TAUBMAN CENTERS INC
PURCHASE AGREEMENT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>form10q2q04ex10b.htm
<DESCRIPTION>PURCHASE AGREEMENT
<TEXT>
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     <!-- Project:        untitled                                                         -->
     <!-- Control Number: 00001                                                            -->
     <!-- Rev Number:     00001                                                            -->
     <!-- Client Name:    Mary Ann Beaupre                                                 -->
     <!-- Project Name:   form10q2q04                                                      -->
     <!-- Firm Name:      The Taubman Company                                              -->
     <TITLE>Private Placement Purchase Agreement</TITLE>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>PRIVATE PLACEMENT
PURCHASE AGREEMENT </U></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>GSEP 2004 Realty Corp.
<BR>c/o Goldman, Sachs &amp; Co. <BR> One New York Plaza <BR>New York, New York 10004 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Attention: </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp; <U>Certain
Representations; Opinions of Counsel</U> </FONT></P>

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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               The Taubman Realty Group Limited Partnership (the &#147;<U>Company</U>&#148;)
               and Taubman Centers, Inc., the managing general partner of the Company
               (&#147;<U>TCO</U>&#148;), represent and warrant to the undersigned
               (&#147;<U>Subscriber</U>&#148;) as follows: </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(i) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    TCO has made with the Securities and Exchange Commission
                    (&#147;<U>SEC</U>&#148;) all filings required to be made by it (the &#147;<U>SEC
                    Reports</U>&#148;). Since May 6, 2004, the Company has not been, and is not,
                    required to file any reports with the SEC. The SEC Reports were prepared and
                    filed in compliance with the Securities Exchange Act of 1934, as amended (the
                    &#147;<U>Exchange Act</U>&#148;), or the Securities Act of 1933, as amended (the
                    &#147;<U>Securities Act</U>&#148;), as applicable, and the rules and regulations
                    promulgated by the SEC thereunder, and did not, as of their respective dates,
                    contain any untrue statement of a material fact or omit to state any material
                    fact necessary in order to make the statements contained therein, in light of
                    the circumstances under which they were made, not misleading. The financial
                    statements and the interim financial statements of TCO included in the SEC
                    Reports were prepared in accordance with generally accepted accounting
                    principles (except as may be indicated in the notes thereto) and fairly
                    presented the financial condition and results of operations of TCO and its
                    subsidiaries as at the dates thereof and for the periods then ended, subject, in
                    the case of the interim financial statements, to normal year-end adjustments and
                    any other adjustments described therein; </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(ii) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    there has been no material adverse change in or affecting the business, assets
                    or financial condition of the Company since the most recent such filing; </FONT></TD>
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                    <BR>

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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(iii) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    the Company and TCO have all requisite corporate and limited partnership
                    authority and power to execute and deliver this Private Placement Purchase
                    Agreement, the Registration Agreement (as hereinafter defined), the Certificate
                    with Respect to Tax Matters of even date herewith executed and delivered by the
                    Company, and the Designation, Distribution, Redemption, Exchange, and Consent
                    Provisions with Respect to the 8.20% Series F Cumulative Redeemable Preferred
                    Equity of the Company (collectively, the &#147;<U>Transaction
                    Documents</U>&#148;) and to consummate the transactions contemplated thereby.
                    The execution and delivery of the Transaction Documents and the consummation of
                    the transactions contemplated thereby have been duly and validly authorized by
                    all requisite corporate or limited partnership action on the part of the Company
                    and TCO, and no other proceedings on the part of the Company or TCO are
                    necessary to authorize the Transaction Documents or to consummate the
                    transactions contemplated hereby. The Transaction Documents have been duly and
                    validly executed and delivered by the Company and TCO. The Transaction Documents
                    constitute valid and binding obligations of the Company and TCO, enforceable in
                    accordance with their terms; </FONT></TD>
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                    <BR>

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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(iv) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    neither the execution, delivery nor performance of the Transaction Documents by
                    the Company or TCO will conflict with, result in a default, right to accelerate
                    or loss of rights under, or result in the creation of any lien, charge or
                    encumbrance pursuant to, any provision of the Company&#146;s or TCO&#146;s
                    organizational documents or any franchise, mortgage, deed of trust, lease,
                    license, agreement, understanding, law, rule or regulation or any order,
                    judgement or decree to which the Company or TCO is a party or by which the
                    Company or TCO may be bound or affected; </FONT></TD>
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                    <BR>


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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(v) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    the 2004 financial statements of the Company and TCO, including the notes
                    thereto, and supporting schedules have been prepared in conformity with GAAP
                    applied on a consistent basis (except as otherwise noted therein) and present
                    fairly the financial position of the Company and TCO as of the dates indicated
                    and the results of its operations for the periods shown; </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(vi) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    there is no action, suit, proceeding or investigation pending or, to the
                    Company&#146;s or TCO&#146;s knowledge, currently threatened against the Company
                    or TCO that questions the validity of any of the Transaction Documents or the
                    issuance of the Parity Preferred Equity (as defined below), or the right of the
                    Company or TCO to enter into any of the Transaction Documents or to consummate
                    the transactions contemplated thereby or that could reasonably be expected to
                    interfere with the ability of the Company or TCO to perform their obligations
                    thereunder; </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(vii) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    the Equity (as defined below) when issued, sold and delivered by the Company,
                    shall be duly and validly issued and outstanding, fully paid, and non-assessable
                    and will be free of any liens, claims, security interests, encumbrances,
                    restrictions or rights of third parties of any kind (collectively,
                    &#147;<U>Encumbrances</U>&#148;). The Shares (as defined below) when issued in
                    redemption of the Equity, shall be duly and valued issued and outstanding, fully
                    paid, and non-assessable and will be free of any Encumbrances; </FONT></TD>
                    </TR>
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                    <BR>

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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(viii) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    a true and complete copy of the Company&#146;s Partnership Agreement is set
                    forth as <U>Exhibit A </U> hereto. There are no equity interests in the Company
                    authorized, issued or outstanding that rank senior to the Equity with respect to
                    liquidation, winding up, dividends or distributions other than the Series A
                    Preferred Equity, and there are no interests in the Company authorized, issued
                    or outstanding that rank on a parity with the Equity other than the Series C
                    Preferred Equity, and Series D Preferred Equity. There are no equity interests
                    in TCO authorized, issued or outstanding that rank senior to the Shares with
                    respect to liquidation, winding up, dividends or distributions, and there are no
                    equity interests in TCO authorized, issued or outstanding that rank on a parity
                    with the Shares other than the Series A Preferred Stock of TCO, the Series B
                    Preferred Stock of TCO, the Series C Preferred Stock of TCO, and the Series D
                    Preferred Stock of TCO, and TCO will not authorize, create or issue any such
                    senior equity interests without the prior written consent of Subscriber; </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(ix) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    the foregoing representations and warranties will continue to be true and
                    correct on the Closing Date (as defined below); and </FONT></TD>
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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(x) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    neither the Company nor TCO will issue, to any one other than Subscriber, any
                    additional Equity or Shares without the prior written consent of Subscriber. </FONT></TD>
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                    <BR>

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                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(xi) </FONT></TD>
                    <TD WIDTH=85%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
                    the Company is responsible for a commission to Goldman, Sachs &amp; Co. pursuant
                    to a separate agreement. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b)</FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The
Company will make the tax and securities representations set forth on <U>Exhibit B</U> on
the Closing Date. </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Counsel to the Company and TCO is concurrently herewith rendering an opinion to
               Subscriber attached hereto as <U>Exhibit C</U>. </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp; <U>Sale of Equity</U> </FONT></P>

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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               The Company hereby agrees to sell to Subscriber, and Subscriber hereby agrees to
               purchase from the Company, $30,000,000 of Series F Preferred Equity of the
               Company (the &#147;<U>Equity</U>&#148;). The purchase price of the Equity is
               $30,000,000, and is payable in cash at the Closing (as defined below). </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               The sale and purchase of the Equity (the &#147;<U>Closing</U>&#148;) shall take
               place at the offices of Subscriber on May 27, 2004 (the &#147;<U>Closing
               Date</U>&#148;). </FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2 </FONT></H1>

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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               On the Closing Date, Subscriber shall, if the condition set forth in <U>Section
               2(d)</U> below is satisfied on the Closing Date, pay to the Company by wire
               transfer of immediately available funds the purchase price of the Equity
               purchased by such Subscriber, against delivery to the Subscriber of each of the
               documents set forth on <U>Schedule A</U> attached hereto. </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               It shall be a condition to the Closing that the Company&#146;s and TCO&#146;s
               representations and warranties hereunder continue to be true and correct. </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp; <U>Registration </U></FONT></P>

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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               TCO will file a registration statement with respect to the Series F Preferred
               Stock to be issued upon exchange of the Equity (the &#147;<U>Shares</U>&#148;),
               in accordance with the Registration Rights Agreement attached hereto as
               <U>Exhibit D</U> (the &#147;<U>Registration Agreement</U>&#148;), which is being
               executed and delivered simultaneously herewith. </FONT></TD>
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     <P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Covenants of the Company and TCO</U> </FONT></P>

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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               TCO shall amend its articles of incorporation by filing series designation
               creating the Series F Preferred Stock authorizing the number of shares of Series
               F Preferred Stock constituting a series in an amount of 300,000 shares.
               Thereafter, subject to the Second Amendment and Restatement of Agreement of
               Limited Partnership of the Company, as amended, including the Designation,
               Redemption, Exchange, and Voting Provisions with Respect to the Series F
               Preferred Equity (the &#147;<U>Partnership Agreement</U>&#148;), the holders of
               the Equity will be able to convert $100 in liquidation value of the Equity for
               one share of Series F Preferred Stock, it being understood that the aggregate
               amount in liquidation value of the equity as of the date of the Closing shall be
               $30,000,000. </FONT></TD>
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               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Upon TCO&#146;s receipt and review of Subscriber&#146;s request, written
               representations from the Subscriber and the advice of legal counsel that
               Subscriber is a &#147;Look Through Entity&#148; (as such term is defined in
               TCO&#146;s Restated Articles of Incorporation (the
               &#147;<U>Articles</U>&#148;)), TCO will use all reasonable commercial efforts to
               grant Subscriber the exceptions set forth in Article III, Section 2, subsection
               (d), Item (viii) of the Articles, thereby permitting Subscriber&#146;s
               ownership, direct or indirect, of the outstanding shares of TCO&#146;s capital
               stock to be in an amount up to but not exceeding 9.9% of the value of all the
               outstanding shares of capital stock of the Corporation. </FONT></TD>
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               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               TCO will, upon the Subscriber&#146;s request, increase the number of authorized
               shares of Series F Preferred Stock to protect the Subscriber&#146;s conversion
               rights. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Subscriber&#146;s Representations</U>. </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Subscriber represents and warrants that it is purchasing the Equity solely for
               investment, solely for its own account and not with a view to or for the resale
               or distribution thereof except as permitted under the Registration Agreement or
               as otherwise permitted under applicable law, including the Securities Act of
               1933, as amended (the &#147;<U>Securities Act</U>&#148;). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Subscriber understands that it may sell or otherwise transfer the Equity or the
               shares issuable on conversion of the Equity only if such transaction is duly
               registered under the Securities Act, or if Subscriber shall have received the
               favorable opinion of counsel to Subscriber, which opinion shall be reasonably
               satisfactory to counsel to the Company, to the effect that such sale or other
               transfer may be made in the absence of registration under the Securities Act,
               and registration or qualification in every applicable state. Subscriber realizes
               that the Equity is not a liquid investment. Subscriber has the knowledge and
               experience to evaluate the Company and the risks and merits relating thereto. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3 </FONT></H1>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Subscriber represents and warrants that Subscriber is an &#147;accredited
               investor&#148; as such term is defined in Rule 501 of Regulation D promulgated
               pursuant to the Securities Act, and shall be such on the date any Equity is
               issued to Subscriber; Subscriber acknowledges that Subscriber is able to bear
               the economic risk of losing Subscriber&#146;s entire investment in the Equity
               and understands that an investment in the Company involves substantial risks;
               Subscriber has the power and authority to enter into this Agreement, and the
               execution and delivery of, and performance under this Agreement, shall not
               conflict with any rule, regulation, judgement or agreement applicable to
               Subscriber. Subscriber has had the opportunity to discuss the Company&#146;s
               affairs with the Company&#146;s officers. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
               Subscriber represents and warrants that it is not a &#147;flow-through
               entity&#148; within the meaning of Treasury Regulations &sect;
               1.7704.1(h)(1)(3). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp; <U>Execution of
Partnership Agreement</U> </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
By
executing this Private Placement Purchase Agreement, Subscriber agrees to be bound by and
subject to the terms of the Partnership Agreement as if a signatory thereto. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp; <U>Miscellaneous</U> </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
This
Agreement may not be changed or terminated except by written agreement of both parties. It
shall be binding on the parties and on their permitted assigns. It sets forth all
agreements of the parties, and may be signed in counterparts. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
This
Agreement shall be governed by, and construed in accordance with, the laws of New York
without regard to conflicts of law principles thereof. The federal and state courts
sitting in New York, New York shall have exclusive jurisdiction over all matters relating
to this Agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
All
notices, requests, service of process, consents, and other communications under this
Agreement shall be in writing and shall be deemed to have been delivered (i) on the date
personally delivered or (ii) one day after properly sent by recognized overnight courier,
addressed to the respective parties at their address set forth in this Agreement or (iii)
on the day transmitted by facsimile so long as a confirmation copy is simultaneously
forwarded by recognized overnight courier, in each case addressed to the respective
parties at their address set forth in this Agreement. Either party hereto may designate a
different address by providing written notice of such new address to the other party
hereto as provided above. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=4>[SIGNATURES ON NEXT
PAGE] </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4 </FONT></H1>

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<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Arial" SIZE="2">Dated:            May 27, 2004<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE TAUBMAN REALTY GROUP</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>LIMITED PARTNERSHIP</B><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:      /s/ Esther R. Blum                 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:  Esther R. Blum<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:     Authorized Signatory<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TAUBMAN CENTERS, INC.</B><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:      /s/ Esther R. Blum                 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:  Esther R. Blum<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:     Sr. Vice President, Controller<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Accounting Officer<BR>
SUBSCRIBER<BR>
<BR>
GSEP 2004 REALTY CORP.<BR>
<BR>
By:      /s/ Eric Lane              <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Person
</FONT></TD></TR>
</TABLE>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=4><U>SCHEDULE A </U></FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=4>FUNDING DOCUMENTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-Arial" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Private Placement Purchase
Agreement </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Registration Rights
Agreement </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Annex III to The Second Amendment and
Restatement of Agreement of Limited Partnership of The Taubman Realty Group Limited
Partnership, Designation, Distribution, Redemption, Exchange, and Consent Provisions with
Respect to the 8.20% Series F Cumulative Redeemable Preferred Equity </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certificate with Respect
to Tax Matters </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Transfer Determination
Letter </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Letter Agreement regarding
Distributions </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cross Receipt </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6 </FONT></H1>

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