement; (vii) to recover losses, damages, reasonable costs and expenses arising from, or in connection with, any misrepresentation under or breach or violation of the provisions of the Security Instrument, Guaranty or Unsecured Indemnity pertaining to ERISA; (viii) to recover damages arising from Borrower’s failure to obtain Holder’s prior written consent to any subordinate mortgage financing encumbering the Property; (ix) to recover costs and damages arising from Borrower’s failure to pay Premiums or Impositions (to the extent its cash flow is sufficient to satisfy such obligations) in the event Borrower is not required to deposit such amounts with Holder pursuant to Section 2.05 of the Security Instrument; (x) to recover damages arising from breach in any material respect of any of the representations and warranties contained in Section 2.10(c), (d) and (e) of the Security Instrument or those contained in the definition of “Special Purpose Entity” in the Security Instrument which are backward-looking representations, to the extent such breach results in a consolidation of Borrower with any of its Affiliates in a bankruptcy or other insolvency proceeding; (xi) to recover costs and damages arising from Borrower, Liable Party or any Affiliate of Liable Party voluntarily modifying the Ground Lease in violation of the Loan Documents in any material respect and in a manner adverse to Lender or Borrower but only to the extent such modification is binding on Lender; (xii) in the event that the fee owner of the Land is none of Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate), to recover costs and damages arising from (1) Borrower, Liable Party or any Affiliate of Liable Party voluntarily terminating, cancelling or surrendering the Ground Lease or Borrower voluntarily rejecting the Ground Lease in an involuntary bankruptcy proceeding of Borrower if such surrender, termination, rejection or cancellation is effective and binding on the Holder, (2) in connection with any bankruptcy of the Ground Lessor, Borrower failing to object and diligently pursue such actions required by applicable law in such bankruptcy proceeding to object to any rejection, termination, cancellation, or surrender of the Ground Lease or (3) Holder seeking a new ground lease, enforcement of the leasehold mortgagee protections in the Ground Lease and Ground Lessor Estoppel or other litigation as the result of Holder or Servicer complying with the proviso of this subsection (xii) or subsection (C) in the paragraph immediately below in connection with a rejection in bankruptcy, cancellation, surrender or termination of the Ground Lease; provided that with respect to clauses (1) and (2) of this subsection (xii), no recourse liability shall be imposed under this subsection (xii) unless Servicer or Lender shall pursue its rights under the Ground Lease and the Ground Lessor Estoppel, including 

making a request for a new ground lease (provided Lender or Servicer has the right to pursue the same and is not prohibited by any applicable law or legal requirement from pursuing such rights) and the Ground Lessor does not (x) rescind such rejection, surrender, termination or cancellation of the Ground Lease or (y) enter into a new ground lease with Lender or its nominee in accordance with the terms of the Ground Lease and the Ground Lessor Estoppel; (xiii) to recover costs and damages arising from Borrower or any Affiliate of Borrower acquiring the fee interest in the Land in violation of Section 17.03 of the Security Instrument; and/or (xiv) to recover costs and damages arising from Borrower, Liable Party or any Affiliate of Liable Party allowing, permitting or causing the occurrence of one of more of the following Transfers without Lender’s prior written consent having been obtained: (A) a voluntary assignment of Borrower’s interest as ground lessee in the Ground Lease, a transfer by deed or similar conveyance of any portion of the fee title to the Improvements, and/or any Transfer of any portion of Borrower’s interest in the Leases or the Rents and Profits, except, in each case, as expressly permitted under the Loan Documents (it being acknowledged and agreed, for the avoidance of doubt, that any space leases (for less than all or substantially all of the Property), any easements or utility rights granted in the ordinary course of business and for the benefit of the Property, any mechanic’s, materialmen’s or similar Lien, any Lien securing an obligation to pay Impositions, any statutory lien or any notice of pendency are not covered by this item (xiv)(A)) or (B) a Transfer of the direct or indirect interests in Borrower in violation of Section 10.01 of the Security Instrument.  Notwithstanding anything to the contrary contained herein, in no event shall any direct or indirect partner in Borrower have any personal liability hereunder, except in its capacity as Liable Party, but in no event shall the direct or indirect partners of Liable Party have any personal liability hereunder.

The limitation of liability set forth in this Section 11 shall not apply and the Loan will be a recourse loan in the event that (A) Borrower commences a voluntary bankruptcy, (B) Borrower, its affiliates or any of its partners, members or other constituent entities owning direct or indirect controlling interest in Borrower, directly or indirectly participate in a collusive involuntary bankruptcy or collusive insolvency proceeding with respect to Borrower or (C) if the fee owner of the Land is Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate), (1) Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) voluntarily terminates, cancels or surrenders the Ground Lease and such surrender, termination or cancellation is effective and binding on the Lender or (2) Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) rejects the Ground Lease in a bankruptcy proceeding; provided that with respect to clauses (1) and (2) of this subsection (C), no recourse liability shall be imposed under this subsection (C) unless Servicer or Lender shall pursue its rights under the Ground Lease and the Ground Lessor Estoppel, including making a request for a new ground lease (provided Lender or Servicer has the right to pursue the same and is not prohibited by any applicable law or legal requirement from pursuing such rights) and the Borrower and/or Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) does not (x) rescind such rejection, surrender, termination or cancellation of the Ground Lease or (y) enter into a new ground lease with Lender or its nominee in accordance with the terms of the Ground Lease and the Ground Lessor Estoppel.
12.Waiver by Borrower.  Except for notices expressly provided for in the Loan Documents, Borrower and others who may become liable for the payment of all or any part of this Note, and each of them, waive diligence, demand, presentment for payment, notice of nonpayment, protest, notice of dishonor and notice of protest, notice of intent to accelerate and notice of acceleration and specifically consent to and waive notice of any amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for payment, whether made to or in favor of Borrower or any other person or persons.

13.Exercise of Rights.  No single or partial exercise by Holder, or delay or omission in the exercise by Holder, of any right or remedy under the Loan Documents shall waive or limit the exercise of any such 

right or remedy.  Holder shall at all times have the right to proceed against any portion of or interest in the Property in the manner that Holder may deem appropriate, without waiving any other rights or remedies.  The release of any party under this Note shall not operate to release any other party which is liable under this Note and/or under the other Loan Documents or under the Guaranty or the Indemnity Agreement.

14.Fees and Expenses.  If an Event of Default occurs, Borrower shall be liable for and shall pay to Holder, in addition to the sums stated above, the costs and expenses of enforcement and collection, including, without limitation, reasonable attorney’s fees.  This obligation is subject to the limitation under Section 11.

15.No Amendments.  This Note may not be further modified or amended except in a writing executed by Borrower and Holder.  No waivers shall be effective unless they are set forth in a writing signed by the party which is waiving a right.  This Note and the other Loan Documents are the final expression of the lending relationship between Borrower and Holder.

16.Governing Law.  This Note shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Colorado, without regard to conflict of laws principles.

17.Construction.  The words “Borrower” and “Holder” shall be deemed to include their respective heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or feminine, and natural and/or artificial persons, as appropriate.  The provisions of this Note shall remain in full force and effect notwithstanding any changes in the shareholders, partners or members of Borrower.  The captions in this Note are inserted only for convenience of reference and do not expand, limit or define the scope or intent of any section of this Note.

18.Notices.  All notices, demands, requests and consents permitted or required under this Note shall be given in the manner prescribed in the Security Instrument.

19.Time of the Essence.  Time shall be of the essence with respect to all of Borrower’s obligations under this Note.

20.Severability.  If any provision of this Note should be held unenforceable or void, then that provision shall be deemed separable from the remaining provisions and shall not affect the validity of this Note, except that if that provision relates to the payment of principal and/or interest, then Holder may, at its option, declare the Aggregate Indebtedness (together with the Prepayment Fee) immediately due and payable.

21.WAIVER OF JURY TRIAL.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AND HOLDER HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING AND/OR HEARING ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH, THIS NOTE, THE SECURITY INSTRUMENT OR ANY OF THE LOAN DOCUMENTS, OR THE ENFORCEMENT OF ANY REMEDY UNDER ANY LAW, STATUTE, OR REGULATION.  NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.  EACH PARTY HAS RECEIVED THE ADVICE OF COUNSEL WITH RESPECT TO THIS WAIVER.

22.Servicing.  Notwithstanding anything to the contrary herein, or in any of the other Loan Documents, the Guaranty or the Unsecured Indemnity Agreement, and regardless of the number of Investors that may hold a portion of the Loan, (a) Borrower shall only be required to remit Debt Service payments under this Note and the other Loan Documents, and under the Guaranty and the Unsecured Indemnity Agreement to the Servicer (or sub-servicer, as applicable), (b) Borrower shall only be required to submit requests for consents or approvals to the Servicer (it being understood that the Servicer may require the consent or approval of other Persons pursuant to intercreditor or other arrangements), and (c) no one Investor shall exercise any of its rights and/or remedies (if any) pursuant to the Loan Documents, the Guaranty, or the Unsecured Indemnity Agreement independently from all other Investors; provided, however, with respect to the Unsecured Indemnity Agreement, in the event less than all of the Investors have a right to seek indemnification from Indemnitors, no one Investor shall exercise such right to indemnification independently from all the Investors that also have such right to indemnification.
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39789.050045 EMF_US 59583856v7

IN WITNESS WHEREOF, Borrower has, by its duly authorized representatives, executed this Note as of the Execution Date.
TAUBMAN CHERRY CREEK SHOPPING CENTER, L.L.C., a Delaware limited liability company
By:      /s/ Simon J. Leopold                                                       
Name:  Simon J. Leopold
Title:  Authorized SignatorySEC Exhibit

Exhibit 4.3
PROMISSORY NOTE A-2
DEFINED TERMS
	
			
	Execution Date:  As of May 6, 2016
	City and State of Signing:  Bloomfield Hills, Michigan

	Loan Amount:Two Hundred Seventy-Five Million and No/100 Dollars ($275,000,000.00)
	Interest Rate:  3.85% per annum

	Borrower:   Taubman Cherry Creek Shopping Center, L.L.C., a Delaware limited liability company

	Borrower’s Address:             c/o The Taubman Company LLC
200 East Long Lake Road, Ste. 300
Bloomfield Hills, Michigan 48304
Attention:  Treasurer

	Holder:   The Prudential Insurance Company of America, a New Jersey corporation, together with its successors and assigns.

	Holder’s Address:                 The Prudential Insurance Company of America
c/o Prudential Asset Resources, Inc. 
2100 Ross Avenue, Suite 2500 
Dallas, Texas 75201 
Attention:  Asset Management Department
Prudential Loan No. 706110059
                                                                                                        The Prudential Insurance Company of America
c/o Prudential Asset Resources, Inc. 
2100 Ross Avenue, Suite 2500 
Dallas, Texas 75201 
Attention:  Legal Department
Prudential Loan No. 706110059

	Lender:    Individually and collectively as the context may require, Metropolitan Life Insurance Company, a New York corporation and The Prudential Insurance Company of America, a New Jersey corporation, together with their respective successors and assigns.

	Maturity Date:  June 1, 2028
	Advance Date:  The date funds under this Note are disbursed to Borrower.

	Intentionally Omitted
	Interest Installment Date:  The first day of each calendar month throughout the term of the Loan commencing on the first day of the second calendar month following the Advance Date (or if the Advance Date is on the first day of a month, commencing the first day of the first calendar month following the Advance Date).

	
			
	Intentionally Omitted
	Permitted Prepayment Period: From and after December 1, 2027 (the “Permitted Par Prepayment Date”), Borrower may prepay the entire Loan Amount without a Prepayment Fee (defined below) on thirty (30) days’ prior written notice to Holder.  In addition, Borrower may on any Interest Installment Date commencing on or after the twenty-fourth (24th) Interest Installment Date prepay the Loan with a Prepayment Fee on thirty (30) days’ prior written notice to Lender, provided that Borrower shall have a one-time right on not less than seven (7) days’ prior written notice to Lender to revoke such prepayment notice, or to extend the date originally noticed for prepayment by such prepayment notice to a stated subsequent Interest Installment Date (such date not to be more than sixty (60) days after the date Borrower originally noticed for prepayment) upon payment to Lender of Holder’s reasonable third-party out-of-pocket expenses incurred in connection with preparing for the prepayment originally scheduled for the date first noticed pursuant to such prepayment notice, such costs not to exceed Five Thousand and No/100 Dollars ($5,000.00). In no event may Borrower prepay this Note without simultaneously prepaying Note A-1 or any other promissory note evidencing the Aggregate Indebtedness (defined below).

	Liable Party:  The Taubman Realty Group Limited Partnership, a Delaware limited partnership.
Addresses of Liable Party:  200 East Long Lake Road, Ste. 300, Bloomfield Hills, Michigan  48304.

	Late Charge:  An amount equal to four cents ($.04) for each dollar that is overdue.
Default Rate:  The lesser of (i) an annual rate equal to the Interest Rate plus four percent (4%), and (ii) the highest rate permitted under applicable law.

	
			
	Note:  This Promissory Note, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements hereof.
Note A-1:  Promissory Note A-1 in the principal amount of $275,000,000.00  made by Borrower to Metropolitan Life Insurance Company, together with all further extensions, renewals, amendments, modifications, replacements, substitutions and restatements thereof.
Security Instrument:  Leasehold Deed of Trust, Security Agreement and Fixture Filing dated as of the Execution Date granted by Borrower to the trustee named therein for the benefit of the Lender to secure repayment of this Note, together with all further extensions, renewals, modifications, amendments and restatements thereof.
Loan Documents:  Collectively, this Note, Note A-1, the Security Instrument, the Assignment of Leases, the Subordination of Management Agreement, the Lockbox Agreement, the Terrorism Insurance Agreement, and any other documents related to this Note and/or Security Instrument and all further renewals, amendments, modifications, restatements and extensions of these documents, provided that the Guaranty and the Unsecured Indemnity Agreement are not Loan Documents.
Guaranty:  Guaranty Agreement dated as of the Execution Date and executed by Liable Party in favor of Lender, together with all further renewals, amendments, modifications and restatements thereof.
Indemnity Agreement:  Unsecured Indemnity Agreement dated as of the Execution Date and executed by Borrower and Liable Party in favor of Lender, together with all further renewals, amendments, modifications and restatements thereof.
The Indemnity Agreement and Guaranty are not Loan Documents, and the Indemnity Agreement shall survive repayment of the Loan or other termination of the Loan Documents, as provided therein.

FOR VALUE RECEIVED, Borrower promises to pay to the order of Holder at Holder’s Address or such other place as Holder may from time to time designate, the Loan Amount with interest payable in the manner described below, in money of the United States of America that at the time of payment shall be legal tender for payment of all obligations.
Capitalized terms which are not defined in this Note shall have the meanings set forth in the Security Instrument.
1.Payment of Principal and Interest.  Principal and interest under this Note shall be payable as follows:

(a)Interest on the funded portion of the Loan Amount shall accrue from the Advance Date at the Interest Rate and shall be paid on each Interest Installment Date; provided, however, that interest accruing from the Advance Date through and including the last day of the month in which the Advance Date occurs shall be paid on the Execution Date;

(b)The principal sum evidenced by this Note shall be due and payable on the Maturity Date or on such earlier date, if any, as the maturity of this Note shall have been accelerated; and

(c)On the Maturity Date, a payment in the aggregate amount of the unpaid principal sum evidenced by this Note and Note A-1 or secured by the Security Instrument and/or any other Loan Documents as well as any additional advances under and in accordance with the terms of the Security Instrument that may be made to or on behalf of Borrower by Lender following the Advance Date (collectively, the “Aggregate Indebtedness”), shall become immediately payable in full.

In the event the first day of any month is not a Business Day, then the scheduled payment dates referenced above shall be the immediately succeeding Business Day.
Interest shall be calculated on the basis of a thirty (30) day month and a three hundred sixty (360) day year, except that (i) if the Advance Date occurs on a date other than the first day of a calendar month, interest payable for the period commencing on the Advance Date and ending on the last day of the month in which the Advance Date occurs shall be calculated on the basis of the actual number of days elapsed over a three hundred sixty-five (365) day or three hundred sixty-six (366) day year, as applicable, and (ii) if the Maturity Date occurs on a date other than the last day of the month, interest payable for the period commencing on the first day of the month in which the Maturity Date occurs and ending on the Maturity Date shall be calculated on the basis of the actual number of days elapsed over a three hundred sixty-five (365) day or three hundred sixty-six (366) day year, as applicable.
Borrower acknowledges and agrees that a substantial portion of the Loan Amount shall be outstanding and due on the Maturity Date.
2.Application of Payments.  Upon the occurrence of an Event of Default, at the election of Holder, and to the extent permitted by law, all payments shall be applied in the order selected by Holder to any expenses, prepayment fees, late charges, escrow deposits and other sums due and payable under the Loan Documents, and to unpaid interest at the Interest Rate or at the Default Rate, as applicable.  The balance of any payments shall be applied to reduce the then-unpaid Loan Amount.

3.Security.  The covenants of the Security Instrument are incorporated by reference into this Note.  This Note shall evidence, together with Note A-1 and the Security Instrument shall secure, the Aggregate Indebtedness.

4.Late Charge.  If any payment of interest or any payment of a required escrow deposit is not paid within seven (7) days of the due date, Holder shall have the option to charge Borrower the Late Charge.  The Late Charge shall not apply to the final payment due on the Maturity Date or upon acceleration of the Loan.  The Late Charge is for the purpose of defraying the expenses incurred in connection with handling and processing delinquent payments and is payable in addition to any other remedy Holder may have.  Unpaid Late Charges shall become part of the Aggregate Indebtedness and shall be added to any subsequent payments due under the Loan Documents.

5.Acceleration Upon Default.  At the option of Holder, if Borrower fails to pay any sum specified in this Note when due after giving effect to any grace periods, or if an Event of Default occurs, the Aggregate Indebtedness, and all other sums evidenced and/or secured by the Loan Documents, including without limitation any applicable prepayment fees (collectively, the “Accelerated Loan Amount”) shall become immediately due and payable.

6.Interest Upon Default.  The Accelerated Loan Amount shall bear interest at the Default Rate which shall never exceed the maximum rate of interest permitted to be contracted for under the laws of the State of Colorado.  The Default Rate shall commence upon the occurrence of an Event of Default and shall continue until all defaults are cured.

7.Limitation on Interest.  The agreements made by Borrower with respect to this Note and the other Loan Documents are expressly limited so that in no event shall the amount of interest received, charged or contracted for by Holder exceed the highest lawful amount of interest permissible under the laws applicable to the Loan.  If at any time performance of any provision of this Note or the other Loan Documents results in the highest lawful rate of interest permissible under applicable laws being exceeded, then the amount of interest received, charged or contracted for by Holder shall automatically and without further action by any party be deemed to have been reduced to the highest lawful amount of interest then permissible under applicable laws.  If Holder shall ever receive, charge or contract for, as interest, an amount which is unlawful, at Holder’s election, the amount of unlawful interest shall be refunded to Borrower (if actually paid) or applied to reduce the then-unpaid Loan Amount.  To the fullest extent permitted by applicable laws, any amounts contracted for, charged or received under the Loan Documents included for the purpose of determining whether the Interest Rate would exceed the highest lawful rate shall be calculated by allocating and spreading such interest to and over the full stated term of this Note.

8.Prepayment.  Borrower shall not have the right to prepay all or any portion of the Aggregate Indebtedness at any time during the term of this Note except as expressly set forth in the Defined Terms.  If Borrower provides notice of its intention to prepay, the Accelerated Loan Amount shall become due and payable on the date specified in the prepayment notice subject to Borrower’s one-time right to revoke such prepayment notice or extend the date specified in such prepayment notice as provided in the Defined Terms.

9.Prepayment Fee.

(a)Any tender of payment by Borrower or any other person or entity of the Aggregate Indebtedness, other than as expressly provided in the Loan Documents, shall constitute a prohibited prepayment.  If a prepayment of all or any part of the Aggregate Indebtedness is made following (i) an Event of Default and an acceleration of the Maturity Date, or (ii) except from and after the Permitted Par Prepayment Date, in connection with a purchase of the Property or a repayment of the Aggregate Indebtedness at any time before, during or after, a judicial or non-judicial foreclosure or sale of the Property, then to compensate Holder for the loss of the investment, Borrower shall pay an amount equal to the Prepayment Fee (as hereinafter 

defined); provided that any prepayment made pursuant to Section 7.04(c) of the Security Instrument in connection with a casualty or condemnation shall be without any Prepayment Fee.

(b)The “Prepayment Fee” shall be the greater of (A) the Prepayment Ratio (as hereinafter defined) multiplied by the difference between (x)  and (y), where (x) is the present value of all remaining payments of principal and interest including the outstanding principal due on the Permitted Par Prepayment Date (and assuming the Aggregate Indebtedness is prepaid in full on the Permitted Par Prepayment Date), discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate compounded semi-annually, and (y) is the amount of the principal then outstanding, or (B) one percent (1%) of the amount of the principal being prepaid.

(c)The “Treasury Rate” shall be the annualized yield on securities issued by the United States Treasury having a maturity equal to the remaining stated term of the Note, as quoted in the Federal Reserve Statistical Release [H.15 (519)] under the heading “U.S. Government Securities - Treasury Constant Maturities - Nominal” for the date which is five (5) Business Days prior to the date on which prepayment is being made.  If this rate is not available as of the date of prepayment, the Treasury Rate shall be determined by interpolating between the yield on securities of the next longer and next shorter maturity.  If the Treasury Rate is no longer published, Holder shall select a comparable rate.  Holder will, upon request, provide an estimate of the amount of the Prepayment Fee two (2) weeks before the date of the scheduled prepayment.  A Business Day is any day of the week other than a Saturday, Sunday or a day on which national banks are closed in Detroit, Michigan and/or Denver, Colorado and/or New York, New York

(d)The “Prepayment Ratio” shall be a fraction, the numerator of which shall be the amount of principal being prepaid pursuant to this Note, and the denominator of which shall be the principal then outstanding under this Note.

10.Waiver of Right to Prepay Note Without Prepayment Fee.  Borrower acknowledges that Holder has relied upon the anticipated investment return under this Note in entering into transactions with, and in making commitments to, third parties and that the tender of any prohibited prepayment under Section 9(a) hereof, shall, to the extent permitted by law, include the Prepayment Fee.  Borrower agrees that the Prepayment Fee represents the reasonable estimate of Holder and Borrower of a fair average compensation for the loss that may be sustained by Holder as a result of a prohibited prepayment of this Note and it shall be paid without prejudice to the right of Holder to collect any other amounts provided to be paid under the Loan Documents.

BORROWER EXPRESSLY (A) WAIVES ANY RIGHTS IT MAY HAVE UNDER APPLICABLE STATE LAW TO PREPAY THIS NOTE, IN WHOLE OR IN PART, WITHOUT FEE OR PENALTY, UPON ACCELERATION OF THE MATURITY DATE OF THIS NOTE, AND (B) AGREES THAT IF, FOR ANY REASON, A PREPAYMENT OF THIS NOTE IS MADE, UPON OR FOLLOWING ANY ACCELERATION OF THE MATURITY DATE OF THIS NOTE BY HOLDER ON ACCOUNT OF ANY EVENT OF DEFAULT BY BORROWER UNDER ANY LOAN DOCUMENT, INCLUDING BUT NOT LIMITED TO ANY TRANSFER, FURTHER ENCUMBRANCE OR DISPOSITION WHICH IS PROHIBITED OR RESTRICTED BY THE SECURITY INSTRUMENT, THEN BORROWER SHALL BE OBLIGATED TO PAY CONCURRENTLY THE PREPAYMENT FEE SPECIFIED IN SECTION 9.  BY EXECUTING THIS NOTE, BORROWER AGREES THAT HOLDER’S AGREEMENT TO MAKE THE LOAN AT THE INTEREST RATE AND FOR THE TERM SET FORTH IN THIS NOTE CONSTITUTES ADEQUATE CONSIDERATION FOR THIS WAIVER AND AGREEMENT.

11.Liability of Borrower.  Upon the occurrence of an Event of Default, except as provided in this Section 11, Holder will look solely to the Property and the security under the Loan Documents for the repayment of the Loan and will not enforce a deficiency or other judgment, order or claim against Borrower or any direct or indirect owner of Borrower or any partner, director, officer, trustee, shareholder, member, employee or principal of any such owner, nor any of their successors and assigns except as set forth in this Section 11.  However, nothing contained in this Section 11 shall limit the rights of Holder to proceed against Borrower and/or Liable Party, (i) to enforce any leases entered into by Borrower or its affiliates as tenant, guarantees, or other agreements entered into by Borrower in a capacity other than as borrower or any policies of insurance; (ii) to recover damages for fraud or intentional material misrepresentation; (iii) to recover any Net Proceeds which have not been applied in accordance with the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, by Borrower or which, under the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, should have been paid to Holder; (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or fees paid to Borrower that are part of the collateral for the Loan or prepaid rents for a period of more than thirty (30) days which have not been delivered to Holder upon foreclosure; (v) to recover Rents and Profits received by Borrower after the first day of the month in which an Event of Default occurs and prior to the earlier of (1) the date such Event of Default is cured by Borrower or expressly waived in writing by Holder or (2) the date Holder (or any other third party purchaser at a foreclosure sale) acquires title to the Property, which have not been applied to the Loan or in accordance with the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with the provisions of the Security Instrument pertaining to Hazardous Materials or the Unsecured Indemnity Agreement; (vii) to recover losses, damages, reasonable costs and expenses arising from, or in connection with, any misrepresentation under or breach or violation of the provisions of the Security Instrument, Guaranty or Unsecured Indemnity pertaining to ERISA; (viii) to recover damages arising from Borrower’s failure to obtain Holder’s prior written consent to any subordinate mortgage financing encumbering the Property; (ix) to recover costs and damages arising from Borrower’s failure to pay Premiums or Impositions (to the extent its cash flow is sufficient to satisfy such obligations) in the event Borrower is not required to deposit such amounts with Holder pursuant to Section 2.05 of the Security Instrument; (x) to recover damages arising from breach in any material respect of any of the representations and warranties contained in Section 2.10(c), (d) and (e) of the Security Instrument or those contained in the definition of “Special Purpose Entity” in the Security Instrument which are backward-looking representations, to the extent such breach results in a consolidation of Borrower with any of its Affiliates in a bankruptcy or other insolvency proceeding; (xi) to recover costs and damages arising from Borrower, Liable Party or any Affiliate of Liable Party voluntarily modifying the Ground Lease in violation of the Loan Documents in any material respect and in a manner adverse to Lender or Borrower but only to the extent such modification is binding on Lender; (xii) in the event that the fee owner of the Land is none of Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate), to recover costs and damages arising from (1) Borrower, Liable Party or any Affiliate of Liable Party voluntarily terminating, cancelling or surrendering the Ground Lease or Borrower voluntarily rejecting the Ground Lease in an involuntary bankruptcy proceeding of Borrower if such surrender, termination, rejection or cancellation is effective and binding on the Holder, (2) in connection with any bankruptcy of the Ground Lessor, Borrower failing to object and diligently pursue such actions required by applicable law in such bankruptcy proceeding to object to any rejection, termination, cancellation, or surrender of the Ground Lease or (3) Holder seeking a new ground lease, enforcement of the leasehold mortgagee protections in the Ground Lease and Ground Lessor Estoppel or other litigation as the result of Holder or Servicer complying with the proviso of this subsection (xii) or subsection (C) in the paragraph immediately below in connection with a rejection in bankruptcy, cancellation, surrender or termination of the Ground Lease; provided that with respect to clauses (1) and (2) of this subsection (xii), no recourse liability shall be imposed under this subsection (xii) unless Servicer or Lender shall pursue its rights under the Ground Lease and the Ground Lessor Estoppel, including 

making a request for a new ground lease (provided Lender or Servicer has the right to pursue the same and is not prohibited by any applicable law or legal requirement from pursuing such rights) and the Ground Lessor does not (x) rescind such rejection, surrender, termination or cancellation of the Ground Lease or (y) enter into a new ground lease with Lender or its nominee in accordance with the terms of the Ground Lease and the Ground Lessor Estoppel; (xiii) to recover costs and damages arising from Borrower or any Affiliate of Borrower acquiring the fee interest in the Land in violation of Section 17.03 of the Security Instrument; and/or (xiv) to recover costs and damages arising from Borrower, Liable Party or any Affiliate of Liable Party allowing, permitting or causing the occurrence of one of more of the following Transfers without Lender’s prior written consent having been obtained: (A) a voluntary assignment of Borrower’s interest as ground lessee in the Ground Lease, a transfer by deed or similar conveyance of any portion of the fee title to the Improvements, and/or any Transfer of any portion of Borrower’s interest in the Leases or the Rents and Profits, except, in each case, as expressly permitted under the Loan Documents (it being acknowledged and agreed, for the avoidance of doubt, that any space leases (for less than all or substantially all of the Property), any easements or utility rights granted in the ordinary course of business and for the benefit of the Property, any mechanic’s, materialmen’s or similar Lien, any Lien securing an obligation to pay Impositions, any statutory lien or any notice of pendency are not covered by this item (xiv)(A)) or (B) a Transfer of the direct or indirect interests in Borrower in violation of Section 10.01 of the Security Instrument.  Notwithstanding anything to the contrary contained herein, in no event shall any direct or indirect partner in Borrower have any personal liability hereunder, except in its capacity as Liable Party, but in no event shall the direct or indirect partners of Liable Party have any personal liability hereunder.

The limitation of liability set forth in this Section 11 shall not apply and the Loan will be a recourse loan in the event that (A) Borrower commences a voluntary bankruptcy, (B) Borrower, its affiliates or any of its partners, members or other constituent entities owning direct or indirect controlling interest in Borrower, directly or indirectly participate in a collusive involuntary bankruptcy or collusive insolvency proceeding with respect to Borrower or (C) if the fee owner of the Land is Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate), (1) Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) voluntarily terminates, cancels or surrenders the Ground Lease and such surrender, termination or cancellation is effective and binding on the Lender or (2) Borrower, Liable Party or any Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) rejects the Ground Lease in a bankruptcy proceeding; provided that with respect to clauses (1) and (2) of this subsection (C), no recourse liability shall be imposed under this subsection (C) unless Servicer or Lender shall pursue its rights under the Ground Lease and the Ground Lessor Estoppel, including making a request for a new ground lease (provided Lender or Servicer has the right to pursue the same and is not prohibited by any applicable law or legal requirement from pursuing such rights) and the Borrower and/or Affiliate of Liable Party (including, without limitation, any Qualifying Fee Owner Borrower Affiliate) does not (x) rescind such rejection, surrender, termination or cancellation of the Ground Lease or (y) enter into a new ground lease with Lender or its nominee in accordance with the terms of the Ground Lease and the Ground Lessor Estoppel.
12.Waiver by Borrower.  Except for notices expressly provided for in the Loan Documents, Borrower and others who may become liable for the payment of all or any part of this Note, and each of them, waive diligence, demand, presentment for payment, notice of nonpayment, protest, notice of dishonor and notice of protest, notice of intent to accelerate and notice of acceleration and specifically consent to and waive notice of any amendments, modifications, renewals or extensions of this Note, including the granting of extension of time for payment, whether made to or in favor of Borrower or any other person or persons.

13.Exercise of Rights.  No single or partial exercise by Holder, or delay or omission in the exercise by Holder, of any right or remedy under the Loan Documents shall waive or limit the exercise of any such right or remedy.  Holder shall at all times have the right to proceed against any portion of or interest in the Property in the manner that Holder may deem appropriate, without waiving any other rights or remedies.  The release of any party under this Note shall not operate to release any other party which is liable under this Note and/or under the other Loan Documents or under the Guaranty or the Indemnity Agreement.

14.Fees and Expenses.  If an Event of Default occurs, Borrower shall be liable for and shall pay to Holder, in addition to the sums stated above, the costs and expenses of enforcement and collection, including, without limitation, reasonable attorney’s fees.  This obligation is subject to the limitation under Section 11.

15.No Amendments.  This Note may not be further modified or amended except in a writing executed by Borrower and Holder.  No waivers shall be effective unless they are set forth in a writing signed by the party which is waiving a right.  This Note and the other Loan Documents are the final expression of the lending relationship between Borrower and Holder.

16.Governing Law.  This Note shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Colorado, without regard to conflict of laws principles.

17.Construction.  The words “Borrower” and “Holder” shall be deemed to include their respective heirs, representatives, successors and assigns, and shall denote the singular and/or plural, and the masculine and/or feminine, and natural and/or artificial persons, as appropriate.  The provisions of this Note shall remain in full force and effect notwithstanding any changes in the shareholders, partners or members of Borrower.  The captions in this Note are inserted only for convenience of reference and do not expand, limit or define the scope or intent of any section of this Note.

18.Notices.  All notices, demands, requests and consents permitted or required under this Note shall be given in the manner prescribed in the Security Instrument.

19.Time of the Essence.  Time shall be of the essence with respect to all of Borrower’s obligations under this Note.

20.Severability.  If any provision of this Note should be held unenforceable or void, then that provision shall be deemed separable from the remaining provisions and shall not affect the validity of this Note, except that if that provision relates to the payment of principal and/or interest, then Holder may, at its option, declare the Aggregate Indebtedness (together with the Prepayment Fee) immediately due and payable.

21.WAIVER OF JURY TRIAL.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AND HOLDER HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING AND/OR HEARING ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH, THIS NOTE, THE SECURITY INSTRUMENT OR ANY OF THE LOAN DOCUMENTS, OR THE ENFORCEMENT OF ANY REMEDY UNDER ANY LAW, STATUTE, OR REGULATION.  NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.  EACH PARTY HAS RECEIVED THE ADVICE OF COUNSEL WITH RESPECT TO THIS WAIVER.

22.Servicing.   Notwithstanding anything to the contrary herein, or in any of the other Loan Documents, the Guaranty or the Unsecured Indemnity Agreement, and regardless of the number of Investors that may hold a portion of the Loan, (a) Borrower shall only be required to remit Debt Service payments under this Note and the other Loan Documents, and under the Guaranty and the Unsecured Indemnity Agreement to the Servicer (or sub-servicer, as applicable), (b) Borrower shall only be required to submit requests for consents or approvals to the Servicer (it being understood that the Servicer may require the consent or approval of other Persons pursuant to intercreditor or other arrangements), and (c) no one Investor shall exercise any of its rights and/or remedies (if any) pursuant to the Loan Documents, the Guaranty, or the Unsecured Indemnity Agreement independently from all other Investors; provided, however, with respect to the Unsecured Indemnity Agreement, in the event less than all of the Investors have a right to seek indemnification from Indemnitors, no one Investor shall exercise such right to indemnification independently from all the Investors that also have such right to indemnification.
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39789.050045 EMF_US 59583466v7
IN WITNESS WHEREOF, Borrower has, by its duly authorized representatives, executed this Note as of the Execution Date.
TAUBMAN CHERRY CREEK SHOPPING CENTER, L.L.C., a Delaware limited liability company
By:     /s/ Simon J. Leopold                                   
Name:  Simon J. Leopold
Title:  Authorized Signatory

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