ROBERTS REALTY INVESTORS INC
042005
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10-1_042005.htm
<DESCRIPTION>042005
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<H1 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1 </FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FHLMC Loan No. 002710226 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>MULTIFAMILY NOTE</U><BR>MULTISTATE &#150;
FIXED TO FLOAT <BR>(REVISION DATE 10-01-2004) </FONT></H1>


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     <TD WIDTH=49% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US $21,000,000.00</FONT></TD>
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     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=Right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective Date: April 19, 2005</FONT></TD>
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     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, the undersigned (together with such party&#146;s or parties&#146;
successors and assigns, <B>&#147;Borrower</B>&#148;), jointly and severally (if more than
one) promises to pay to the order of PRIMARY CAPITAL ADVISORS LC, a Georgia limited
liability company, the principal sum of TWENTY-ONE MILLION AND NO/100 DOLLARS
(US&nbsp;$21,000,000.00), with interest on the unpaid principal balance, as hereinafter
provided. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;&nbsp;&nbsp;
Defined Terms.</B></FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;As used in this Note: </FONT></P>

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&#147;<B>Adjustable
Interest Rate</B>&#148; means the variable annual interest rate calculated for each
Interest Adjustment Period so as to equal the Index Rate for such Interest Adjustment
Period (truncated at the fifth (5<SUP>th</SUP>) decimal place if necessary) plus the
Margin. </FONT></TD>
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&#147;<B>Amortization Period</B>&#148; means a period of 360 full consecutive calendar months.</FONT></TD>
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&#147;<B>Base
Recourse</B>&#148; means<B> </B>a portion of the Indebtedness equal to zero percent
(0.00%) of the original principal balance of this Note. </FONT></TD>
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&#147;<B>Business
Day</B>&#148; means any day other than a Saturday, a Sunday or any other day on which
Lender is not open for business. </FONT></TD>
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&#147;<B>Default
Rate</B>&#148; means (i) during the Fixed Rate Period, an annual interest rate equal to
four (4) percentage points above the Fixed Interest Rate; and (ii) during the Extension
Period, a variable annual interest rate equal to four (4) percentage points above the
Adjustable Interest Rate in effect from time to time. However, at no time will the Default
Rate exceed the Maximum Interest Rate. </FONT></TD>
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&#147;<B>Extended
Maturity Date</B>&#148; means, if the Extension Period becomes effective pursuant to this
Note, the earlier of (i) May 1, 2016 and (ii) the date on which the unpaid principal
balance of this Note becomes due and payable by acceleration or otherwise pursuant to the
Loan Documents or the exercise by Lender of any right or remedy thereunder. </FONT></TD>
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&#147;<B>Extension
Period</B>&#148; means the twelve (12) consecutive calendar months period commencing on
the Scheduled Initial Maturity Date. </FONT></TD>
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&#147;<B>Fixed
Interest Rate</B>&#148; means the annual interest rate of Six and Thirty-Five Hundredths
percent (6.350%). </FONT></TD>
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&#147;<B>Fixed
Rate Period</B>&#148; means the period beginning on the date of this Note<B><I>
</I></B><I></I>and continuing through April 30, 2015. </FONT></TD>
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&#147;<B>Index
Rate</B>&#148; means, for any Interest Adjustment Period, the Reference Bill&reg; Index
Rate for such Interest Adjustment Period. </FONT></TD>
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&#147;<B>Initial
Maturity Date</B>&#148; means<B> </B>the earlier of<B> </B>(i) May 1,<B> </B>2015 (the
&#147;<B>Scheduled Initial Maturity </B> <B>Date</B>&#148;), and (ii) the date on which
the unpaid principal balance of this Note becomes due and payable by acceleration or
otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy
thereunder. </FONT></TD>
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&#147;<B>Installment
Due Date</B>&#148; means, for any monthly installment of interest only or principal and
interest, the date on which such monthly installment is due and payable pursuant to
Section 3 of this Note. The &#147;<B>First Installment Due Date</B>&#148; under this Note
is June 1, 2005. </FONT></TD>
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&#147;<B>Interest
Adjustment Period</B>&#148; means each successive one<B><I> </I></B><I></I>calendar month
period during the Extension Period and until the entire Indebtedness is paid in full. </FONT></TD>
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&#147;<B>Lender</B>&#148;
means the holder from time to time of this Note. </FONT></TD>
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&#147;<B>LIBOR
Index</B>&#148; means the British Bankers Association&#146;s (BBA) one (1) month LIBOR
Rate for United States Dollar deposits, as displayed on the LIBOR Index Page used to
establish the LIBOR Index Rate. </FONT></TD>
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&#147;<B>LIBOR
Index Rate</B>&#148; means, for any Interest Adjustment Period after the first Interest
Adjustment Period, the BBA&#146;s LIBOR Rate for the LIBOR Index released by the BBA most
recently preceding the first day of such Interest Adjustment Period, as such LIBOR Rate is
displayed on the LIBOR Index Page. The LIBOR Index Rate for the first Interest Adjustment
Period means the British Bankers Association&#146;s (BBA) LIBOR Rate for the LIBOR Index
released by the BBA most recently preceding the first day of the month in which the first
Interest Adjustment Period begins, as such LIBOR Rate is displayed on the LIBOR Index
Page. </FONT></TD>
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&#147;<B>LIBOR
Index Page</B>&#148; is the Bloomberg L.P., page &#147;BBAM&#148;, or such other page for
the LIBOR Index as may replace page BBAM on that service, or at the option </FONT></TD>
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of
Lender (i) the applicable page for the LIBOR Index on another service which electronically
transmits or displays BBA LIBOR Rates, or (ii) any publication of LIBOR rates available
from the BBA. In the event the BBA ceases to set or publish a LIBOR rate/interest
settlement rate for the LIBOR Index, Lender will designate an alternative index, and such
alternative index shall constitute the LIBOR Index Rate. </FONT></TD>
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&#147;<B>Loan</B>&#148;
means the loan evidenced by this Note.</FONT></TD>
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&#147;<B>Margin</B>&#148;
means two and one-half (2.5) percentage points (250 basis points).</FONT></TD>
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&#147;<B>Maturity
Date</B>&#148; means the Extended Maturity Date unless pursuant to Section 3(f) of this
Note the Extension Period does not or cannot become effective, in which case the Maturity
Date means the Initial Maturity Date. </FONT></TD>
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&#147;<B>Maximum
Interest Rate</B>&#148; means the rate of interest that results in the maximum amount of
interest allowed by applicable law. </FONT></TD>
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&#147;<B>Prepayment
Premium Period</B>&#148; means the period during which, if a prepayment of principal
occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium
Period is the period from and including the date of this Note until but not including the
first day of the Window Period. For this Note, the Prepayment Premium Period equals the
Yield Maintenance Period. </FONT></TD>
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&#147;<B>Reference
Bills&reg;</B>&#148; means the unsecured general obligations of the Federal Home Loan
Mortgage Corporation (&#147;<B>Freddie Mac</B>&#148;) designated by Freddie Mac as
&#147;Reference Bills&reg;Securities&#148; and having original durations to maturity most
comparable to the term of the Reference Bill Index, and issued by Freddie Mac at regularly
scheduled auctions. In the event Freddie Mac shall at any time cease to designate any
unsecured general obligations of Freddie Mac as &#147;Reference Bills Securities&#148;,
then at the option of Lender (i) Lender may select from time to time another unsecured
general obligation of Freddie Mac having original durations to maturity most comparable to
the term of the Reference Bill Index and issued by Freddie Mac at regularly scheduled
auctions, and the term &#147;Reference Bills&#148; as used in this Note shall mean such
other unsecured general obligations as selected by Lender; or (ii) for any one or more
Interest Adjustment Periods, Lender may use the applicable LIBOR Index Rate as the Index
Rate for such Interest Adjustment Period(s). </FONT></TD>
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&#147;<B>Reference
Bill Index</B>&#148; means the one-month Reference Bills. One-month reference bills have
original durations to maturity of approximately 30 days. </FONT></TD>
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&#147;<B>Reference
Bill Index Rate</B>&#148; means, for any Interest Adjustment Period after the first
Interest Adjustment Period, the Money Market Yield for the Reference Bills as established
by the Reference Bill auction conducted by Freddie Mac most recently preceding the first
day of such Interest Adjustment Period, as displayed on the Reference Bill Index Page. The
Reference Bill Index Rate for the first Interest Adjustment Period means the Money Market
Yield for the Reference Bills as established by the Reference Bill auction conducted by
Freddie Mac most recently preceding the first day of the month in which the first Interest
Adjustment Period begins, as displayed on the Reference Bill Index Page. The
&#147;<B>Reference Bill Index Page</B>&#148; is the Freddie Mac Debt Securities Web Page
(accessed via the Freddie Mac internet site at www.freddiemac.com), or at the option of
Lender, any publication of Reference Bills auction results available from Freddie Mac.
However, if Freddie Mac has not conducted a Reference Bill auction within the 60-calendar
day period prior to the first day of an Interest Adjustment Period, the Reference Bill
Index Rate for such Interest Adjustment Period will be the LIBOR Index Rate for such
Interest Adjustment Period. </FONT></TD>
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&#147;<B>Remaining
Amortization Period</B>&#148; means, at any point in time, the number of consecutive
calendar months equal to the number of months in the Amortization Period minus the number
of scheduled monthly installments of <U>principal and interest</U> that have elapsed since
the date of this Note. </FONT></TD>
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&#147;<B>Security
Instrument</B>&#148; means the multifamily mortgage, deed to secure debt or deed of trust
effective as of the effective date of this Note, from Borrower to or for the benefit of
Lender and securing this Note. </FONT></TD>
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&#147;<B>Treasury
Security</B>&#148; means the 10.625% U.S. Treasury Security due August 15, 2015. </FONT></TD>
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&#147;<B>Window
Period</B>&#148; means the Extension Period.</FONT></TD>
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&#147;<B>Yield
Maintenance Period</B>&#148; means the period from and including the date of this Note
until but not including the Scheduled Initial Maturity Date. </FONT></TD>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Other capitalized terms used but not defined in this Note shall have the
          meanings given to such terms in the Security Instrument. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.</B>&nbsp;&nbsp;&nbsp;
          <B>Address for Payment.</B> All payments due under this Note shall be payable at
          2060 Mount Paran Road, Suite 101, Atlanta, Georgia 30327, or such other place as
          may be designated by Notice to Borrower from or on behalf of Lender. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.</B>&nbsp;&nbsp;&nbsp;
          <B>Payments.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;
          During the Fixed Rate Period, interest will accrue on the outstanding principal
          balance of this Note at the Fixed Interest Rate, subject to the provisions of
          Section 8 of this Note. During the Extension Period, interest will accrue on the
          outstanding principal balance of this Note at the Adjustable Interest Rate,
          subject to the provisions of Section 8 of this Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Interest under this Note shall be computed, payable and allocated on the basis
          of an actual/360 interest calculation schedule (interest is payable for the
          actual number of days in each month, and each month&#146;s interest is
          calculated by multiplying the unpaid principal amount of this Note as of the
          first day of the month for which interest in being calculated by the Fixed
          Interest Rate (during the Fixed Rate Period) or the applicable Adjustable
          Interest Rate (during the Extension Period), dividing the product by 360, and
          multiplying the quotient by the number of days in the month for which interest
          is being calculated). For convenience in determining the amount of a monthly
          installment of principal and interest under this Note, Lender will use a 30/360
          interest calculation payment schedule (each year is treated as consisting of
          twelve 30-day months). However, as provided above, the portion of the monthly
          installment actually payable as and allocated to interest will be based upon an
          actual/360 interest calculation schedule, and the amount of each installment
          attributable to principal and the amount attributable to interest will vary
          based upon the number of days in the month for which such installment is paid.
          Each monthly payment of principal and interest will first be applied to pay in
          full interest due, and the balance of the monthly payment paid by Borrower will
          be credited to principal. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;
          Unless disbursement of principal is made by Lender to Borrower on the first day
          of a calendar month, interest for the period beginning on the date of
          disbursement and ending on and including the last day of such calendar month
          shall be payable by Borrower simultaneously with the execution of this Note. If
          disbursement of principal is made by Lender to Borrower on the first day of a
          calendar month, then no payment will be due from Borrower at the time of the
          execution of this Note. The Installment Due Date for the first monthly
          installment payment under Section 3(d) of interest only or principal and
          interest, as applicable, will be the First Installment Due Date set forth in
          Section 1(a) of this Note. Except as provided in this Section 3(c) and in
          Section 10, accrued interest will be payable in arrears. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;
          Beginning on the First Installment Due Date, and continuing until and including
          the monthly installment due on the Initial Maturity Date, principal and accrued
          interest shall be payable by Borrower in consecutive monthly installments due
          and payable on the first day of each calendar month. The amount of the monthly
          installment of principal and interest payable pursuant to this Section 3(d) on
          an Installment Due Date shall be ONE HUNDRED THIRTY THOUSAND SIX HUNDRED
          SIXTY-NINE AND 50/100 DOLLARS ($130,669.50). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;
          Except as otherwise provided in this Section 3(e), all remaining Indebtedness,
          including all principal and interest, shall be due and payable by Borrower on
          the Initial Maturity Date. However, so long as (i) the Initial Maturity Date has
          not occurred prior to the Scheduled </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Initial Maturity Date, and (ii) no
Event of Default or event or circumstance which, with the giving of notice or passage of
time or both, could constitute an Event of Default exists on the Scheduled Initial
Maturity Date, then the Extension Period automatically will become effective and the date
for full payment of the Indebtedness automatically shall be extended until the Extended
Maturity Date. If the Extension Period becomes effective, monthly installments of
principal and interest or interest only will be payable during the Extension Period as
provided in Section 3(f). Anything in Section 21 of the Security Instrument to the
contrary notwithstanding, during the Extension Period, Borrower will not request that
Lender consent to, and Lender will not consent to, a Transfer that, absent such consent,
would constitute an Event of Default. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;
          If the Extension Period becomes effective, beginning on June 1, 2015, and
          continuing until and including the monthly installment due on the Extended
          Maturity Date, principal and accrued interest shall be payable by Borrower in
          consecutive monthly installments due and payable on the first day of each
          calendar month. The amount of the monthly installment of principal and interest
          payable pursuant to this Section 3(f) on an Installment Due Date shall be
          calculated so as to equal the monthly payment amount which would be payable on
          the Installment Due Date as if the unpaid principal balance of this Note as of
          the first day of the Interest Adjustment Period immediately preceding the
          Installment Due Date was to be fully amortized, together with interest thereon
          at the Adjustable Interest Rate in effect for such Interest Adjustment Period,
          in equal consecutive monthly payments paid on the first day of each calendar
          month over the Remaining Amortization Period. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;
          During the Extension Period, Lender shall provide Borrower with Notice, given in
          the manner specified in the Security Instrument, of the amount of each monthly
          installment due under this Note. However, if Lender has not provided Borrower
          with prior notice of the monthly payment due on any Installment Due Date, then
          Borrower shall pay on that Installment Due Date an amount equal to the monthly
          installment payment for which Borrower last received notice. If Lender at any
          time determines that Borrower has paid one or more monthly installments in an
          incorrect amount because of the operation of the preceding sentence, or because
          Lender has miscalculated the Adjustable Interest Rate or has otherwise
          miscalculated the amount of any monthly installment, then Lender shall give
          notice to Borrower of such determination. If such determination discloses that
          Borrower has paid less than the full amount due for the period for which the
          determination was made, Borrower, within 30 calendar days after receipt of the
          notice from Lender, shall pay to Lender the full amount of the deficiency. If
          such determination discloses that Borrower has paid more than the full amount
          due for the period for which the determination was made, then the amount of the
          overpayment shall be credited to the next installment(s) of interest only or
          principal and interest, as applicable, due under this Note (or, if an Event of
          Default has occurred and is continuing, such overpayment shall be credited
          against any amount owing by Borrower to Lender). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;
          All payments under this Note shall be made in immediately available U.S. funds. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;
          Any regularly scheduled monthly installment of interest only or principal and
          interest payable pursuant to this Section&nbsp;3 that is received by Lender
          before the date it is due shall be deemed to have been received on the due date
          for the purpose of calculating interest due. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;
          Any accrued interest remaining past due for 30 days or more, at Lender&#146;s
          discretion, may be added to and become part of the unpaid principal balance of
          this Note and any reference to &#147;accrued interest&#148; shall refer to
          accrued interest which has not become part of the unpaid principal balance. Any
          amount added to principal pursuant to the Loan Documents shall bear interest at
          the applicable rate or rates specified in this Note and shall be payable with
          such interest upon demand by Lender and absent such demand, as provided in this
          Note for the payment of principal and interest. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;
          In accordance with Section 14, interest charged under this Note cannot exceed
          the Maximum Interest Rate. If the Adjustable Interest Rate at any time exceeds
          the Maximum Interest Rate, resulting in the charging of interest hereunder to be
          limited to the Maximum Interest Rate, then any subsequent reduction in the
          Adjustable Interest Rate shall not reduce the rate at which interest under this
          Note accrues below the Maximum Interest Rate until the total amount of interest
          accrued hereunder equals the amount of interest which would have accrued had the
          Adjustable Interest Rate at all times been in effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.</B>&nbsp;&nbsp;&nbsp;
          <B>Application of Payments. </B>If at any time Lender receives, from Borrower or
          otherwise, any amount applicable to the Indebtedness which is less than all
          amounts due and payable at such time, Lender may apply the amount received to
          amounts then due and payable in any manner and in any order determined by
          Lender, in Lender&#146;s discretion. Borrower agrees that neither Lender&#146;s
          acceptance of a payment from Borrower in an amount that is less than all amounts
          then due and payable nor Lender&#146;s application of such payment shall
          constitute or be deemed to constitute either a waiver of the unpaid amounts or
          an accord and satisfaction. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.</B>&nbsp;&nbsp;&nbsp;
          <B>Security. </B>The Indebtedness is secured by, among other things, the
          Security Instrument, and reference is made to the Security Instrument for other
          rights of Lender as to collateral for the Indebtedness. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.</B>&nbsp;&nbsp;&nbsp;
          <B>Acceleration. </B>If an Event of Default has occurred and is continuing, the
          entire unpaid principal balance, any accrued interest, any prepayment premium
          payable under Section&nbsp;10, and all other amounts payable under this Note and
          any other Loan Document, shall at once become due and payable, at the option of
          Lender, without any prior notice to Borrower (except if notice is required by
          applicable law, then after such notice). Lender may exercise this option to
          accelerate regardless of any prior forbearance. For purposes of exercising such
          option, Lender shall calculate the prepayment premium as if prepayment occurred
          on the date of acceleration. If prepayment occurs thereafter, lender shall
          recalculate the prepayment premium as of the actual prepayment date. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.</B>&nbsp;&nbsp;&nbsp;
          <B>Late Charge.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;
          If any monthly installment of interest or principal and interest or other amount
          payable under this Note or under the Security Instrument or any other Loan
          Document is not received in full by Lender (i) during the Fixed Rate Period,
          within ten (10) days after the installment or other amount is due, or (ii)
          during the Extension Period, within five (5) days after the installment or other
          amount is due, counting from and including the date such installment or other
          amount is due (unless applicable law requires a longer period of time before a
          late charge may be imposed, in which event such longer period shall be
          substituted), Borrower shall pay to Lender, immediately and without demand by
          Lender, a late charge equal to five percent (5%) of such installment or other
          amount due (unless applicable law requires a lesser amount be charged, in which
          event such lesser amount shall be substituted). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Borrower acknowledges that its failure to make timely payments will cause Lender
          to incur additional expenses in servicing and processing the Loan and that it is
          extremely difficult and impractical to determine those additional expenses.
          Borrower agrees that the late charge payable pursuant to this
          Section&nbsp;represents a fair and reasonable estimate, taking into account all
          circumstances existing on the date of this Note, of the additional expenses
          Lender will incur by reason of such late payment. The late charge is payable in
          addition to, and not in lieu of, any interest payable at the Default Rate
          pursuant to Section&nbsp;8. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.</B>&nbsp;&nbsp;&nbsp;
          <B>Default Rate.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;
          So long as (i)&nbsp;any monthly installment under this Note remains past due for
          thirty (30) days or more or (ii)&nbsp;any other Event of Default has occurred
          and is continuing, then notwithstanding anything in Section 3 of this Note to
          the contrary, interest under this Note shall accrue on the unpaid principal
          balance from the Installment Due Date of the first such unpaid monthly
          installment or the occurrence of such other Event of Default, as applicable, at
          the Default Rate. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          From and after the Maturity Date, the unpaid principal balance shall continue to
          bear interest at the Default Rate until and including the date on which the
          entire principal balance is paid in full. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;
          Borrower acknowledges that (i)&nbsp;its failure to make timely payments will
          cause Lender to incur additional expenses in servicing and processing the Loan,
          (ii)&nbsp;during the time that any monthly installment under this Note is
          delinquent for thirty (30) days or more, Lender will incur additional costs and
          expenses arising from its loss of the use of the money due and from the adverse
          impact on Lender&#146;s ability to meet its other obligations and to take
          advantage of other investment opportunities; and (iii)&nbsp; it is extremely
          difficult and impractical to determine those additional costs and expenses.
          Borrower also acknowledges that, during the time that any monthly installment
          under this Note is delinquent for thirty (30) days or more or any other Event of
          Default has occurred and is continuing, Lender&#146;s risk of nonpayment of this
          Note will be </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>materially increased and Lender is
entitled to be compensated for such increased risk. Borrower agrees that the increase in
the rate of interest payable under this Note to the Default Rate represents a fair and
reasonable estimate, taking into account all circumstances existing on the date of this
Note, of the additional costs and expenses Lender will incur by reason of the
Borrower&#146;s delinquent payment and the additional compensation Lender is entitled to
receive for the increased risks of nonpayment associated with a delinquent loan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.</B>&nbsp;&nbsp;&nbsp;
          <B>Limits on Personal Liability.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;
          Except as otherwise provided in this Section&nbsp;9, Borrower shall have no
          personal liability under this Note, the Security Instrument or any other Loan
          Document for the repayment of the Indebtedness or for the performance of any
          other obligations of Borrower under the Loan Documents and Lender&#146;s only
          recourse for the satisfaction of the Indebtedness and the performance of such
          obligations shall be Lender&#146;s exercise of its rights and remedies with
          respect to the Mortgaged Property and to any other collateral held by Lender as
          security for the Indebtedness. This limitation on Borrower&#146;s liability
          shall not limit or impair Lender&#146;s enforcement of its rights against any
          guarantor of the Indebtedness or any guarantor of any other obligations of
          Borrower. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Borrower shall be personally liable to Lender for the amount of the Base
          Recourse, plus any other amounts for which Borrower has personal liability under
          this Section&nbsp;9. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;
          In addition to the Base Recourse, Borrower shall be personally liable to Lender
          for the repayment of a further portion of the Indebtedness equal to any loss or
          damage suffered by Lender as a result of the occurrence of any of the following
          events: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Borrower fails to pay to Lender upon demand after an Event of Default all Rents
                    to which Lender is entitled under Section&nbsp;3(a) of the Security Instrument
                    and the amount of all security deposits collected by Borrower from tenants then
                    in residence. However, Borrower will not be personally liable for any failure
                    described in this subsection&nbsp;(i) if Borrower is unable to pay to Lender all
                    Rents and security deposits as required by the Security Instrument because of a
                    valid order issued in a bankruptcy, receivership, or similar judicial
                    proceeding. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=4%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Borrower fails to apply all insurance proceeds and condemnation proceeds as
                    required by the Security Instrument. However, Borrower will not be personally
                    liable for any failure described in this subsection&nbsp;(ii) if Borrower is
                    unable to apply insurance or condemnation proceeds as required by the Security
                    Instrument because of a valid order issued in a bankruptcy, receivership, or
                    similar judicial proceeding. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Borrower fails to comply with Section&nbsp;14(g) or (h) of the Security
                    Instrument relating to the delivery of books and records, statements, schedules
                    and reports. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iv) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Borrower fails to pay when due in accordance with the terms of the Security
                    Instrument the amount of any<B> </B>item below marked &#147;Deferred&#148;;
                    provided however, that if no item is marked &#147;Deferred&#148;, this
                    Section&nbsp;9(c)(iv) shall be of no force or effect. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Deferred] </FONT></TD>
          <TD ALIGN=LEFT WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hazard Insurance premiums or other insurance premiums, </FONT></TD>
          </TR>
          </TABLE>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Deferred] </FONT></TD>
          <TD ALIGN=LEFT WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes,</FONT></TD>
          </TR>
          </TABLE>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Deferred] </FONT></TD>
          <TD ALIGN=LEFT WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>water and sewer charges (that could become a lien on the Mortgaged Property),</FONT></TD>
          </TR>
          </TABLE>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[N/A] </FONT></TD>
          <TD ALIGN=LEFT WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ground rents,</FONT></TD>
          </TR>
          </TABLE>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Deferred] </FONT></TD>
          <TD ALIGN=LEFT WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>assessments or other charges (that could become a lien on the Mortgaged
          Property) </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;
          In addition to the Base Recourse, Borrower shall be personally liable to Lender
          for: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    the performance of all of Borrower&#146;s obligations under Section&nbsp;18 of
                    the Security Instrument (relating to environmental matters); </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    the costs of any audit under Section&nbsp;14(g) of the Security Instrument; and </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    any costs and expenses incurred by Lender in connection with the collection of
                    any amount for which Borrower is personally liable under this Section&nbsp;9,
                    including Attorneys&#146; Fees and Costs and the costs of conducting any
                    independent audit of Borrower&#146;s books and records to determine the amount
                    for which Borrower has personal liability. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;
          All payments made by Borrower with respect to the Indebtedness and all amounts
          received by Lender from the enforcement of its rights under the Security
          Instrument and the other Loan Documents shall be applied first to the portion of
          the Indebtedness for which Borrower has no personal liability. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;
          Notwithstanding the Base Recourse, Borrower shall become personally liable to
          Lender for the repayment of all of the Indebtedness upon the occurrence of any
          of the following Events of Default: </FONT></P>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Borrower&#146;s ownership of any property or operation of any business not
                    permitted by Section&nbsp;33 of the Security Instrument; </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE 10 </FONT></H1>


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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    a Transfer (including, but not limited to, a lien or encumbrance) that is an
                    Event of Default under Section&nbsp;21 of the Security Instrument, other than a
                    Transfer consisting solely of the involuntary removal or involuntary withdrawal
                    of a general partner in a limited partnership or a manager in a limited
                    liability company; or </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    fraud or written material misrepresentation by Borrower or any officer,
                    director, partner, member or employee of Borrower in connection with the
                    application for or creation of the Indebtedness or any request for any action or
                    consent by Lender. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;
          To the extent that Borrower has personal liability under this Section&nbsp;9,
          Lender may exercise its rights against Borrower personally without regard to
          whether Lender has exercised any rights against the Mortgaged Property or any
          other security, or pursued any rights against any guarantor, or pursued any
          other rights available to Lender under this Note, the Security Instrument, any
          other Loan Document or applicable law. To the fullest extent permitted by
          applicable law, in any action to enforce Borrower&#146;s personal liability
          under this Section&nbsp;9, Borrower waives any right to set off the value of the
          Mortgaged Property against such personal liability. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.</B>&nbsp;
          <B>Voluntary and Involuntary Prepayments.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;
          Any receipt by Lender of principal due under this Note prior to the Maturity
          Date, other than principal required to be paid in monthly installments pursuant
          to Section&nbsp;3, constitutes a prepayment of principal under this Note.
          Without limiting the foregoing, any application by Lender, prior to the Maturity
          Date, of any proceeds of collateral or other security to the repayment of any
          portion of the unpaid principal balance of this Note constitutes a prepayment
          under this Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Borrower may voluntarily prepay all of the unpaid principal balance of this Note
          on a Business Day designated as the date for such prepayment in a Notice from
          Borrower to Lender given at least 30 days prior to the date of such prepayment.
          Unless otherwise expressly provided in the Loan Documents, Borrower may not
          voluntarily prepay less than all of the unpaid principal balance of this Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;
          Borrower acknowledges that Lender has agreed that principal may be prepaid other
          than on the last calendar day of a month only because, for the purposes of the
          accrual of interest, any prepayment received by Lender on any day other than the
          last calendar day of the month shall be deemed to have been received on the last
          calendar day of the month in which the prepayment occurs. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;
          In order to voluntarily prepay all or any part of the principal of this Note,
          Borrower must also pay to Lender, together with&nbsp;the amount of principal
          being prepaid, (i)&nbsp;all </FONT></P>

<HR SIZE="2" COLOR="Black">
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accrued and unpaid interest due under
this Note, plus (ii)&nbsp;all other sums due to Lender at the time of such prepayment,
plus (iii)&nbsp;any prepayment premium calculated pursuant to Section&nbsp;10(e). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;
          Except as provided in Section 10(f), a prepayment premium shall be due and
          payable by Borrower in connection with any prepayment of principal under this
          Note during the Prepayment Premium Period. The prepayment premium shall be
          whichever is the greater of subsections (A) and (B) below: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;
          1.0% of the amount of principal being prepaid; or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&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)&nbsp;&nbsp;&nbsp;
          the product obtained by multiplying: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=28%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=69%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
           the amount of principal being prepaid or accelerated, <I>by</I> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=28%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=69%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
           the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment
          Rate, <I>by</I> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=left WIDTH=28%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=left WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=69%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the Present Value Factor.</FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of subsection&nbsp;(B), the following definitions shall apply: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=24%>&nbsp;</TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Monthly Note Rate:</B> one-twelfth (1/12) of the Fixed Interest Rate, expressed as a decimal
calculated to five digits. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=24%>&nbsp;</TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Prepayment
Date:</B> in the case of a voluntary prepayment, the date on which the prepayment is made;
in the case of the application by Lender of collateral or security to a portion of the
principal balance, the date of such application. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=24%>&nbsp;</TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Assumed
Reinvestment Rate:</B> one-twelfth (1/12) of the yield rate, as of the date 5 Business
Days before the Prepayment Date, on the Treasury Security, as reported in <I>The </I>
<I>Wall Street Journal</I>, expressed as a decimal calculated to five digits. In the event
that no yield is published on the applicable date for the Treasury Security, Lender, in
its discretion, shall select the non-callable Treasury Security maturing in the same year
as the Treasury Security with the lowest yield published in <I>The Wall Street </I>
<I>Journal</I> as of the applicable date. If the publication of such yield rates in <I>The
Wall </I> <I>Street Journal</I> is discontinued for any reason, Lender shall select a
security with a comparable rate and term to the Treasury Security. The selection of an
alternate security pursuant to this Section&nbsp;shall be made in Lender&#146;s
discretion. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE 12 </FONT></H1>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=24%>&nbsp;</TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Present
Value Factor: </B>the factor that discounts to present value the costs resulting to Lender
from the difference in interest rates during the months remaining in the Yield Maintenance
Period, using the Assumed Reinvestment Rate as the discount rate, with monthly
compounding, expressed numerically as follows: </FONT></TD>
</TR>
</TABLE>
<BR>

<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>1 - (1 divided by (1+ARR))</U><sup>n</sup><BR>
ARR</FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=30%>&nbsp;</TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>n</B>&nbsp;=&nbsp;number of months or partial months remaining in Yield Maintenance Period</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=30%>&nbsp;</TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>ARR</B>&nbsp;=&nbsp;Assumed Reinvestment Rate</FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;
          Notwithstanding any other provision of this Section&nbsp;10, no prepayment
          premium shall be payable with respect to (i)&nbsp;any prepayment made during the
          Window Period, or (ii)&nbsp;any prepayment occurring as a result of the
          application of any insurance proceeds or condemnation award under the Security
          Instrument. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;
          Unless Lender agrees otherwise in writing, a permitted or required prepayment of
          less than the unpaid principal balance of this Note shall not extend or postpone
          the due date of any subsequent monthly installments or change the amount of such
          installments. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;
          Borrower recognizes that any prepayment of any of the unpaid principal balance
          of this Note, whether voluntary or involuntary or resulting from an Event of
          Default by Borrower, will result in Lender&#146;s incurring loss, including
          reinvestment loss, additional expense and frustration or impairment of
          Lender&#146;s ability to meet its commitments to third parties. Borrower agrees
          to pay to Lender upon demand damages for the detriment caused by any prepayment,
          and agrees that it is extremely difficult and impractical to ascertain the
          extent of such damages. Borrower therefore acknowledges and agrees that the
          formula for calculating prepayment premiums set forth in this Note represents a
          reasonable estimate of the damages Lender will incur because of a prepayment.
          Borrower further acknowledges that any lockout and the prepayment premium
          provisions of this Note are a material part of the consideration for the Loan,
          and that the terms of this Note are in other respects more favorable to Borrower
          as a result of the Borrower&#146;s voluntary agreement to the lockout and
          prepayment premium provisions. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.</B>&nbsp;
          <B>Costs and Expenses. </B>To the fullest extent allowed by applicable law,
          Borrower shall pay all expenses and costs, including Attorneys&#146; Fees and
          Costs incurred by Lender as a result of any default under this Note or in
          connection with efforts to collect any amount due under this Note, or to enforce
          the provisions of any of the other Loan Documents, including those incurred in
          post-judgment collection efforts and in any bankruptcy proceeding (including any </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>action for relief from the automatic
stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.</B>&nbsp;
          <B>Forbearance.</B> Any forbearance by Lender in exercising any right or remedy
          under this Note, the Security Instrument, or any other Loan Document or
          otherwise afforded by applicable law, shall not be a waiver of or preclude the
          exercise of that or any other right or remedy. The acceptance by Lender of any
          payment after the due date of such payment, or in an amount which is less than
          the required payment, shall not be a waiver of Lender&#146;s right to require
          prompt payment when due of all other payments or to exercise any right or remedy
          with respect to any failure to make prompt payment. Enforcement by Lender of any
          security for Borrower&#146;s obligations under this Note shall not constitute an
          election by Lender of remedies so as to preclude the exercise of any other right
          or remedy available to Lender. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.</B>&nbsp;
          <B>Waivers. </B>Borrower and all endorsers and guarantors of this Note and all
          other third party obligors waive presentment, demand, notice of dishonor,
          protest, notice of acceleration, notice of intent to demand or accelerate
          payment or maturity, presentment for payment, notice of nonpayment, grace, and
          diligence in collecting the Indebtedness. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14.</B>&nbsp;
          <B>Loan Charges.</B> Neither this Note nor any of the other Loan Documents shall
          be construed to create a contract for the use, forbearance or detention of money
          requiring payment of interest at a rate greater than the Maximum Interest Rate.
          If any applicable law limiting the amount of interest or other charges permitted
          to be collected from Borrower in connection with the Loan is interpreted so that
          any interest or other charge provided for in any Loan Document, whether
          considered separately or together with other charges provided for in any other
          Loan Document, violates that law, and Borrower is entitled to the benefit of
          that law, that interest or charge is hereby reduced to the extent necessary to
          eliminate that violation. The amounts, if any, previously paid to Lender in
          excess of the permitted amounts shall be applied by Lender to reduce the unpaid
          principal balance of this Note. For the purpose of determining whether any
          applicable law limiting the amount of interest or other charges permitted to be
          collected from Borrower has been violated, all Indebtedness that constitutes
          interest, as well as all other charges made in connection with the Indebtedness
          that constitute interest, shall be deemed to be allocated and spread ratably
          over the stated term of this Note. Unless otherwise required by applicable law,
          such allocation and spreading shall be effected in such a manner that the rate
          of interest so computed is uniform throughout the stated term of this Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.</B>&nbsp;
          <B>Commercial Purpose. </B>Borrower represents that Borrower is incurring the
          Indebtedness solely for the purpose of carrying on a business or commercial
          enterprise, and not for personal, family, household, or agricultural purposes. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>16.</B>&nbsp;
          <B>Counting of Days. </B>Except where otherwise specifically provided, any
          reference in this Note to a period of &#147;days&#148; means calendar days, not
          Business Days. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>17.</B>&nbsp;
          <B>Governing Law. </B>This Note shall be governed by the law of the Property
          Jurisdiction. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>18.</B>&nbsp;
          <B>Captions. </B>The captions of the Sections&nbsp;of this Note are for
          convenience only and shall be disregarded in construing this Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>19.</B>&nbsp;
          <B>Notices; Written Modifications.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;
          All Notices, demands and other communications required or permitted to be given
          pursuant to this Note shall be given in accordance with Section&nbsp;31 of the
          Security Instrument. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;
          Any modification or amendment to this Note shall be ineffective unless in
          writing signed by the party sought to be charged with such modification or
          amendment; provided, however, that in the event of a Transfer under the terms of
          the Security Instrument that requires Lender&#146;s consent, any or some or all
          of the Modifications to Multifamily Note set forth in Exhibit&nbsp;A to this
          Note may be modified or rendered void by Lender at Lender&#146;s option, by
          Notice to Borrower and the transferee, as a condition of Lender&#146;s consent. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>20.</B>&nbsp;
          <B>Consent to Jurisdiction and Venue.</B> Borrower agrees that any controversy
          arising under or in relation to this Note may be litigated in the Property
          Jurisdiction. The state and federal courts and authorities with jurisdiction in
          the Property Jurisdiction shall have jurisdiction over all controversies that
          shall arise under or in relation to this Note. Borrower irrevocably consents to
          service, jurisdiction, and venue of such courts for any such litigation and
          waives any other venue to which it might be entitled by virtue of domicile,
          habitual residence or otherwise. However, nothing in this Note is intended to
          limit any right that Lender may have to bring any suit, action or proceeding
          relating to matters arising under this Note in any court of any other
          jurisdiction. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>21.</B>&nbsp;
          <B>WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (A)&nbsp;AGREES NOT TO
          ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE
          RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT
          BY A JURY AND (B)&nbsp;WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH
          ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER
          OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND
          VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>22.</B>&nbsp;
          <B>State-Specific Provisions.</B> N/A </FONT></P>

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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE 15 </FONT></H1>


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<H1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATTACHED EXHIBIT.&nbsp;&nbsp;The Exhibit noted below, if marked with an "X" in the space provided, is attached
to this Note:</FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
|X|&nbsp;&nbsp;&nbsp;Exhibit A&nbsp;&nbsp;&nbsp;Modifications to Multifamily Note</FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>{Signatures on next
page} </I></FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR>
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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE 16 </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, and in consideration of the Lender&#146;s agreement to lend Borrower
the principal amount set forth above, Borrower has signed and delivered this Note under
seal or has caused this Note to be signed and delivered under seal by its duly authorized
representative. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
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     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=52% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=41% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>BORROWER:</U></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ROBERTS PROPERTIES RESIDENTIAL, L.P., </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a Georgia limited partnership</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By: &nbsp;ROBERTS REALTY INVESTORS,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INC., a Georgia corporation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its General Partner</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;<U>/s/ Greg M. Burnett</U></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Greg M. Burnett</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary and Treasurer</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Corporate Seal]</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax ID Number:&nbsp;&nbsp;58-2122875</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE 17 </FONT></H1>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT A </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MODIFICATIONS TO
MULTIFAMILY NOTE </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following modifications are made
to the text of the Note that precedes this Exhibit. </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The following provision is hereby added: &#147;Notwithstanding any right to
          Transfers contained in the Loan Documents, no Transfers will be consented to
          during the Extension Period.&#148; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PAGE A-1 </FONT></P>

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