MID AMERICA APARTMENT COMMUNITIES INC
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<TYPE>EX-10.39
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<p style=' margin-bottom:24pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>EXHIBIT 10.39</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>AMENDMENT NO. 1 TO MASTER CREDIT FACILITY AGREEMENT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:justify;'><font size=2>This AMENDMENT NO. 1 TO MASTER CREDIT FACILITY AGREEMENT dated as of November 17, 2005 (this &#147;</font><b><font size=2>Amendment</font></b><font size=2>&#148;), amends that certain Master Credit Facility Agreement dated as of March 2, 2004, entered into and delivered by Mid-America Apartments, L.P., a Tennessee limited partnership, Mid-America Apartment Communities, Inc., a Tennessee corporation and Mid-America Apartments of Texas, L.P., a Texas limited partnership (individually and collectively the &#147;</font><b><font size=2>Borrower</font></b><font size=2>&#148;).  Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings given to such terms in the Master Credit Agreement (as defined herein below).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>RECITALS</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and Prudential Multifamily Mortgage, Inc., a Delaware corporation (&#147;</font><b><font size=2>Lender</font></b><font size=2>&#148;) executed that certain Master Credit Facility Agreement dated as of March 2, 2004 (as amended, supplemented or modified from time to time, the &#147;</font><b><font size=2>Master Credit Agreement</font></b><font size=2>&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately after the execution of the Master Credit Agreement by the Borrower  and the Lender, the Lender assigned its rights under the Master Credit Agreement to Fannie Mae pursuant to that certain Assignment of Master Credit Facility Agreement dated as of March 2, 2004.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Master Credit Agreement, Lender made an initial Loan to Borrower in the amount of $11,720,000, which Initial Loan was assigned to Fannie Mae.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower has requested that Lender commit to make one or more additional Loans under the Master Credit Agreement and permit the addition of additional Mortgaged Properties to the Collateral Pool established under the Master Credit Agreement, including without limitation a loan in the amount of $2,525,000 with respect to an Additional Mortgaged Property known as Runaway Bay Apartments in Charleston County, South Carolina.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae and the Borrower desire to amend the Master Credit Agreement to establish a $14,245,000</font><b><font size=2> </font></b><font size=2>DMBS Loan Facility in favor of Borrower (subject to increase as provided herein), to provide for additions to the Collateral Pool and to change certain provisions of the Master Credit Agreement. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae and the Borrower intend these Recitals to be a material part of this Amendment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font SIZE=2>AGREEMENTS</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00), the mutual covenants and agreements set forth herein, and other good and valuable consideration, all of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>which each party agrees constitutes sufficient consideration received at and before the execution hereof, the parties agree as follows: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 of the Master Credit Agreement is hereby amended and restated to read in its entirety as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.01in; text-indent:-0.01in;text-align:justify;'><font SIZE=2>SECTION 1.01.  </font><u><font size=2>DMBS Loan Commitment and Loans</font></u><font size=2>.   (a)  Subject to the terms, conditions and limitations of this Agreement, Lender agrees to make an initial Loan (&#147;</font><b><font size=2>Initial Loan</font></b><font size=2>&#148;) to the Borrower in an amount not exceeding $11,720,000 on the Initial Closing Date and one or more additional Loans from time to time during the Loan Availability Period.  The aggregate unpaid principal balance of the Loans Outstanding at any time shall not exceed the DMBS Loan Commitment.  Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the DMBS Loan Facility which it has previously borrowed and repaid under the DMBS Loan Facility.  </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.01in; text-indent:0.51in;text-align:left;'><font size=2>(b)  The Borrower shall request a Loan by giving the Lender a Future Loan Request in accordance with Section  1.01(c).  The Initial Loan and any such additional Loan (a &#147;</font><b><font size=2>Future Loan</font></b><font size=2>&#148;) shall be evidenced by the Note.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.01in; text-indent:0.51in;text-align:left;'><font size=2>(c)  In order to obtain a Future Loan, the Borrower may from time to time deliver a written request for a Future Loan (&#147;</font><u><b><font size=2>Future Loan Request</font></b></u><font size=2>&#148;) to the Lender, in the form attached as </font><u><font size=2>Exhibit J</font></u><font size=2> to this Agreement.  Each Future Loan  Request shall be accompanied by (a) a designation of the amount of the Future Loan requested, and (b) a designation of the maturity date of the Loan.  If all conditions contained in Section 4.08 are satisfied, the Lender shall make the requested Future Loan, at a closing to be held at offices designated by the Lender on a Closing Date selected by the Lender, and occurring on a date selected by the Borrower, which date shall be not more than three (3) Business Days, after the Borrower&#146;s receipt of the Rate Confirmation Form (or on
such other date to which the Borrower and the Lender may agree).  The Lender reserves the right to require that the Borrower post a deposit at the time the DMBS Commitment is obtained as an additional condition to the Lender&#146;s obligation to make the Future Loan.  The deposit referred to in the preceding sentence shall be refundable to the Borrower upon the delivery of the related DMBS.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03 of the Master Credit Agreement is hereby amended by adding the following sentence at the end thereof:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.03in;text-align:left;'><font size=2>Unless waived by the Lender, any DMBS issued to fund a Future Loan must have a maturity date which coincides with the regularly scheduled rollover date for any outstanding DMBS, so that all outstanding DMBS shall be renewed by the issuance of a new DMBS on regularly scheduled issuance dates.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.04 of the Master Credit Agreement is hereby amended by deleting the last sentence thereof and substituting therefor the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.03in;text-align:left;'><font size=2>Each installment of the Loan Fee shall be in an amount equal to the product of (1) the Loan Fee, (2) the principal amount of the Loan during such Discount Period, and (3) 1/12</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III of the Master Credit Agreement is hereby amended by adding thereto new Sections 3.03 and 3.04 to read in their entirety as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:-0.01in;text-align:left;'><font SIZE=2>SECTION 3.03.  </font><u><font size=2>Right to Add Collateral</font></u><font size=2>.  (a) Borrower shall have the right, from time to time during the Term of this Agreement, to add Multifamily Residential Properties to the Collateral Pool (each an &#147;</font><b><font size=2>Additional Mortgaged Property</font></b><font size=2>&#148;) simultaneously with the addition of such Multifamily Residential Properties to the &#147;Collateral Pool&#148; established under the Master Reimbursement Agreement.  </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(b)  </font><u><font size=2>Request</font></u><font size=2>.  The Borrower may deliver a written request (&#147;</font><b><font size=2>Collateral Addition Request</font></b><font size=2>&#148;) to the Lender, in the form attached as </font><u><font size=2>Exhibit K</font></u><font size=2> to this Agreement, to add one or more Additional Mortgaged Properties to the Collateral Pool, provided that no Mortgaged Property may be added to the Collateral Pool unless it is simultaneously added to the &#147;Collateral Pool&#148; established under the Master Reimbursement Agreement, and a Collateral Addition Request with respect to any Mortgaged Property shall not be effective unless it is delivered simultaneously and in conjunction with a &#147;Collateral Addition Request&#148; with respect to such Mortgaged Property under the Master Reimbursement Agreement.  Each Collateral
Addition Request shall be accompanied by the following:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.53in;text-align:justify;'><font size=2>(i)  The information relating to the proposed Additional Mortgaged Property required by the form attached as </font><u><font size=2>Exhibit G</font></u><font size=2> to the Master Reimbursement Agreement (&#147;</font><u><b><font size=2>Collateral Addition Description Package</font></b></u><font size=2>&#148;), as amended from time to time to include information required under the DUS Guide; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.53in;text-align:justify;'><font size=2>(ii)  The payment of all Additional Collateral Due Diligence Fees pursuant to Section 7.03(b).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Additional Information</font></u><font size=2>.  The Borrower shall promptly deliver to the Lender any additional information concerning the proposed Additional Mortgaged Property that the Lender may from time to time reasonably request.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.53in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Underwriting</font></u><font size=2>.  The Lender shall evaluate the proposed Additional Mortgaged Property, and shall make underwriting determinations as to the Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period</font><b><font size=2> </font></b><font size=2>and the Aggregate Loan to Value Ratio applicable to the Collateral Pool, on the basis of the lesser of (i) if purchased by the Borrower within 12 months of the related Collateral Addition Request, the acquisition price of the proposed Additional Mortgaged Property or (ii) a Valuation made with respect to the proposed Additional Mortgaged Property, and otherwise in accordance with Fannie Mae&#146;s DUS Underwriting Requirements, including applicable underwriting floors, if any.  Within 30 days after receipt of (i) the
Collateral Addition Request for the </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in;text-align:justify;'><font size=2>proposed Additional Mortgaged Property and (ii) all reports, certificates and documents set forth on </font><u><font size=2>Exhibit I</font></u><font size=2> to the Master Reimbursement Agreement, including a zoning analysis undertaken in accordance with Section 206 of the DUS Guide, the Lender shall notify the Borrower whether or not it shall consent to the addition of the proposed Additional Mortgaged Property to the Collateral Pool and, if it shall so consent, shall set forth the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period and the Aggregate Loan to Value Ratio which it estimates shall result from the addition of the proposed Additional Mortgaged Property to the Collateral Pool.  If the Lender declines to consent to the addition of the proposed Additional Mortgaged Property to the Collateral Pool, the Lender shall include, in its notice, a brief statement
of the reasons for doing so. Within five Business Days after receipt of the Lender&#146;s notice that it shall consent to the addition of the proposed Additional Mortgaged Property to the Collateral Pool, the Borrower shall notify the Lender whether or not it elects to cause the proposed Additional Mortgaged Property to be added to the Collateral Pool.  If the Borrower fails to respond within the period of five Business Days, it shall be conclusively deemed to have elected not to cause the proposed Additional Mortgaged Property to be added to the Collateral Pool.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing</font></u><font size=2>.  If, pursuant to subsection (c), the Lender consents to the addition of the proposed Additional Mortgaged Property to the Collateral Pool, the Borrower timely elects to cause the proposed Additional Mortgaged Property to be added to the Collateral Pool and all conditions contained in Article V of the Master Reimbursement Agreement and Section 4.06 are satisfied, the Lender shall permit the proposed Additional Mortgaged Property to be added to the Collateral Pool, simultaneously with the addition of such Multifamily Residential Properties to the &#147;Collateral Pool&#148; established under the Master Reimbursement Agreement, at a closing to be held at offices designated by the Lender on a Closing Date selected by the Lender, and occurring within 30 Business Days after
the Lender&#146;s receipt of the Borrower&#146;s election (or on such other date to which the Borrower and the Lender may agree).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.03in;text-align:left;'><font SIZE=2>SECTION 3.04.  </font><u><font size=2>Right to Increase Commitment</font></u><font size=2>.  Subject to the terms, conditions and limitations of this Section, the Borrower shall have the right, at any time or from time to time during the Loan Availability Period, to increase the DMBS Loan Commitment.  The DMBS Loan Commitment may be increased by (i) the addition of Collateral to the Collateral Pool and/or (ii) the amount of any DMBS Loan Facility Expansion Request approved by Lender.  The Borrower&#146;s right to increase the DMBS Loan Commitment is subject to the following limitations:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Maximum Amount of Increase in Commitment</font></u><font size=2>.    Borrower hereby agrees that the total DMBS Loan Commitment, when added to the &#147;Commitment&#148; of Fannie Mae under the Master Reimbursement Agreement, shall not exceed $100,000,000.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Minimum Request</font></u><font size=2>.  Each Request for an increase in the Commitment shall be in the minimum amount of $1,000,000.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Terms and Conditions</font></u><font size=2>.  The terms and conditions of this Agreement shall apply to any increase in the DMBS Loan Commitment closed not later than November 17, 2006</font><b><font size=2>.</font></b><font size=2>  The terms and conditions (including pricing,) applicable to any increase in the DMBS Loan Commitment after November 17, 2006  shall be acceptable to Lender in its discretion.  </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.56in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Request</font></u><font size=2>.  In order to obtain an increase in the DMBS Loan Commitment, the Borrower shall deliver a written request for an increase (a &#147;</font><b><font size=2>DMBS Loan Facility Expansion Request</font></b><font size=2>&#148;) to the Lender, in the form attached as </font><u><font size=2>Exhibit L</font></u><font size=2> to this Agreement.  Each DMBS Loan Facility Expansion Request shall be accompanied by the following:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(i)</font></p> </td>
        <td width="365" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>A designation of the amount of the proposed increase;</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.53in;text-align:justify;'><font size=2>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Multifamily Residential Properties are proposed to be added to the Collateral Pool, a list of such Multifamily Residential Properties and evidence of compliance with the requirements of Section 4.06  in connection with such addition; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.53in;text-align:justify;'><font size=2>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such request occurs after November 17, 2006,</font><b><font size=2> </font></b><font size=2>a request that the Lender inform the Borrower of the Loan Fee to apply to Loans drawn from such increase in the Commitment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Closing</font></u><font size=2>.  If all conditions contained in Section 4.08  are satisfied, the Lender shall permit the requested increase in the Commitment, at a closing to be held at offices designated by the Lender on a Closing Date selected by the Lender, and occurring within fifteen (15) Business Days after the Lender&#146;s receipt of the DMBS Loan Facility Expansion Request (or on such other date to which the Borrower and the Lender may agree).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV of the Master Credit Agreement is hereby amended by adding thereto new Sections 4.06, 4.07 and 4.08 to read in their entirety as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in;text-align:justify;'><font SIZE=2>SECTION 4.06.  </font><u><font size=2>Conditions Precedent to Addition of an Additional Mortgaged Property to the Collateral Pool</font></u><font size=2>.  The addition of an Additional Mortgaged Property to the Collateral Pool on the applicable Closing Date is subject to the satisfaction of the conditions of Section 4.01 and each of the following conditions precedent:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:justify;'><font size=2>(a)  Satisfaction of the conditions precedent to the addition of the Additional Mortgaged Property contained in Article V of the Master Reimbursement Agreement;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>5</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.51in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery to the Title Company, with fully executed instructions directing the Title Company to file and/or record in all applicable jurisdictions, all applicable Addition Loan Documents required by Lender, including duly executed and delivered original copies of any Security Instruments and UCC-1 Financing Statements covering the portion of the Additional Mortgaged Property comprised of personal property, and other appropriate documents, in form and substance satisfactory to Lender and in form proper for recordation, as may be necessary in the opinion of Lender to perfect the Lien created by the applicable additional Security Instrument, and any other Addition Loan Document creating a Lien in favor of Lender, and the payment of all taxes, fees and other charges payable in connection with such execution, delivery,
recording and filing;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.51in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Lender of the Collateral Addition Fee and all legal fees and expenses payable by Borrower in connection with the Addition Request pursuant to Section 7.03;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.51in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If required by Lender, amendments to the Note and the Security Instruments, reflecting the addition of the Additional Mortgaged Property to the Collateral Pool and, as to any Security Instrument so amended, the receipt by Lender of an endorsement to the Title Insurance Policy insuring the Security Instrument, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than Permitted Liens;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.51in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Title Insurance Policy for the Additional Mortgaged Property contains a Tie-In Endorsement, an endorsement to each other Title Insurance Policy containing a Tie-In Endorsement, adding a reference to the Additional Mortgaged Property; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.51in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the documents set forth in Section 4.03 of this Agreement with respect to the Additional Mortgaged Property and any additional Loan being made in connection with the addition of the Additional Mortgaged Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in;text-align:left;'><font SIZE=2>SECTION 4.07.  </font><u><font size=2>Conditions Precedent to Future Loans.</font></u><font size=2>  The obligation of the Lender to make a requested Future Loan is subject to the satisfaction of conditions of Section 4.01 and the following conditions precedent:</font></p>


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    <tr >
        <td  width="1">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="51" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Receipt by Lender of the fully executed Future Loan Request;</font></p> </td> </tr>
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        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td width="361" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Receipt by Borrower of the Rate Confirmation Form;</font></p> </td>
        <td  width="54">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="1" ></td>

        <td width="46" ></td>

        <td width="323" ></td>

        <td width="49" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the requested Future Loan, the Coverage and LTV Tests will be satisfied;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Lender of a new Note, or an amended and restated Note, duly executed by the Borrower, reflecting the amount of the Future Loan; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens, and other exceptions approved by the Lender; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Lender at least five (5) days prior to the Closing Date, of the confirmation of a Hedge commitment;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Lender of Hedge Documents, effective as of the Closing Date;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receipt by Lender of the first installment of the Loan Fee and the entire Discount payable by Borrower pursuant to Sections 1.04(b) and (c); </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt by Lender of all legal fees and expenses payable by Borrower in connection with the Future Loan Request pursuant to Section 7.03. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in;text-align:justify;'><font SIZE=2>SECTION 4.08.  </font><u><font size=2>Conditions Precedent to Increase in Commitment.</font></u><font size=2>  The right of the Borrower to increase the DMBS Loan Commitment is subject to the satisfaction of conditions of Section 4.01 and the following conditions precedent on or before the Closing Date of the funding of any DMBS Loan made pursuant to such increase in the DMBS Loan Commitment:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.97in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the requested increase the Coverage and LTV Tests will be satisfied;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment by the Borrower of the Expansion Origination Fee in accordance with Section 7.01(b) and all legal fees and expenses payable by the Borrower in connection with the expansion of the DMBS Loan Commitment pursuant to Section 7.03(b);</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date, increasing the limits of liability to the DMBS Loan Commitment, as increased under this Section, showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date (or, if applicable, the last Closing Date with respect to which the Title Insurance Policy was endorsed), the Permitted Liens, and other exceptions approved by the Lender, together with any reinsurance agreements required by the Lender; and </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>7</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.97in; text-indent:0.49in;text-align:justify;'><font size=2>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receipt by the Lender of fully executed original copies of all Expansion Loan Documents, each of which shall be in full force and effect, and in form and substance satisfactory to the Lender in all respects;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 (&#147;</font><u><font size=2>Origination Fees</font></u><font size=2>&#148;) is hereby amended by deleting such Section in its entirety and replacing such Section with the following:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in;text-align:justify;'><font SIZE=2>SECTION 7.01. </font><u><font size=2>Origination and Standby Fees</font></u><font size=2>.  .  (a) Borrower has paid to Lender an origination fee (&#147;</font><u><font size=2>Origination Fee</font></u><font size=2>&#148;) equal to $87,900.00 (which is equal to the product obtained by multiplying (i) the Initial Loan ($11,720,000), by (ii)&nbsp;.75%).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.49in;text-align:justify;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Expansion Origination Fee</font></u><font size=2>.  Upon the closing of a DMBS Loan Facility Expansion Request under Section 3.04, the Borrower shall pay to the Lender an origination fee (&#147;</font><u><font size=2>Expansion Origination Fee</font></u><font size=2>&#148;) equal to the product obtained by multiplying (i) the increase in the DMBS Loan Commitment made on the Closing Date for the DMBS Loan Facility Expansion Request, by (ii) .75%.  An Expansion Origination Fee shall be reduced by the amount of any Collateral Addition Fee paid by the Borrower in respect of any Additional Mortgaged Properties added to the Collateral Pool in conjunction with such expansion.  The Borrower shall pay the Expansion Origination Fee on or before the Closing Date for the DMBS Loan Facility Expansion Request. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.49in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Standby Fee</font></u><font size=2>.  Borrower shall pay the Standby Fee to Lender for the period from the date of this Agreement to the end of the Term of this Agreement.  The Standby Fee shall be payable monthly in arrears, on the first Business Day following the end of the month, except that the Standby Fee for the last month during the Term of this Agreement shall be paid on the last day of the Term of this Agreement.  During the period commencing on November 17, 2005 and ending May 17, 2006, Lender waives any Standby Fee payable in connection with the proposed $2,525,000 Future Loan to be made and allocated to the Mortgaged Property known as Runaway Bay Apartments in Charleston County, South Carolina.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 (&#147;</font><u><font size=2>Due Diligence Fees</font></u><font size=2>&#148;) is hereby amended by deleting such Section in its entirety and replacing such Section with the following:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in;text-align:justify;'><font SIZE=2>SECTION 7.02. </font><u><font size=2>Due Diligence Fees</font></u><font size=2>.  (a) Borrower has paid to Lender due diligence fees with respect to the Mortgaged Properties added to the Collateral Pool on the Initial Closing Date in an amount not to exceed $16,000 per property.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.56in;text-align:justify;'><font size=2> (b)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Borrower shall pay to Lender additional due diligence fees (&#147;</font><u><font size=2>Additional Collateral Due Diligence Fees</font></u><font size=2>&#148;) with respect to Additional Mortgaged Properties (including, without limitation, the Mortgaged Property known as Runaway Bay Apartments), in an amount not to exceed $16,000 per property.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>8</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.08 (&#147;</font><u><font size=2>Notices</font></u><font size=2>&#148;)is hereby amended by deleting the notice address of the Lender in its entirety and replacing it with the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&#147;As to the Lender:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>Prudential Multifamily Mortgage, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>c/o Prudential Asset Resources</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>2200 Ross Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>Suite 4900 E</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>Dallas, Texas 75201</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Attention:</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fannie Mae Asset Management Department</font></p> </td> </tr>
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        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telecopy No.:</font></p> </td>
        <td width="120" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(214) 777-4556</font></p> </td>
        <td  width="181">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:justify;'><font size=2>with a copy to:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>Prudential Multifamily Mortgage, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>8401 Greensboro Drive</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>Suite 200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>McLean, Virginia  22102</font></p>


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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Attention:</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michele Levoir-Sloan</font></p> </td> </tr>
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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telecopy No.:</font></p> </td>
        <td width="125" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(703) 610-1401&#148;</font></p> </td>
        <td  width="35">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix I is hereby amended by deleting the definitions of &#147;Mortgaged Properties&#148; and &#147;Request&#148; in their entirety and replacing such definitions with the following:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>&#147;</font><u><font size=2>Mortgaged Properties</font></u><font size=2>&#148; means, collectively, the Multifamily Residential Properties described on </font><u><font size=2>Exhibit A</font></u><font size=2> to the Agreement and which represent the Multifamily Residential Properties which are made part of the Collateral Pool on the Initial Closing Date and any Additional Mortgaged Properties subsequently added to the Collateral Pool, but excluding each Release Property from and after the date of its release from the Collateral Pool.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>&#147;</font><u><font size=2>Request</font></u><font size=2>&#148; means a Loan Request, a Future Loan Request, an Addition Request, an Expansion Request, a Release Request or a Termination Request.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following definitions are added to Appendix I and placed alphabetically within such Appendix I:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Addition Loan Documents</font></u><font size=2>&#148; means the Security Instruments covering an Additional Mortgaged Property and any other documents, instruments or certificates required by Lender in connection with the addition of the Additional Mortgaged Property to the Collateral Pool pursuant to Section 3.03.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>9</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Additional Collateral Due Diligence Fees</font></u><font size=2>&#148; has the meaning given that term in Section 7.02 hereof.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Additional Mortgaged Properties</font></u><font size=2>&#148; means each Multifamily Residential Property owned by any Borrower (either in fee simple or as tenant under a ground lease meeting all of the requirements of the DUS Guide) and added to the Collateral Pool after the Initial Closing Date pursuant to Section 3.03.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Collateral Addition Fee</font></u><font size=2>&#148; means, with respect to each Additional Mortgaged Property added to the Collateral Pool in accordance with Article III, 75 basis points multiplied by the principal amount of the Loans allocated to such Additional Mortgaged Property as determined by the Lender.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.6in;text-align:left;'><font size=2> &#147;</font><u><font size=2>Collateral Addition Request</font></u><font size=2>&#148; &#148; means a written request, substantially in the form of </font><u><font size=2>Exhibit K</font></u><font size=2> to the Agreement, to add Additional Mortgaged Properties to the Collateral Pool pursuant to Section 3.03.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Coverage and LTV Tests</font></u><font size=2>&#148; has the meaning given to such term in the Master Reimbursement Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>DMBS Loan Commitment</font></u><font size=2>&#148; means $14,245,000, plus such amount as the Borrower may elect to add to the DMBS Loan Commitment in accordance with Section 3.04.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>DMBS Loan Facility</font></u><font size=2>&#148; means the agreement of the Lender to make Loans pursuant to Section 1.01.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><u><font size=2>DMBS Loan Facility Expansion Request</font></u><font size=2> has the meaning given to such term in Section 3.04(d).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Expansion Loan Documents</font></u><font size=2>&#148; means amendments to the Note increasing the amount of such Note to the amount of the DMBS Loan Commitment, as expanded in accordance with Section 3.04 and amendments to the Security Instruments, increasing the amount secured by such Security Instruments to the amount of the DMBS Loan Commitment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Future Loan Request</font></u><font size=2>&#148; has the meaning given to such term in Section 1.01(c).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Loan Availability Period</font></u><font size=2>&#148; means the period beginning on the Initial Closing Date and ending on the date five (5) years after the Initial Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Release Property</font></u><font size=2>&#148; means the Mortgaged Property to be released pursuant to Section 3.01.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Standby Fee</font></u><font size=2>&#148;  means, for any month, an amount equal to the product obtained by multiplying: (i) 1/12 by (ii) 15 basis points by (iii) the Unused Capacity for such month.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>10</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.49in; text-indent:0.51in;text-align:left;'><font size=2>&#147;</font><u><font size=2>Unused Capacity</font></u><font size=2>&#148; means, for any month, the sum of the daily average during such month of the undrawn amount of the DMBS Loan Commitment available under </font><u><font size=2>Section 1.01</font></u><font size=2> of the Agreement for the making of Loans, without regard to any unclosed Requests or to the fact that a Request must satisfy conditions precedent.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;</font><u><font SIZE=2>SCHEDULE OF MORTGAGED PROPERTIES AND INITIAL VALUATIONS</font></u><font size=2>&#148; attached as Exhibit A to the Master Credit Agreement is hereby amended and restated in its entirety as set forth in Annex I attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A new Exhibit J (&#147;</font><b><font size=2>Future Loan Request</font></b><font size=2>&#148;) is hereby added to the Agreement in the form of Annex II attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A new Exhibit K (&#147;</font><b><font size=2>Collateral</font></b><font size=2> </font><b><font size=2>Addition Request</font></b><font size=2>&#148;) is hereby added to the Agreement in the form of Annex II attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A new Exhibit L (&#147;</font><b><font size=2>Expansion Request</font></b><font size=2>&#148;) is hereby added to the Agreement in the form of Annex III attached hereto.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in any number of counterparts, each of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as if all parties hereto had signed the same signature page.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall be construed, interpreted and enforced in accordance with, and the rights and remedies of the parties hereto shall be governed pursuant to, the provisions of Section 14.06 of the Master Credit Agreement (entitled &#147;</font><u><font size=2>Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial</font></u><font size=2>&#148;), which provisions are hereby incorporated into this Amendment No. 1 by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically modified by this Amendment, all of the terms and provisions of the Master Credit Agreement shall remain in full force and effect.</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="483" style='margin-left:1.0in;border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>18.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Borrower represents and warrants to Fannie Mae as follows:</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All representations and warranties set forth in the Master Credit Agreement are true and correct as of November 17, 2005.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:justify;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or Potential Event of Default as described in the Master Credit Agreement has occurred as of November 17, 2005.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><i><font size=2>[The Remainder of this Page Has Been Intentionally Left Blank.]</font></i></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>11</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>IN WITNESS WHEREOF, the parties hereto have duly signed, sealed, and delivered this Amendment on the day and year first above written.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font SIZE=2>BORROWER:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.01in;text-align:left;'><b><font SIZE=2>MID-AMERICA APARTMENTS, L.P., </font></b><font size=2>a Tennessee limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.36in; text-indent:-0.35in;text-align:left;'><font size=2>By:   Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.36in;text-align:left;'><font size=2>By:  __________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.71in;text-align:left;'><font size=2>Al Campbell</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.71in;text-align:left;'><font size=2>Senior Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.01in;text-align:left;'><b><font SIZE=2>MID-AMERICA APARTMENT COMMUNITIES, INC.</font></b><font size=2>, a Tennessee corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.01in;text-align:left;'><font size=2>By:  __________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.29in;text-align:left;'><font size=2>Al Campbell</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.29in;text-align:left;'><font size=2>Senior Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.01in;text-align:left;'><b><font SIZE=2>MID-AMERICA APARTMENTS OF TEXAS, L.P., </font></b><font size=2>a Texas limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.01in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.36in; text-indent:-0.35in;text-align:left;'><font size=2>By:   MAC of Delaware, Inc., a Delaware corporation, its sole General Partner</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.19in; text-indent:-0.19in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.36in;text-align:left;'><font size=2>By:  __________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.71in;text-align:left;'><font size=2>John A. Good</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.2in; text-indent:1.51in;text-align:justify;'><font size=2>Assistant Secretary</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4in;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>S-1</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font SIZE=2>FANNIE MAE</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>______________________________________________________&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:__________________________________</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:___________________________________</font></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>S-2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.62in; text-indent:1.36in;text-align:justify;'><font SIZE=2>LENDER</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:3.12in; text-indent:-0.13in;text-align:left;'><b><font SIZE=2>PRUDENTIAL MULTIFAMILY MORTGAGE, INC.</font></b><font size=2>, a Delaware Corporation</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.99in;text-align:justify;'><font size=2>By:____________________________________</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='margin-left:252.75pt;border-collapse:collapse'>
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        <TD VALIGN="TOP" NOWRAP>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: Sharon D. Singleton</font></p> </td>
        <td width="149" valign=top >
           <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2></font></p> </td> </tr>
        <TD WIDTH="200" VALIGN="TOP" NOWRAP>
           <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  Vice President-Closing Officer</font></p> </td> </tr></table>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>S-3</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:RIGHT;'><B><FONT SIZE=2>ANNEX I</FONT></B></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>EXHIBIT A TO MASTER CREDIT AGREEMENT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>SCHEDULE OF MORTGAGED PROPERTIES, </font></b></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>INITIAL VALUATIONS AND INITIAL LOAN ALLOCATIONS</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="103%" style='margin-left:0pt;border-collapse:collapse'>
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        <td width="162" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.9pt'><b><font size=2>Property Name</font></b><b></b></p>  </td>
        <td width="204" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.9pt'><b><font size=2>Property Address</font></b><b></b></p>  </td>
        <td width="132" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.9pt'><b><font size=2>Initial  Valuation</font></b><b></b></p>  </td>
        <td width="164" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:2.9pt'><b><font size=2>Initial DMBS  Loan Allocation</font></b><b></b></p>  </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>The Park at Hermitage</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=1>&nbsp;</font></p> </td>
        <td width="204" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Davidson County, Tennessee</font></p> </td>
        <td width="132" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$19,900,000</font></p> </td>
        <td width="164" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$6,755,000</font></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Stassney Woods</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=1>&nbsp;</font></p> </td>
        <td width="204" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Austin, Texas</font></p> </td>
        <td width="132" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$11,345,000</font></p> </td>
        <td width="164" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$2,620,000</font></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Travis Station Apartments</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=1>&nbsp;</font></p> </td>
        <td width="204" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Austin, Texas</font></p> </td>
        <td width="132" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$9,673,000</font></p> </td>
        <td width="164" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$2,345,000</font></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Runaway Bay Apartments</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=1>&nbsp;</font></p> </td>
        <td width="204" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>Mount Pleasant, Charleston County, South Carolina</font></p> </td>
        <td width="132" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$16,400,000</font></p> </td>
        <td width="164" valign=top style='padding:0in 6.0pt 0in 6.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:64.8%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:2.9pt'><font size=2>$2,525,000</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font SIZE=2>ANNEX II</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>EXHIBIT J TO MASTER CREDIT FACILITY AGREEMENT</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>FUTURE LOAN REQUEST</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><b><font SIZE=2>THE MASTER AGREEMENT REQUIRES YOU TO MAKE THE REQUESTED FUTURE LOAN, IF ALL CONDITIONS CONTAINED IN SECTION 4.07 OF THE MASTER AGREEMENT ARE SATISFED, AT A CLOSING TO BE HELD ON A CLOSING DATE SELECTED BY BORROWER AND APPROVED BY YOU, WHICH DATE SHALL BE NOT MORE THAN THREE (3) BUSINESS DAYS AFTER OUR RECEIPT OF THE CONFIRMED RATE FORM (OR ON SUCH OTHER DATE AS WE MAY AGREE).  LENDER RESERVES THE RIGHT TO REQUIRE THAT WE POST A DEPOSIT AT THE TIME THE MBS COMMITMENT IS OBTAINED AS AN ADDITIONAL CONDITION TO YOUR OBLIGATION TO MAKE THE FUTURE LOAN.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>____________________, ______</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:justify;'><font SIZE=2>VIA: _______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font SIZE=2>PRUDENTIAL MULTIFAMILY MORTGAGE, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>8401 Greensboro Drive</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Suite 200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>McLean, Virginia 22101</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Re: </font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>LOAN  REQUEST issued pursuant to Master Credit Facility Agreement, dated as of March 2, 2004, as amended by Amendment No. 1 to Master Credit Facility Agreement dated as of November 17, 2005, by and between Mid-America Apartments, L.P., a Tennessee limited partnership, Mid-America Apartment Communities, Inc., a Tennessee corporation and Mid-America Apartments of Texas, L.P., a Texas limited partnership (collectively, &#147;</font><u><b><font size=2>Borrower</font></b></u><font size=2>&#148;), and Lender (as amended from time to time, the &#147;</font><u><b><font size=2>Master Agreement</font></b></u><font size=2>&#148;)</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>This constitutes Loan Request pursuant to the terms of the above-referenced Master Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 1.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Request</font></b></u><b><font size=2>.</font></b><font size=2>  The undersigned Borrower Agent, on behalf of Borrower, hereby requests that Lender make a Loan in accordance with the terms of the Master Agreement.  Following is the information required by the Master Agreement with respect to this Request:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="433" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Amount</font></u><font size=2>.  The amount of the Future Loan shall be $__________.</font></p> </td>
        <td  width="77">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Maturity Date</font></u><font size=2>.  The Maturity Date of the Loan is as follows: ____________.</font></p> </td> </tr></table>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td width="528" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Accompanying Documents</font></u><font size=2>.  All documents, instruments and certificates required to be delivered pursuant to the conditions contained in Article IV of the Master Agreement, including (i)  a confirmed Rate Form, (ii) a Compliance Certificate, </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>J-1</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1in;text-align:justify;'><font size=2>and (iii) an Organizational Certificate, will be delivered on or before the Closing Date.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Wiring Information</font></u><font size=2>.  Please wire the Loan on or before the Closing Date into our account in accordance with the following wiring information:</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:justify;'><font size=2>___________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:justify;'><font size=2>___________________________________________</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:1.5in;text-align:justify;'><font size=2>___________________________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 2</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Available Commitment Amount</font></b></u><b><font size=2>.</font></b><font size=2>  The information contained in the following table is true, correct and complete, to the undersigned&#146;s knowledge.  The undersigned acknowledges and agrees that the final determination of the information shall be made by Lender, in accordance with the terms of the Master Agreement.</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="97%" style='margin-left:5.0pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:.3in'>
        <td width="324" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Currently Available DMBS Loan Commitment </font></p> </td>
        <td width="300" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:.3in'>
        <td width="324" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proposed Amount Drawn on DMBS Loan Commitment</font></p> </td>
        <td width="300" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid; height:.3in'>
        <td width="324" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Remaining DMBS Loan Commitment after Proposed Draw</font></p> </td>
        <td width="300" style='padding:0in 5.0pt 0in 5.0pt;height:.3in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 3.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Capitalized Terms</font></b></u><b><font size=2>.</font></b><font size=2>  All capitalized terms used but not defined in this Request shall have the meanings ascribed to such terms in the Master Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:3in;text-align:justify;'><font size=2>Sincerely,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>MID-AMERICA APARTMENTS, L.P.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>  a Tennessee limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:3.0in;border-collapse:collapse'>
    <tr >
        <td width="60" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>By:  _______________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.81in;text-align:left;'><font size=2>Al Campbell</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.88in;text-align:left;'><font size=2>Senior Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:2.12in;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="35" style='margin-left:228.75pt;border-collapse:collapse'>
    <tr >
        <td width="35" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>J-2</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><b><font SIZE=2>ANNEX III</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>EXHIBIT K TO MASTER CREDIT AGREEMENT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>ADDITION REQUEST</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>____________________, ______</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font SIZE=2>VIA: _______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font SIZE=2>PRUDENTIAL MULTIFAMILY MORTGAGE, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>8401 Greensboro Drive</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Suite 200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>McLean, Virginia 22101</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>Attention:_______________</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>[Note: Subject to change in the event Lender or its address changes]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Re:</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>REQUEST issued pursuant to Master Credit Facility Agreement, dated as of March 2, 2004, as amended by Amendment No. 1 to Master Credit Facility Agreement dated as of November 17, 2005, by and between Mid-America Apartments, L.P., a Tennessee limited partnership, Mid-America Apartment Communities, Inc., a Tennessee corporation and Mid-America Apartments of Texas, L.P., a Texas limited partnership (collectively, &#147;</font><u><b><font size=2>Borrower</font></b></u><font size=2>&#148;) and Lender (as amended from time to time, the &#147;</font><u><b><font size=2>Master</font></b></u><b><font size=2> </font></b><u><b><font size=2>Agreement&#148;</font></b></u><font size=2>)</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>This constitutes an Addition Request pursuant to the terms of the above-referenced Master Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 1.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Addition Request</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower hereby requests that the Multifamily Residential Property described in this Request be added to the Collateral Pool in accordance with the terms of the Master Agreement.  Following is the information required by the Master Agreement with respect to this Request:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;line-height:95.83333%;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Property Description Package</font></u><font size=2>.  Attached to this Request is the Property Description Package and attached thereto are all information and documents relating to the proposed Additional Mortgaged Property required by the Property Description Package;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;line-height:95.83333%;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Due Diligence Fees</font></u><font size=2>.  Enclosed with this Request is a check in payment of all Additional Collateral Due Diligence Fees required to be submitted with this Request pursuant to Section 7.02 of the Master Agreement; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;line-height:95.83333%;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accompanying Documents</font></u><font size=2>.  All reports, certificates and documents required to be delivered pursuant to the conditions contained in Section 4.06 of the Master Agreement will be delivered on or before the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 2.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Addition Fee</font></b></u><b><font size=2>.</font></b><font size=2>  If Lender consents to the addition of the proposed Additional Mortgaged Property to the Collateral Pool, and Borrower elects to add the Additional Mortgaged Property to the Collateral Pool, Borrower shall pay the Collateral Addition Fee to Lender as one of the conditions to the closing of the Additional Mortgaged Property.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section. 3. </font></b><u><b><font size=2>Capitalized Terms</font></b></u><b><font size=2>.</font></b><font size=2>  All capitalized terms used but not defined in this Request shall have the meanings ascribed to such terms in the Master Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:3in;text-align:justify;line-height:95.83333%;'><font size=2>Sincerely,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>MID-AMERICA APARTMENTS, L.P.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>  a Tennessee limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:3.0in;border-collapse:collapse'>
    <tr >
        <td width="60" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>By:  _______________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.81in;text-align:left;'><font size=2>Al Campbell</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.88in;text-align:left;'><font size=2>Senior Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Amendment No. 1 to Master </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Credit Facility Agreement</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Mid-America</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font SIZE=2>ANNEX IV</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>EXHIBIT L TO MASTER CREDIT AGREEMENT</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><u><b><font SIZE=2>EXPANSION REQUEST</font></b></u></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font SIZE=2>THE MASTER AGREEMENT REQUIRES YOU TO PERMIT THE REQUESTED INCREASE IN THE COMMITMENT, AT A CLOSING TO BE HELD AT OFFICES DESIGNATED BY YOU ON A CLOSING DATE SELECTED BY BORROWER AND APPROVED BY YOU, AND OCCURRING WITHIN FIFTEEN (15) BUSINESS DAYS AFTER YOUR RECEIPT OF THE EXPANSION REQUEST (OR ON SUCH OTHER DATE AS WE AGREE), AS LONG AS ALL CONDITIONS CONTAINED IN </font></b><i><b><font SIZE=2>SECTION 4.08</font></b></i><b><font size=2> OF THE MASTER AGREEMENT ARE SATISFIED.  REFERENCE IS MADE TO THE MASTER AGREEMENT FOR THE SCOPE OF LENDER&#146;S OBLIGATIONS WITH RESPECT TO THIS REQUEST.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>____________________, ______</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font SIZE=2>VIA: _______________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font SIZE=2>PRUDENTIAL MULTIFAMILY MORTGAGE, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>8401 Greensboro Drive</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Suite 200</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>McLean, Virginia 22101</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;line-height:95.83333%;'><font size=2>Attention:_______________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>[Note: Subject to change in the event Lender or its address changes] [________________, _____]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Re:</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>REQUEST issued pursuant to Master Credit Facility Agreement, dated as of March 2, 2004, as amended by Amendment No. 1 to Master Credit Facility Agreement dated as of November 17, 2005, by and between Mid-America Apartments, L.P., a Tennessee limited partnership, Mid-America Apartment Communities, Inc., a Tennessee corporation and Mid-America Apartments of Texas, L.P., a Texas limited partnership (collectively, &#147;</font><u><b><font size=2>Borrower</font></b></u><font size=2>&#148;) and Lender (as amended from time to time, the &#147;</font><u><b><font size=2>Master</font></b></u><b><font size=2> </font></b><u><b><font size=2>Agreement&#148;</font></b></u><font size=2>)</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>This constitutes an Expansion Request pursuant to the terms of the above-referenced Master Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 1.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Request</font></b></u><b><font size=2>.</font></b><font size=2>  Borrower hereby requests an increase in the maximum credit commitment in accordance with the terms of the Master Agreement.  Following is the information required by the Master Agreement with respect to this Request:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amount of Increase</font></u><font size=2>.  The amount of the increase in the maximum credit commitment is as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="97%" style='margin-left:5.0pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="208" valign=top style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>NAME</font></p> </td>
        <td width="208" valign=top style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>INCREASE</font></p> </td>
        <td width="208" valign=top style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>RESULTING AMOUNT OF</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>COMMITMENT</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="208" style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MAXIMUM CREDIT</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>COMMITMENT:</font></p> </td>
        <td width="208" style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="208" style='padding:0in 5.0pt 0in 5.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>[Note: Section 3.04(a</font><b><font size=2>)</font></b><i><b><font size=2> </font></b></i><font size=2> of the Master Agreement limits the maximum amount of increase in the DMBS Loan Commitment to the amount which, when added to the &#147;Commitment&#148; of Fannie Mae under the Master Reimbursement Agreement, shall not exceed $100,000,000 and the increase in the DMBS Loan Commitment must be in the minimum amount of $1,000,000.]</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Accompanying Documents</font></u><font size=2>.  All documents, instruments and certificates required to be delivered pursuant to the conditions contained in Section 4.08 of the Master Agreement will be delivered on or before the Closing Date.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:1in;text-align:left;'><font size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Loan Fee shall be __________ for Loans made from the increase in the Commitment</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><b><font size=2>Section 2.</font></b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><b><font size=2>Capitalized Terms</font></b></u><b><font size=2>.</font></b><font size=2>  All capitalized terms used but not defined in this Request shall have the meanings ascribed to such terms in the Master Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>[Remainder of page intentionally left blank.]</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:3in;text-align:justify;line-height:95.83333%;'><font size=2>Sincerely,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font SIZE=2>MID-AMERICA APARTMENTS, L.P.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>  a Tennessee limited partnership</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>&nbsp;</font></p>


<table  border="0" cellspacing=0 cellpadding=0 style='margin-left:3.0in;border-collapse:collapse'>
    <tr >
        <td width="60" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.5in;text-align:left;'><font size=2>By:  _______________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.81in;text-align:left;'><font size=2>Al Campbell</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3.88in;text-align:left;'><font size=2>Senior Vice President and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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