Document:

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                                                                   EXHIBIT 10.53

                        FIRST AMENDMENT TO LOAN AGREEMENT

LENDER:             Jackson National Life Insurance Company

BORROWER:           River Crossing Partnership, a Florida general partnership

LOAN AGREEMENT:     Loan Agreement dated September 16, 1998 by and between
                    Borrower and Lender

NEW BORROWER:       Ramco-Gershenson Properties, L.P., a Delaware limited
                    partnership, doing business in the State of Florida as
                    RAMCO-GERSHENSON PROPERTIES LIMITED PARTNERSHIP

NEW INDEMNITOR:     Ramco-Gershenson Properties Trust, a Maryland Real Estate
                    Investment Trust

DATE:               May 6, 2003

                                    RECITALS

A.       Borrower and Lender entered into the Loan Agreement to set forth the
         terms and conditions of the Loan described therein.

B.       Borrower and New Borrower have requested that Lender consent to the
         sale of the Property to New Borrower and the assumption of the Loan by
         New Borrower. Lender has agreed to such sale and assumption.

C.       Lender and New Borrower have agreed to modify the Loan Agreement as
         provided herein.

D.       All capitalized terms not defined herein shall have the same meaning
         set forth in the Loan Agreement.

<PAGE>

                                    AGREEMENT

         For and in consideration of the premises and other good and valuable
consideration, the receipt of which is hereby acknowledged, New Borrower and
Lender hereby agree as follows:

1.       The Recitals set forth above are true and correct.

2.       The provisions of this First Amendment shall supercede and control all
         conflicting provisions of the Loan Agreement. The First Amendment and
         the Loan Agreement shall constitute and be construed as, a single
         agreement.

3.       Section 3.7 of the Loan Agreement is hereby modified by the addition of
         the following:

         Anything in the foregoing to the contrary notwithstanding, it is
         understood and agreed that Lender's consent shall not be required as
         set forth in the "Leasing Guidelines" attached hereto as Exhibit "A".

4.       Section 3.9 of the Loan Agreement is hereby modified to read as
         follows:

         3.9 Alterations. Without the prior written consent of Lender, Borrower
         shall not make any alterations to the Project (other than completion of
         tenant work required in accordance with leases entered into in
         accordance with the terms of this Agreement) that exceed the cost of
         $100,000.00. All such alterations shall be undertaken and completed in
         accordance with all applicable provisions hereof and of the Loan
         Documents.

5.       Section 3.13 of the Loan Agreement is hereby modified by the addition
         of the following: Notwithstanding the foregoing, Lender agrees that
         Borrower may satisfy the regular financial statement reporting
         requirements for Borrower (but not the Project) as follows:

<PAGE>

         The Borrower will deliver or cause to be delivered to Lender as soon as
         practicable, but in any event not later than one hundred (100) days
         after the end of each fiscal year of the Borrower, the unaudited
         consolidated balance sheet of the Borrower and its Subsidiaries at the
         end of such year, and the related unaudited consolidated statements of
         income, changes in shareholder's equity and cash flows for such year,
         each setting forth in comparative form the figures for the previous
         fiscal year and all such statements to be in reasonable detail,
         prepared in accordance with generally accepted accounting principles,
         and accompanied by a certification by the principal financial
         accounting officer of the Borrower that the information contained in
         such financial statements are true and correct and fairly represents
         the financial position of the Borrower and its Subsidiaries on the date
         thereof; provided, however, that the Borrower shall not be required to
         provide such statements in the event that such statements would be
         substantially similar to the consolidated statements provided by the
         Indemnitor, and Borrower provides written certification of same to
         Lender.

6.       Section 3.17 of the Loan Agreement is hereby modified to provide as
         follows: (a) Lender acknowledges that Borrower may enter into, modify,
         renew, waiver any provision of, terminate or cancel any such leasing or
         other contracts (but not management contracts) in the ordinary course
         of business without the consent of Lender and (b) Lender's consent is
         not required for modifications or amendments to management contracts
         that are not materially more burdensome to Borrower.

7.       Section 3.20 of the Loan Agreement is hereby modified to read as
         follows:

         Without the prior written consent of Lender, which consent shall not be
         unreasonably withheld or delayed, Borrower shall not permit or suffer
         (a) any material amendment or modification of its partnership agreement
         or (b) the admission of any new partners, or transfer of any of its
         partnership interests, except as permitted pursuant to Section 6.3
         hereof. For purposes hereof, a material amendment or modification shall
         be any change that (a) results in the loss of overall control or
         management of the Borrower by the General Partner,

<PAGE>

         (b) is not within the general parameters of typical partnership
         agreements for partnerships involved in an "UPREIT" or similar
         structures, or (c) adversely affects the financial creditworthiness of
         Borrower or the ability of Borrower to pay the Loan."

8.       Section 3.22 of the Loan Agreement is hereby modified to provide that
         except for matters that must be cured sooner to prevent an adverse
         impact on the Project, Lender shall provide Borrower with a 15 day
         notice and right to cure REA defaults.

9.       Section 3.26 of the Loan Agreement is hereby modified to provide that
         Borrower may incur unsecured indebtedness from related parties that
         does not adversely effect the financial condition of Borrower.

10.      Lender acknowledges that no fees are payable to L.J. Melody & Company
         or any other broker or consultant in connection with the assumption
         transaction.

11.      Section 6.3 of the Loan Agreement is modified to read as follows:

         6.3      Prohibition of Transfers of Interests of Borrower.

         (a)      Borrower shall have the right to admit new partners and/or
                  substitute for existing partners provided that the New
                  Indemnitor remains the sole general partner of Borrower and
                  continues to maintain not less than a 50% partnership interest
                  in Borrower, and

         (b)      Borrower shall have the right to transfer or convey the
                  Property on a one-time basis to a transferee wholly owned and
                  controlled by Borrower, provided that (1) the transferee shall
                  have executed and delivered to Lender an assumption agreement
                  in form and substance acceptable to Lender, evidencing such
                  transferee's agreement to abide and be bound by the terms of
                  the loan documents, together with such other documents, legal
                  opinions, title insurance endorsements and other matters as
                  may be reasonably requested by Lender, (2) the New Indemnitor
                  shall have reaffirmed its obligations as "Indemnitor" with
                  respect to the transfer of the property, and (3) Borrower
                  shall have paid Lender's out-of-pocket costs and expenses in
                  connection

<PAGE>

                  with such transfer. Lender agrees not to charge an assumption
                  fee in connection with any such transaction.

12.      Anything in the Loan Agreement or any other Loan Documents to the
contrary notwithstanding, it is acknowledged that the Project includes 306
parking spaces. New Borrower represents and warrants to Lender that this parking
complies with the requirements of all tenant leases and all local land use and
zoning requirements.

13.      Except as amended by the provisions hereof, the Loan Agreement is
ratified and conformed and shall remain in full force and effect.

WITNESS THE FOLLOWING SIGNATURES UNDER SEAL

                                       LENDER:

                                       JACKSON NATIONAL LIFE INSURANCE COMPANY

                                       By ______________________________________
                                          Name:
                                          Title:

<PAGE>

                                       NEW BORROWER:

                                       RAMCO-GERSHENSON PROPERTIES,
                                       L.P., a Delaware limited partnership,
                                       doing business in the State of Florida as
                                       RAMCOGERSHENSON PROPERTIES LIMITED
                                       PARTNERSHIP

                                       By: RAMCO-GERSHENSON PROPERTIES TRUST, a
                                           Maryland Real Estate Investment
                                           Trust, its general partner

                                       By: _____________________________________
                                           Name:
                                           Title:

The New Indemnitor joins herein to evidence his consent to the provisions
hereunder and agreement to be bound hereby.

                                       NEW INDEMNITOR:

                                       RAMCO-GERSHENSON PROPERTIES TRUST, a
                                       Maryland Real Estate Investment Trust

                                       By: _____________________________________
                                           Name:
                                           Title:

<PAGE>

                                   EXHIBIT "A"
                            LEASING ACTION GUIDELINES

Lender shall have the right to review and approve the execution, renewal,
modification, settling or termination (each such action is called a "Leasing
Action") relating to the space currently occupied by the "Key Leases". The Key
Leases are Publix Supermarkets, Blockbuster Video and Stevens Place.

Any Leasing Action not related to the Key Leases will not require Lender written
consent if the following conditions are met:

1.       Term of Lease - Maximum term of five (5) years, including the base
lease term and all extension options.

2.       Maximum Rental Space - 3000 SF.

3.       Minimum Rent - $14.50 NRSF (taking into account free rent or other
concessions and tenant improvements which exceed market or building standards,
etc.).

4.       Expense Provisions: Triple Net.

5.       Form of lease - All leases shall be made to established tenants on the
approved "standard" form of lease with no material deletions or alterations
therefrom. To facilitate Assignee's lease review, all deletions or alterations
to the "standard" form of lease sub-mitted by Assignor to Assignee for approval
must be black-lined or highlighted.

6.       Other Obligations - Landlord shall not agree to any rental space
take-over or take-back obligation with respect to the center or any other
premises leased by such tenant. No lease shall contain a tenant option to lease
additional space which would cause occupied square footage to exceed the limits
of item 3 above or to purchase the premises or acquire any Interest in the
Property. No lease shall contain any representations, warranties or
indemnifications by the Landlord with respect to hazardous substances or
asbestos. No lease shall permit prepayment of rent more than one month in
advance. Leases must be arms-length transactions to parties not affiliated with
Borrower.

7.       There are no defaults in the Loan.

Borrower will provide copies of all documentation for any Leasing Action not
requiring Lender approval within ten (10) business days of the occurrence of
such Leasing Action. Lender will require executed Estoppel Certificates and
Subordination, Non-Disturbance and Attornment Agreements on Lender's standard
form when Leasing Actions occur. For a Leasing Action which does not meet the
above criteria , Lender approval of the Leasing Action is required. Lender will
be deemed to have consented to any Leasing Action if it does not notify Borrower
that it is withholding its consent within ten (10) business days of its receipt
of (a) notification of the proposed Leasing action and (b) all materials
reasonably requested to permit Lender to review the proposed leasing action.<PAGE>

                                                                   EXHIBIT 10.56

                                 FIXED RATE NOTE

$12,100,000.00                                           June _____, 2003

         FOR VALUE RECEIVED, EAST TOWN PLAZA, LLC, a Delaware limited liability
company ("Maker"), having its principal place of business at 27600 Northwestern
Highway, Suite 200, Southfield, Michigan 48034, promises to pay to the order of
CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, its successors or
assigns ("Payee") at the office of Payee or its agent, designee or assignee at
388 Greenwich Street, 11th Floor, New York, New York, 10013, or at such place as
the holder hereof may from time to time designate in writing, the principal sum
of TWELVE MILLION ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($12,100,000.00) in
lawful money of the United States of America with interest thereon to be
computed on the unpaid principal balance from time to time outstanding from the
date of this Note (herein so called) at the Interest Rate (hereinafter defined),
and to be paid in installments as follows:

         1.       Payment Terms

                  (a)      A payment of interest only on the date hereof for the
period from the date hereof through June 30, 2003, both inclusive;

                  (b)      A constant payment of $68,323.36, (the "Constant
Payment"), on August 1, 2003 and on the first day of each calendar month
thereafter up to and including June 1, 2013; each of such payments to be applied
to the payment of interest computed at the Interest Rate (as defined below); and
the balance applied toward the reduction of the principal sum; and

                  (c)      The balance of said principal sum and all interest
thereon shall be due and payable on July 1, 2013 or the first business day
thereafter if the same should be a banking holiday or weekend (the "Maturity
Date"). Interest on the principal sum of this Note shall be calculated by
multiplying the actual number of days elapsed in each accrual period by a daily
rate based on a three hundred sixty (360) day year. In computing the number of
days during which such interest accrues, the day on which funds are initially
advanced shall be included regardless of the time of day such advance is made,
and the day on which funds are repaid shall be included unless repayment is
credited prior to close of business. The Constant Payment required hereunder is
based on an amortization schedule of three hundred sixty (360) months.

         In the absence of a specific determination by Payee to the contrary,
all payments paid by Maker to Payee in connection with the obligations of Maker
under this Note and under the other Loan Documents shall be applied in the
following order of priority: (a) to amounts, other than principal and interest,
due to Payee pursuant to this Note or the other Loan Documents; (b) to the
portion of accrued but unpaid interest accruing on this Note; and (c) to the
unpaid principal balance of this Note. Maker irrevocably waives the right to
direct the application of any and all payments at any time hereafter received by
Payee from or on behalf of Maker, and Maker irrevocably agrees that Payee shall
have the continuing exclusive right to apply any and all such

<PAGE>

payments against the then due and owing obligations of Maker in such order of
priority as Payee may deem advisable.

         2.       Interest Rate. The term "Interest Rate" as used in this Note
shall mean a rate of Five and 45/100 percent (5.45%) per annum.

         3.       Default and Acceleration. The whole of the principal sum of
this Note, together with all interest accrued and unpaid thereon, and all other
sums due under the Mortgage (hereinafter defined), the Loan Documents
(hereinafter defined) and this Note (all such sums hereinafter collectively
referred to as the "Debt") shall without notice become immediately due and
payable at the option of Payee if any payment due on the Maturity Date is not
paid on such date or if any other payment required in this Note is not paid on
or before the fifth (5th) day after the date when due, or if any Event of
Default (as defined in the Mortgage) occurs and is continuing, or on the
happening of any other default and continuance thereof, after the expiration of
any applicable notice and grace periods, herein or under the terms of the
Mortgage or other Loan Documents (hereinafter collectively an "Event of
Default"), and further provided that the Debt shall automatically become
immediately due and payable, without notice or any exercise of any option on the
part of Payee, if an Event of Default of the type set forth in Section 22(g) of
the Mortgage occurs with respect to Maker. All of the terms, covenants and
conditions contained in the Mortgage and the other Loan Documents are hereby
made part of this Note to the same extent and with the same force as if they
were fully set forth herein. In the event that it should become necessary to
employ counsel to collect the Debt or to protect or foreclose the security
hereof, Maker also agrees to pay reasonable attorneys' fees for the services of
such counsel whether or not suit be brought.

         4.       Default Interest. Maker does hereby agree that upon the
occurrence and continuance of an Event of Default or upon the failure of Maker
to pay the Debt in full on the Maturity Date, Payee shall be entitled to receive
and Maker shall pay interest on the entire unpaid principal sum at the rate of
the greater of 5% above the Interest Rate or 5% above the Base Rate (hereinafter
defined), in effect at the time of the occurrence of the Event of Default (the
"Default Rate"). The term "Base Rate" shall mean the annual rate announced by
Citibank, N.A., in New York City, New York as its base rate in effect at the
time of the occurrence of the Event of Default. The Default Rate shall be
computed from the occurrence of the Event of Default until the actual receipt
and collection of the Debt. This charge shall be added to the Debt, and shall be
deemed secured by the Mortgage. This section, however, shall not be construed as
an agreement or privilege to extend the date of the payment of the Debt, nor as
a waiver of any other right or remedy accruing to Payee by reason of the
occurrence of any Event of Default. In the event the Default Rate is above the
maximum rate permitted by applicable law, the Default Rate shall be the maximum
rate permitted by applicable law.

         5.       Prepayment; Defeasance.

                  (a)      The principal balance of this Note may not be prepaid
in whole or in part prior to the date which is sixty (60) calendar days prior to
the Maturity Date.

                                       2

<PAGE>

                  (b)      After the date which is the earlier to occur of (i)
the second (2nd) anniversary of the "start-up day" (within the meaning of
Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from time to
time, or any successor statute (the "Code")), of the "real estate investment
conduit" ("REMIC") that then holds this Note or (ii) the fourth (4th)
anniversary of the date of this Note, and prior to the date which is sixty (60)
calendar days prior to the Maturity Date, Maker may voluntarily defease the Debt
in whole, but not in part (such event, a "Defeasance"), by providing Payee with
the Defeasance Collateral (as defined below) producing payments which replicate
the Scheduled Defeasance Payments (as defined below), provided that any
Defeasance by Maker shall be subject to the satisfaction of the following
conditions precedent and other provisions below:

                           (i)      Maker shall provide not less than thirty
                  (30) days prior written notice to Payee specifying a regularly
                  scheduled payment date (the "Defeasance Date") on which the
                  Defeasance is to occur. Such notice shall indicate the
                  principal amount of this Note to be defeased;

                           (ii)     Maker shall pay to Payee all accrued and
                  unpaid interest on the principal balance of this Note to, but
                  not including, the Defeasance Date. If for any reason the
                  Defeasance Date is not a regularly scheduled payment date,
                  Maker shall also pay interest that would have accrued on this
                  Note through the next regularly scheduled payment date;

                           (iii)    Maker shall pay to Payee all other sums, not
                  including scheduled interest or principal payments, due under
                  this Note, the Mortgage, and the other Loan Documents;

                           (iv)     Maker shall pay to Payee an amount equal to
                  the full principal amount of this Note together with an
                  additional amount such that the aggregate amount (the
                  "Defeasance Deposit") is at least sufficient to purchase
                  direct, non-callable obligations of the United States of
                  America (the "Defeasance Collateral") that provide payments on
                  or prior to, but as close as possible to, all successive
                  scheduled payment dates after the Defeasance Date upon which
                  interest and/or principal payments are due under this Note
                  through and including the Maturity Date and in amounts equal
                  to the scheduled payments due on such dates, including, on the
                  Maturity Date, the outstanding principal balance of this Note,
                  together with all interest accrued thereon and all other sums
                  then due and owing upon this Note and under the Loan Documents
                  (the "Scheduled Defeasance Payments");

                           (v)      Maker shall deliver to Payee on or prior to
                  the Defeasance Date the following: (a) an executed security
                  agreement, in form and substance satisfactory to Payee,
                  creating a first priority lien on the Defeasance Deposit and
                  the Defeasance Collateral (the "Defeasance Security
                  Agreement"); (b) an opinion of counsel for Maker in form and
                  substance satisfactory to Payee in its sole discretion
                  stating, among other things, that Maker has legally and
                  validly

                                       3

<PAGE>

                  transferred and assigned the Defeasance Collateral and all
                  obligations, rights and duties under and to this Note to the
                  Successor Borrower (as defined below); that Payee has a
                  perfected first priority security interest in the Defeasance
                  Deposit and the Defeasance Collateral delivered by Maker, and
                  that any REMIC trust formed pursuant to Section 860D of the
                  Code that holds this Note will not fail to maintain its status
                  as a REMIC within the meaning of Section 860D of the Code as a
                  result of such Defeasance; (c) a certificate of Maker
                  certifying that all requirements relating to defeasance set
                  forth in this Note and any other Loan Documents have been
                  satisfied; (d) evidence in writing from each of the Rating
                  Agencies (as defined below) to the effect that the Defeasance
                  will not result in a qualification, downgrade or withdrawal of
                  any rating in effect immediately prior to the Defeasance Date
                  for any securities or "Pass-Through Certificates" issued
                  pursuant to the terms of a trust and servicing agreement in
                  the event that this Note or any interest therein is included
                  in a REMIC or other securitization vehicle; (e) a certificate
                  from an independent certified public accounting firm selected
                  by Payee certifying that the Defeasance Collateral is
                  sufficient to satisfy the payments required under this Note as
                  described above; and (f) such other certificates or
                  instruments and Payee may reasonably request;

                           (vi)     Maker shall deliver such other certificates,
                  documents and instruments as Payee may reasonably request; and

                           (vii)    Maker shall pay all costs and expenses to
                  Payee incurred in connection with the Defeasance, including
                  any costs and expenses associated with a release of the lien
                  of the Mortgage as provided below as well as reasonable
                  accountants' and attorneys' fees and expenses.

                  (c)      For purposes hereof, "Rating Agencies" shall mean,
collectively, (i) Standard and Poor's Rating Services, (ii) Moody's Investors
Service, Inc., (iii) Fitch, Inc. (or its affiliates), and (iv) any other rating
agency designated by Payee, and the respective successors and assigns of each.

                  (d)      In connection with each Defeasance, Maker hereby
appoints Payee as its agent and attorney-in-fact for the purpose of using the
Defeasance Deposit to purchase the Defeasance Collateral. Maker, pursuant to the
Defeasance Security Agreement or other appropriate document, shall authorize and
direct that the payments received from the Defeasance Collateral may be made
directly to the account maintained by, or for the benefit of, Payee (unless
otherwise directed by Payee) and applied to satisfy the obligations of Maker or
Successor Borrower under this Note. If Maker has defeased the entire Note and
the conditions precedent listed above and all other terms and conditions set
forth herein have been satisfied, the Property shall be released from the lien
of the Mortgage and the Defeasance Collateral, pledged pursuant to the
Defeasance Security Agreement, shall be the sole source of collateral securing
this Note. In connection with the release of the lien, Maker shall submit to
Payee, not less than thirty (30) days prior to the Defeasance Date, a release of
lien for the Mortgage and related Loan Documents (including any guaranty) for
execution by Payee. Such release shall be in form

                                       4

<PAGE>

appropriate in the jurisdiction in which the Property is located and
satisfactory to Payee in its sole discretion. In addition, Maker shall pay all
recording costs, fees and expenses associated with recording the release of
lien. Maker shall provide all other documentation Payee reasonably requires to
be delivered by Maker in connection with such release, together with a
certificate certifying that such documentation (i) is in compliance with all
applicable laws, and (ii) will effect such release in accordance with the terms
of this Note.

                  (e)      Payee, at Maker's expense, may form or, at Payee's
request, Maker shall form a special-purpose bankruptcy remote entity (the
"Successor Borrower") to be the obligor under this Note. Maker shall, at Payee's
request, assign all of its obligations and rights under this Note to the
Successor Borrower. In connection therewith, the Successor Borrower shall
execute an assumption agreement in form and substance satisfactory to Payee in
its sole discretion pursuant to which it shall assume Maker's obligations under
this Note and the Defeasance Security Agreement, and Maker and any guarantors
shall be released from their obligations with respect to such assumed documents.
The sole assets of the Successor Borrower shall be the Defeasance Collateral. In
connection with such assignment and assumption, Maker shall:

                           (i)      deliver to Payee an opinion of counsel in
                  form and substance and delivered by counsel satisfactory to
                  Payee in its sole discretion stating, among other things, that
                  such assumption agreement is enforceable against Maker and the
                  Successor Borrower in accordance with its terms, that the
                  Note, the Defeasance Security Agreement and any other
                  documents executed in connection with such Defeasance are
                  enforceable against the Successor Borrower in accordance with
                  their respective terms and that the delivery of the Defeasance
                  Deposit and transfer of the Defeasance Collateral to Successor
                  Borrower does not constitute a fraudulent conveyance or a
                  preference payment under applicable bankruptcy law;

                           (ii)     pay all costs and expenses incurred by Payee
                  or its agents in connection with such assignment and
                  assumption (including, without limitation, any fees and
                  disbursements of legal counsel); and

                           (iii)    pay $1,000 to Successor Borrower as
                  consideration for assuming the obligations under the Note and
                  the Defeasance Security Agreement and a defeasance processing
                  fee to the servicer of the Note; provided, notwithstanding
                  anything to the contrary herein or in the Loan Documents, no
                  other assumption fee shall be payable by Maker in connection
                  with such assumption.

                  (f)      If, prior to the date which is sixty (60) calendar
days prior to the Maturity Date, and following the occurrence of any Event of
Default, Maker shall tender payment of an amount sufficient to satisfy all or
any portion of the Debt, or if the balance of the Debt shall otherwise become
due and owing, as a result of acceleration upon the occurrence of an Event of
Default or otherwise, Maker shall immediately pay, in addition to the Debt and
any other amounts due under the terms of this Note and the other Loan Documents,
an amount equal to the Yield Maintenance Premium (as defined below); provided
that if a complete or partial

                                       5

<PAGE>

prepayment results from the application to the Debt of the casualty or
condemnation proceeds from the property, no Yield Maintenance Premium will be
imposed. Partial prepayments of principal resulting from the application of
casualty or insurance proceeds to the Debt shall not change the amounts of
subsequent monthly installments nor change the dates on which such installments
are due, unless Payee shall otherwise agree in writing.

                  (g)      For purposes hereof, "Yield Maintenance Premium"
shall mean an amount equal to the aggregate sum (without duplication) of:

                           (i)      the product obtained by multiplying (1) the
entire unpaid principal balance of this Note at the time of prepayment (or at
the time of the earlier date upon which the balance of this Note shall become
due and payable, whether due to maturity, acceleration or otherwise), times (2)
the difference (if a positive number) obtained by subtracting from the
Applicable Interest Rate the yield rate (the "Yield Rate") on the 3.625% U.S.
Treasury Security due May 15, 2013 (the "Specified U.S. Treasury Security"), as
the Yield Rate is reported in the Wall Street Journal on the fifth Business Day
(as hereinafter defined) preceding (x) the date of prepayment where prepayment
is voluntary, or (y) the date upon which the balance of the Debt shall become
due and payable, whether due to maturity, acceleration or otherwise, times (3)
the present value factor calculated using the following formula:

                  1-(1 + r)(-n)
                  _____________
                        r

                                    r=      Yield Rate

                                    n=      the number of years, and any
                                            fraction thereof, remaining between
                                            the prepayment date (or such earlier
                                            date upon which the balance of the
                                            Debt shall have been accelerated or
                                            otherwise become due and payable)
                                            and the Maturity Date.

In the event that no Yield Rate is published for the Specified U.S. Treasury
Security, then the nearest equivalent U.S. Treasury Security shall be selected
at Payee's sole discretion. If the publication of such Yield Rates in the Wall
Street Journal is discontinued, Payee shall determine such Yield Rates from
another source selected by Payee; and

                           (ii)     an amount equal to the interest which would
have accrued on the principal balance of this Note during the remaining days of
the full calendar month within which such prepayment is made or the Debt shall
been accelerated or otherwise become due and payable.

                  (h)      Maker acknowledges and agrees that Yield Maintenance
Premium is not a penalty or additional interest, but is Payee's cost of
liquidating its investments in the event of any prepayment of this Note. Maker
hereby covenants and agrees to indemnify Payee and hold it harmless from any
costs, fees, expenses (including attorney's fees) resulting from any action,
litigation or judicial decision alleging, claiming or holding that the Yield
Maintenance Premium is a penalty or additional interest, and from any damages
(whether compensatory or punitive)

                                       6

<PAGE>

ordered by a court, judge or administrative law judge which may determine that
the Yield Maintenance Premium is a penalty or additional interest.

                  (i)      In the event of prepayment of this Note (in whole but
not in part) on or after the date which is sixty (60) calendar days prior to the
Maturity Date, Maker shall pay, together with the amount of such prepayment, an
amount equal to (i) the interest which would have been accrued on the amount of
such prepayment during the remaining days of the full calendar month within
which such prepayment is made, (ii) all accrued and unpaid interest and (iii)
any other sums due under this Note or any other Loan Document.

         6.       Security. This Note is evidence of that certain loan made by
Payee to Maker contemporaneously herewith (the "Loan"). This Note is secured by
(a) a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture
Filing of even date herewith in the amount of this Note given by Maker for the
use and benefit of Payee covering the fee estate of Maker in certain premises as
more particularly described therein (the "Mortgaged Property") (as the same may
be amended, restated, extended, supplemented, or otherwise modified from time to
time, the "Mortgage"), (b) an Assignment of Leases and Rents of even date
herewith executed by Maker in favor of Payee (as the same may be amended,
restated, extended, supplemented or otherwise modified from time to time, the
"Assignment of Leases"), and (c) the other Loan Documents (as hereinafter
defined). The term "Loan Documents" as used in this Note relates collectively to
this Note, the Mortgage, the Assignment of Leases and any and all other
documents securing, evidencing, or guaranteeing all or any portion of the Loan
or otherwise executed and/or delivered in connection with this Note and the
Loan, provided, however, that such term shall in no event be deemed to include
that certain Environmental Liabilities Agreement dated as of the date hereof in
favor of Payee.

         7.       Maximum Legal Interest. It is expressly stipulated and agreed
to be the intent of Maker and Payee at all times to comply with applicable state
law or applicable United States federal law (to the extent that it permits Payee
to contract for, charge, take, reserve, or receive a greater amount of interest
than under state law) and that this section shall control every other covenant
and agreement in this Note. If the applicable law (state or federal) is ever
judicially interpreted so as to render usurious any amount called for under this
Note, or contracted for, charged, taken, reserved, or received with respect to
the Debt, or if Payee's exercise of the option to accelerate the Maturity Date,
or if any prepayment by Maker results in Maker having paid any interest in
excess of that permitted by applicable law, then it is Payee's express intent
that all excess amounts theretofore collected by Payee shall be credited on the
principal balance of this Note and all other Debt and the provisions of this
Note immediately be deemed reformed and the amounts thereafter collectible
hereunder and thereunder reduced, without the necessity of the execution of any
new documents, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder or thereunder. All
sums paid or agreed to be paid to Payee for the use, forbearance, or detention
of the Debt shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Note
until payment in full of the Debt so that the rate or amount of interest on
account of the Debt does not exceed the maximum lawful rate from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding.
Notwithstanding anything to the

                                       7

<PAGE>

contrary contained herein, it is not the intention of Payee to accelerate the
maturity of any interest that has not accrued at the time of such acceleration
or to collect unearned interest at the time of such acceleration.

         8.       Late Charges. Notwithstanding any longer period granted under
Section 3 hereof in connection with the occurrence of an Event of Default and
Payee's acceleration remedies, if any sum payable under this Note is not paid on
or before the fifth (5th) day after the date on which it is due, Maker shall pay
to Payee upon demand an amount equal to the lesser of five percent (5%) of such
unpaid sum or the maximum amount permitted by applicable law to defray the
expenses incurred by Payee in handling and processing such delinquent payment
and to compensate Payee for the loss of the use of such delinquent payment and
such amount shall be secured by the Mortgage and other Loan Documents.

         9.       No Oral Changes. This Note may not be modified, amended,
waived, extended, changed, discharged or terminated orally or by any act or
failure to act on the part of Maker or Payee, but only by an agreement in
writing signed by the party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.

         10.      Joint and Several Liability. If Maker consists of more than
one person or party, the obligations and liabilities of each such person or
party shall be joint and several.

         11.      Waivers. Except as specifically provided in the Loan
Documents, Maker and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest, notice of protest, and non-payment, notice
of intent to accelerate the maturity hereof and notice of such acceleration. No
release of any security for the Debt or extension of time for payment of this
Note or any installment hereof, and no alteration, amendment or waiver of any
provision of this Note, the Mortgage or the other Loan Documents made by
agreement between Payee and any other person or party shall release, modify,
amend, waive, extend, change, discharge, terminate or affect the liability of
Maker, and any other who may become liable for the payment of all or any part of
the Debt, under this Note, the Mortgage or the other Loan Documents.

         12.      Limitations on Recourse. Notwithstanding anything in the Loan
Documents to the contrary, but subject to the qualifications and other
provisions in clauses (a), (b) and (c) of this Section 12 below, Payee and Maker
agree that: (i) Maker shall be liable upon the Debt and for the other
obligations arising under the Loan Documents to the full extent (but only to the
extent) of all of the Mortgaged Property and any other items, property or
amounts which are collateral or security for the Loan; (ii) if a default occurs
in the timely and proper payment of all or any part of the Debt, any judicial
proceedings brought by Payee against Maker shall be limited to the preservation,
enforcement and foreclosure, or any thereof, of the liens, security titles,
estates, assignments, rights and security interests now or at any time hereafter
securing the payment of the Debt and/or the other obligations of Maker under the
Loan Documents, and no attachment, execution or other writ of process shall be
sought, issued or levied upon any assets, properties or funds of Maker other
than the Mortgaged Property; and (iii) in the event of a foreclosure of such
liens, security titles, estates, assignments, rights or security interests
securing

                                       8

<PAGE>

the payment of the Debt, no judgment for any deficiency upon the Debt shall be
sought or obtained by Payee against Maker.

                  (a)      Nothing contained in this Section 12 shall (1) be
deemed to be a release or impairment of the Debt or the lien of the Loan
Documents upon the Mortgaged Property, or (2) preclude Payee from foreclosing
under the Loan Documents in case of any default or from enforcing any of the
other rights of Payee, including naming Maker as a party defendant in any action
or suit for foreclosure and sale under the Mortgage, or obtaining the
appointment of a receiver or prohibit Payee from obtaining a personal judgment
against Maker on the Debt to the extent (but only to the extent) such judgment
may be required in order to enforce the liens, security titles, estates,
assignments, rights and security interests securing payment of the Debt, or (3)
limit or impair in any way whatsoever the Guaranty (the "Guaranty") of even date
executed and delivered in connection with the indebtedness evidenced by this
Note or release, relieve, reduce, waive or impair in any way whatsoever, any
obligation of any party to the Guaranty or (4) release, relieve, reduce, waive
or impair in any way whatsoever any obligations of any person other than Maker
which is a party to any of the other Loan Documents.

                  (b)      In the event of fraud or material misrepresentation
by Maker or any guarantor in connection with the Loan Documents or the documents
delivered by Maker, or the first full monthly payment on this Note is not paid
when due, or if any petition or proceeding for bankruptcy, reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by Maker (or if any such petition or proceeding was not so
filed by Maker, but Maker or Guarantor or their respective agents, affiliates,
officers or employees consented to, acquiesced in arranged or otherwise
participated in bringing about the institution of such petition or proceeding),
or if there shall occur any material breach or default under the provisions of
Section 9 of the Mortgage (entitled "Single Purpose Entity/Separateness"), the
limitations on recourse set forth in this Section 12, including the provisions
of clauses (i), (ii) and (iii) of this Section 12 above, will be null and void
and completely inapplicable, and this Note shall be full recourse to Maker.

                  (c)      Nothing contained herein shall in any manner or way
release, affect or impair the right of Payee to recover, and Maker shall be
fully and personally liable and subject to legal action, for any loss, cost,
expense, damage, claim or other obligation (including without limitation
reasonable attorneys' fees and court costs) incurred or suffered by Payee
arising out of or in connection with the following:

                                    (A)      any continuing default beyond any
                  applicable cure periods of the Environmental Liabilities
                  Agreement executed by Maker for the benefit of Payee, dated of
                  even date herewith, including the indemnification provisions
                  contained therein;

                                    (B)      Maker's failure to obtain Payee's
                  prior written consent to any subordinate financing (except as
                  permitted in Section 9(d) of the Mortgage) or any other
                  encumbrance on the Mortgaged Property, or any transfer of the
                  Mortgaged Property or majority ownership in Maker in violation
                  of the Mortgage;

                                       9

<PAGE>

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

                                    (D)      Maker's failure to apply proceeds
                  of rents or any other payments in respect of the leases and
                  other income from the Mortgaged Property or any other
                  collateral when received to the costs of maintenance and
                  operation of the Mortgaged Property and to the payment of
                  taxes, lien claims, insurance premiums, monthly payments of
                  principal and interest or escrow payments or other payments
                  due under the Loan Documents to the extent the Loan Documents
                  require such proceeds to be then so applied;

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

                                    (F)      the gross negligence or willful
                  misconduct of Maker, its agents, affiliates, officers or
                  employees which causes or results in a material diminution, or
                  material loss of value, of the Mortgaged Property that is not
                  reimbursed by insurance or which gross negligence or willful
                  misconduct exposes Payee to claims, liability or costs of
                  defense in any litigation or other legal proceeding;

                                    (G)      the seizure or forfeiture of the
                  Mortgaged Property, or any portion thereof, or Payee's
                  interest therein, resulting from criminal wrongdoing by Maker,
                  its agents, affiliates, officers or employees; and

                                    (H)      waste to the Mortgaged Property
                  caused by the acts or omissions of Maker, its agents,
                  affiliates, officers, employees or contractors; or the removal
                  or disposal of any portion of the Mortgaged Property by Maker
                  its agents, affiliates, officers, employees or contractors
                  after an Event of Default to the extent such Mortgaged
                  Property is not replaced by Maker with like property of
                  equivalent value, function and design.

         13.      Notices. All notices or other communications required or
permitted to be given pursuant hereto shall be given in the manner and be
effective as specified in the Mortgage, directed to the parties at their
respective addresses as provided therein.

                                       10

<PAGE>

         14.      Transfers of Note and Loan. Payee shall have the unrestricted
right at any time or from time to time to sell this Note and the Loan or
participation interests therein. Maker shall execute, acknowledge and deliver
any and all instruments requested by Payee to satisfy such purchasers or
participants that the unpaid indebtedness evidenced by this Note is outstanding
upon the terms and provisions set out in this Note and the other Loan Documents.
To the extent, if any specified in such assignment or participation, such
assignee(s) or participant(s) shall have the rights and benefits with respect to
this Note and the other Loan Documents as such assignee(s) or participant(s)
would have if they were the Payee hereunder.

         15.      Waiver of Trial By Jury; Waiver of Certain Claims. MAKER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE OR THE OTHER LOAN
DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH INCLUDING, BUT NOT LIMITED TO THOSE RELATING TO (A) ALLEGATIONS THAT A
PARTNERSHIP EXISTS BETWEEN PAYEE AND MAKER; (B) USURY OR PENALTIES OR DAMAGES
THEREFOR; (C) ALLEGATIONS OF UNCONSCIONABLE ACTS, DECEPTIVE TRADE PRACTICE, LACK
OF GOOD FAITH OR FAIR DEALING, LACK OF COMMERCIAL REASONABLENESS, OR SPECIAL
RELATIONSHIPS (SUCH AS FIDUCIARY, TRUST OR CONFIDENTIAL RELATIONSHIP); (D)
ALLEGATIONS OF DOMINION, CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL ESTATE
FRAUD, MISREPRESENTATION, DURESS, COERCION, UNDUE INFLUENCE, INTERFERENCE OR
NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS INTERFERENCE WITH PRESENT OR PROSPECTIVE
BUSINESS RELATIONSHIPS OR OF ANTITRUST; OR (F) SLANDER, LIBEL OR DAMAGE TO
REPUTATION. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY MAKER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.
PAYEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER.

         16.      Authority. Maker (and the other undersigned representative of
Maker, if any) represents that Maker has full power, authority and legal right
to execute, deliver and perform its obligations pursuant to this Note, the
Mortgage and the other Loan Documents and that this Note, the Mortgage and the
other Loan Documents constitute valid and binding obligations of Maker.

         17.      Governing Law; Consent to Jurisdiction. This Note shall be
governed and construed in accordance with the laws of the state where the
Mortgaged Property is located and the applicable laws of the United States of
America. Maker hereby irrevocably submits to the jurisdiction of any court of
competent jurisdiction located in the state in which the Mortgaged Property is
located in connection with any proceeding relating to this Note.

                                       11

<PAGE>

                            [SIGNATURE PAGE FOLLOWS]

                                       12

<PAGE>

         IN WITNESS WHEREOF, Maker has duly executed this Note the day and year
first above written.

                                          EAST TOWN PLAZA, LLC,

                                          A DELAWARE LIMITED LIABILITY COMPANY

                                          By: East Town Plaza Holdings Corp.
                                              a Delaware corporation,
                                              its Managing Member

                                              By: ______________________________
                                              Its: _____________________________

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