MORTGAGE











                            Ramco Madison Center LLC

                              (Mortgagor/Borrower)



                                       To





                        LASALLE BANK NATIONAL ASSOCIATION

                               (Mortgagee/Lender)















                           Dated: As of April 23, 2001



                               Property Location:

                                 Madison Center

                                29101 John R Road

                         Madison Heights, Michigan 48071



               Tax Parcel Numbers: 25-11-476-003 and 25-11-476-009







                               Loan No.: 00-12-024



                        DRAFTED BY, RECORD AND RETURN TO:



                             Simpson Zelenock, P.C.

                        260 East Brown Street, Suite 300

                         Birmingham, Michigan 48009-6232

                          Attn.: Jeffrey C. Urban, Esq.











{PAGE}   2

                                  DEFINED TERMS



         As used in this Mortgage, the following terms shall have the following

meanings assigned to them:



{TABLE}

{S}                                     {C}

BORROWER                                Ramco Madison Center LLC, a limited liability company organized in

                                        Michigan



BORROWER'S ADDRESS                      27600 Northwestern Highway, Suite 200, Southfield, Michigan 48034



LENDER                                  LASALLE BANK NATIONAL ASSOCIATION, a national banking association, and its

                                        successors and assigns as holders of the Note



LENDER'S ADDRESS                        135 South LaSalle Street, Chicago, Illinois 60603



NOTE                                    That Promissory Note of even date herewith made by Borrower to the order

                                        of Lender in the Principal Amount, together with all notes issued in

                                        substitution or exchange therefor, as any of the foregoing may be amended,

                                        modified or supplemented from time to time



PRINCIPAL AMOUNT                        $10,340,000



MATURITY DATE                           May 1, 2011



LAND                                    The property described on Exhibit A to this Mortgage



PERSONAL PROPERTY                       The property described on Exhibit B to this Mortgage



REPLACEMENT RESERVE

MONTHLY PAYMENT                         $2,752.23/month - up to $49,540.05 (18 months) "Replacement Reserve Cap"

                                        subject to the provisions of Paragraph 3(c)



TI AND LEASING RESERVE                  $10,484/month up to a $187,000 "TI and Leasing Reserve Cap" subject to the

MONTHLY PAYMENT                         provisions of Paragraph 3(d)





PERMITTED USE                           Retail (including service office uses such as banks, brokerage services,

                                        insurance agencies and medical/professional offices)



PRINCIPALS                              Ramco-Gershenson Properties, L.P.



BEST'S RATING                           A General Policy Rating of A: VIII or better in Best's Key Rating Guide.

{/TABLE}













                                      -2-

{PAGE}   3



         This Mortgage ("MORTGAGE") is made as of April 23, 2001, by Borrower to

and for the benefit of Lender.



                                R E C I T A L S:



         Borrower has executed and delivered to Lender the Note (which is

hereinafter referred to as the "Note"), providing for monthly installments of

principal and interest, with the balance thereof, if not sooner due or paid as

set forth in the Note, due and payable on the Maturity Date;



         Lender wishes to secure (i) the prompt payment of the Note, together

with all interest thereon in accordance with the terms of the Note, as well as

the prompt payment of any additional indebtedness accruing to Lender on account

of any future payments, advances or expenditures made by Lender pursuant to the

Note or this Mortgage or any other agreement, document, or instrument securing

the payment of the indebtedness evidenced by the Note (the Note, this Mortgage,

and any other documents evidencing or securing the indebtedness evidenced by the

Note or executed in connection therewith, and any modification, renewal,

extension thereof, are hereinafter collectively referred to as the "LOAN

DOCUMENTS"), and (ii) the prompt performance of each and every covenant,

condition, and agreement now or hereafter arising contained in the Loan

Documents of Borrower or any "PRINCIPAL" (as defined in the Note). All payment

obligations of Borrower or any Principal are hereinafter sometimes collectively

referred to as the "INDEBTEDNESS" and all other obligations of Borrower or any

Principal are hereinafter sometimes collectively referred to as the

"OBLIGATIONS".



         The schedule of Defined Terms attached hereto is incorporated into this

Mortgage by this reference.



         NOW, THEREFORE, TO SECURE TO LENDER the repayment of the Indebtedness

and the performance of the Obligations, Borrower has mortgaged, given, granted,

bargained, sold, alienated, enfeoffed, conveyed, confirmed, warranted, pledged,

assigned, hypothecated and granted and by these presents does hereby irrevocably

mortgage, give, bargain, sell, alien, enfeoff, convey, confirm, warrant, pledge,

assign, hypothecate and grant a security interest in and to Lender, with power

of sale, the following described property and all proceeds thereof (which

property is hereinafter sometimes collectively referred to as the "PROPERTY"):



         1. The Land;



         2. All improvements of every nature whatsoever now or hereafter

situated on the Land and owned by Borrower (the "IMPROVEMENTS"), and all

machinery, furnishings, equipment, fixtures, mechanical systems and other

personal property now or hereafter owned by Borrower and used in connection with

the operation of the Improvements;



         3. All easements, rights-of-way, strips and gores of land, streets,

ways, alleys, passages, sewer rights, water, water courses, water rights and

powers, air rights and development rights, and all estates, rights, titles,

interests, privileges, liberties, tenements, hereditaments and appurtenances of

any nature whatsoever, in any way belonging, relating or pertaining to the Land

and the Improvements and the reversion and reversions, remainder and remainders,

and all land lying in the bed of any street, road or avenue, opened or proposed,

in front of or adjoining the Land, to the center line thereof and all the

estates, rights, titles, interests, dower and rights of dower, curtesy and

rights of curtesy, property, possession, claim and demand whatsoever, both at

law and in equity, of Borrower of, in and to the Land and the Improvements and

every part and parcel thereof, with the appurtenances thereto;



         4. All agreements affecting the use, enjoyment or occupancy of the Land

and/or Improvements now or hereafter entered into (the "LEASES"), including any

and all guaranties of such Leases, and the immediate and continuing right to

collect all rents, income, receipts, royalties, profits, issues, service

reimbursements, fees, accounts receivables, revenues and prepayments of any of

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