GABLES REALTY LIMITED PARTNERSHIP
WAIVER LETTER
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>consentex1.htm
<DESCRIPTION>WAIVER LETTER
<TEXT>
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<title> </title>



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<p class=MsoDate style='margin-bottom:48.0pt'>August 31, 2004</p>

<p class=Addressee>Gables Realty Limited Partnership<br>
Gables-Tennessee Properties, L.L.C.<br>
2859 Paces Ferry Road<br>
Suite 1450<br>
Atlanta, Georgia&nbsp; 30339</p>

<p class=MsoNormal>Attention:&nbsp; Marvin R. Banks, Jr.</p>

<p class=ReLine style='text-align:justify'><i>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Amended and
Restated Credit Agreement dated as of February 20, 2003 among Gables Realty
Limited Partnership and Gables-Tennessee Properties, L.L.C. (collectively,
&quot;Borrower&quot;), Wachovia Bank, National Association, as Administrative Agent
(&quot;Agent&quot;), and the other parties thereto, as amended by the First Amendment to
Fifth Amended and Restated Credit Agreement dated December 12, 2003
(collectively, the &quot;Credit Agreement&quot;)</i></p>

<p class=MsoSalutation>Gentlemen:</p>

<p class=MsoBodyTextFirstIndent>Terms used herein but not otherwise defined
herein shall have the meanings set forth in the Credit Agreement.&nbsp; </p>

<p class=MsoBodyTextFirstIndent>Borrower has requested that Agent and the
Lenders consent to waive certain of the covenants set forth in the Credit
Agreement.</p>

<p class=MsoBodyTextFirstIndent>Subject to the execution and delivery of this
letter by Borrower and the Guarantors and in reliance upon the representations
of Borrower and Guarantors made herein, the Requisite Lenders have approved the
execution of this letter by Agent on behalf of the Requisite Lenders.&nbsp; By
execution hereof, Agent, on behalf of the Requisite Lenders, Borrower and
Guarantors hereby agree to waive the following covenants of the Credit
Agreement to read as follows:</p>

<p class=TabbedL1 style='margin-left:0in'>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By deleting Section 9.1(a) of the Credit Agreement in its entirety, and
inserting in lieu thereof the following:</p>

<p class=MsoBlockText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Leverage Ratio</u>.&nbsp; The ratio of (i) Total
Indebtedness to (ii)&nbsp;Gross Asset Value to exceed 0.60 to 1.00 at any
time.&quot;;</p>

<p class=TabbedL1 style='margin-left:0in'>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By deleting Section 9.1(e) of the Credit Agreement in its entirety, and
inserting in lieu thereof the following:</p>

<p class=MsoBlockText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Unencumbered Leverage Ratio</u>.&nbsp; The ratio
of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness, to be less than
1.67 to 1.0 at any time.&quot;; and</p>

<p class=TabbedL1 style='margin-left:0in'>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By deleting Section 9.6(a)(i) of the Credit Agreement in its entirety,
and inserting in lieu thereof the following:</p>

<p class=MsoBlockText>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of (A) one hundred percent (100%) of
Consolidated Income Available for Distribution of the Parent for such period
plus (B) for the period from and after July 1, 2004 through the Termination
Date, the aggregate sum of $5,000,000.00,&quot;.</p>

<p class=MsoBodyTextFirstIndent>The Borrower hereby restates and renews each
and every representation and warranty heretofore made by them in the Credit Agreement
and the other Loan Documents as fully as if made on the date hereof (except to
the extent such representations and warranties expressly relate to an earlier
date) and with specific reference to this letter agreement.&nbsp; Except as set
forth expressly hereinabove, all terms of the Credit Agreement and the other
Loan Documents shall be and remain in full force and effect, and shall
constitute the legal, valid, binding and enforceable obligations of the
Borrowers and Guarantors.&nbsp; After giving effect to the terms hereof, the
Borrowers hereby restate, ratify and reaffirm each and every term, covenant and
condition set forth in the Credit Agreement and the other Loan Documents
effective as of the date hereof.&nbsp; </p>

<p class=MsoBodyTextFirstIndent>This letter agreement may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which counterparts, taken together, shall constitute
but one and the same instrument.</p>

<p class=MsoBodyTextFirstIndent>To induce the Agent and the Lenders to approve
and enter into this letter agreement and to continue to make advances pursuant
to the Credit Agreement, the Borrower hereby acknowledges and agrees that, as
of the date hereof, and after giving effect to the terms hereof, there exists
(i) no Default or Event of Default and (ii) no right of offset, defense,
counterclaim, claim or objection in favor of the Borrower arising out of or
with respect to any of the Loans, other obligations of the Borrower owed to the
Lenders under the Credit Agreement, or the obligations of the Lenders or Agent
to the Borrower under the Credit Agreement.</p>

<p class=MsoBodyTextFirstIndent>This agreement shall be governed by and
construed and interpreted in accordance with, the laws of the State of Georgia.</p>





<b><br clear=all
style='page-break-before:always'>
</b>



<p class=MsoBodyTextFirstIndent><b>IN WITNESS WHEREOF</b>, the Borrower, the
Agent, and the Lenders have caused this agreement to be duly executed, under
seal, by their duly authorized officers as of the day and year first above
written.</p>

<p class=MsoSignature><b>BORROWERS:</b></p>

<p class=MsoSignature><b>GABLES REALTY LIMITED PARTNERSHIP</b>, a Delaware limited partnership</p>

<p class=MsoSignature style='margin-left:253.65pt;text-indent:-37.65pt'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, its sole general partner</p>

<p class=MsoSignature style='margin-left:250.8pt'>By:<u>&nbsp;&nbsp;&nbsp; /s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:&nbsp; <u>Marvin R. Banks, Jr.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
Title:<u>&nbsp; Senior Vice President<br>
<br>
</u>[CORPORATE SEAL]</p>



<p class=MsoSignature><b>GABLES-TENNESSEE PROPERTIES, L.L.C.</b>, a Tennessee limited liability company</p>

<p class=MsoSignature style='margin-left:250.8pt;text-indent:-34.8pt'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
Realty Limited Partnership, a Delaware limited partnership, its authorized
member</p>

<p class=MsoSignature style='margin-left:287.85pt;text-indent:-34.2pt'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, its sole general partner</p>

<p class=MsoSignature style='margin-left:287.85pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:<u> Marvin R. Banks, Jr.</u><br>
Title:<u> Senior Vice President<br>
<br>
</u>[CORPORATE SEAL]</p>



<p class=BodyTextNoIndent align=center style='text-align:center'>[Signatures Continued on Next Page]</p>



<br
clear=all style='page-break-before:always'>




<p class=MsoSignature><b>WACHOVIA BANK,
NATIONAL ASSOCIATION</b>, as Agent, on behalf of the Required Lenders</p>

<p class=MsoSignature>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s/ Cathy A. Casey&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathy A. Casey &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>



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clear=all style='page-break-before:always'>




<p class=MsoTitle>CONSENT AND REAFFIRMATION OF GUARANTORS</p>

<p class=MsoBodyTextFirstIndent>Each of the undersigned (i) acknowledges
receipt of the foregoing letter agreement (the &quot;Letter Agreement&quot;),
(ii) consents to the execution and delivery of the Letter Agreement by the
parties thereto and (iii) reaffirms all of its obligations and covenants under
the Guaranty Agreement dated as of February 20, 2003 executed or joined into by
it, and agrees that none of such obligations and covenants shall be affected by
the execution and delivery of the Letter Agreement.&nbsp; This Consent and
Reaffirmation may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same instrument.</p>

<p class=MsoSignature><b>GABLES GP, INC.,</b> <br>
a Texas corporation</p>

<p class=MsoSignature align=center style='margin-left:3.25in;text-align:center;
text-indent:-.25in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Marvin R. Banks, Jr., Senior Vice President<br>
<br>
(CORPORATE SEAL)</p>



<p class=MsoSignature><b>GABLES RESIDENTIAL TRUST</b>,<br>
a Maryland business trust</p>

<p class=MsoSignature align=center style='margin-left:3.25in;text-align:center;
text-indent:-.25in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Marvin
R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Marvin R. Banks, Jr., Senior Vice President<br>
<br>
(SEAL)</p>

<p class=MsoSignature><b>&nbsp;</b></p>

<p class=MsoSignature><b>SQ 157-AB LIMITED PARTNERSHIP</b>, a District of
  Columbia limited partnership</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; Gables
Ambassador House LLC, a District of Columbia limited liability company, its
General Partner</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, its Managing Member<br>
<br>
</p>

<p class=MsoSignature style='margin-left:3.75in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr., Secretary<br>
<br>
</p>

<p class=MsoSignature align=center style='margin-left:3.75in;text-align:center'>(CORPORATE
SEAL)</p>

<b><br clear=all
style='page-break-before:always'>
</b>

<p class=MsoSignature style='page-break-after:avoid'><b>PIN OAK GREEN</b>, <br>
<b>PIN OAK PARK APARTMENTS, </b>each a Texas general partnership<br>
<br>
</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, a Delaware limited partnership, <br>
their partner </p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole general partner</p>

<p class=MsoSignature style='margin-left:3.75in'>By:<u>&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:3.75in;text-align:center'>(CORPORATE
SEAL)</p>



<p class=MsoSignature>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables Realty GP, LLC, a Texas limited <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liability company, their partner </p>

<p class=MsoSignature style='margin-left:279.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership,<br>
a Delaware limited partnership,<br>
its sole member <br>
<br>
</p>

<p class=MsoSignature style='margin-left:4.25in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole general partner</p>

<p class=MsoSignature style='margin-left:4.25in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr., <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(CORPORATE SEAL)</p>



<br clear=all
style='page-break-before:always'>




<p class=MsoSignature style='page-break-after:avoid'><b>METROPOLITAN APARTMENTS
VENTURE</b>,<br>
a Texas joint venture</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty GP, LLC, a Texas limited liability
company, its partner </p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership,<br>
a Delaware limited partnership, <br>
its sole member</p>

<p class=MsoSignature style='margin-left:297.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole
General Partner</p>

<p class=MsoSignature style='margin-left:297.0pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, a Delaware limited
partnership, its partner </p>

<p class=MsoSignature style='margin-left:279.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole
General Partner</p>

<p class=MsoSignature style='margin-left:279.0pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>

<br clear=all
style='page-break-before:always'>




<p class=MsoSignature style='page-break-after:avoid'><b>GRT VILLAS LIMITED
PARTNERSHIP</b>,<br>
a Texas limited partnership</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty GP, LLC, <br>
a Texas limited liability company,<br>
its General Partner</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, a Delaware limited
partnership,<br>
its sole member</p>

<p class=MsoSignature style='margin-left:297.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole
General Partner</p>

<p class=MsoSignature style='margin-left:297.0pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>



<p class=MsoSignature style='page-break-after:avoid'><b>GABLES JUPITER LLC, <br>
SAN MICHELE II LLC,&nbsp; <br>
</b>each a Delaware limited liability company</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, <br>
a Delaware limited partnership, <br>
their sole member</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation,<br>
its sole General Partner</p>

<p class=MsoSignature style='margin-left:3.75in'>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:3.75in;text-align:center'>(CORPORATE
SEAL)</p>





<p class=MsoSignature style='page-break-after:avoid'><b>IPX NORTHSIDE, LLC</b>,
<br>
a Georgia limited liability company</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, <br>
a Delaware limited partnership,<br>
its manager and sole member</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation,<br>
its sole General Partner</p>

<p class=MsoSignature style='margin-left:297.0pt;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
Marvin R. Banks, Jr.<br>
Senior Vice President </p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center;
text-indent:-27.0pt'>(CORPORATE SEAL)</p>

<br clear=all
style='page-break-before:always'>




<p class=MsoSignature><b>STATE THOMAS LP</b>,<br>
a Delaware limited partnership</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; State
Thomas GP LLC, <br>
a Delaware limited liability company, <br>
its General Partner</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; Gables
Realty Limited Partnership,<br>
a Delaware limited partnership,<br>
its member</p>

<p class=MsoSignature style='margin-left:297.0pt;text-indent:-27.0pt'>By:&nbsp;&nbsp;&nbsp; Gables
GP, Inc.,<br>
a Texas corporation,<br>
its sole General Partner</p>

<p class=MsoSignature style='margin-left:297.0pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>



<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, a Delaware limited
partnership,<br>
its Limited Partner </p>

<p class=MsoSignature style='margin-left:279.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole
General Partner</p>

<p class=MsoSignature style='margin-left:279.0pt'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>

<br clear=all
style='page-break-before:always'>




<p class=MsoSignature style='page-break-after:avoid'><b>TCRDAD VININGS AT
BOYNTON BEACH II LIMITED PARTNERSHIP, <br>
SAN REMO LIMITED PARTNERSHIP, MIZNER I LIMITED PARTNERSHIP, BOYNTON BEACH I
LIMITED PARTNERSHIP</b>, each a Florida limited partnership</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, <br>
their sole General Partner</p>

<p class=MsoSignature style='margin-left:3.5in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr., Secretary</p>

<p class=MsoSignature align=center style='margin-left:3.5in;text-align:center'>(CORPORATE
SEAL)</p>



<p class=MsoSignature style='page-break-after:avoid'><b>SAN MICHELE JOINT
VENTURE, </b>a Florida general partnership</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership,<br>
a Delaware limited partnership, its partner</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, <br>
its sole General Partner</p>

<p class=MsoSignature style='margin-left:3.75in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretary and Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:3.75in;text-align:center'>(CORPORATE
SEAL)</p>

<br clear=all
style='page-break-before:always'>




<p class=MsoSignature><b>NORTHLAKE BOULEVARD, LLC,</b> a Delaware limited
liability company</p>

<p class=MsoSignature style='margin-left:243.0pt;text-indent:-27.0pt;
page-break-after:avoid'>By:&nbsp;&nbsp;&nbsp; Gables Realty Limited Partnership, a Delaware limited partnership,<br>
its sole member and manager</p>

<p class=MsoSignature style='margin-left:3.75in;text-indent:-27.0pt;page-break-after:
avoid'>By:&nbsp;&nbsp;&nbsp; Gables GP, Inc., a Texas corporation, its sole General Partner</p>

<p class=MsoSignature style='margin-left:3.75in'>By: <u>&nbsp;&nbsp;/s/ Marvin
R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:297.0pt;text-align:center'>(CORPORATE
SEAL)</p>

<p class=MsoSignature><b>&nbsp;</b></p>

<p class=MsoSignature><b>GABLES CHAMPIONS LIMITED PARTNERSHIP</b>, a Texas limited partnership<br>
<br>
</p>

<p class=MsoSignature style='margin-left:250.8pt;text-indent:-34.8pt'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, <br>
its sole general partner<br>
<br>
By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='text-align:center'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(CORPORATE SEAL)</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in'><b>&nbsp;</b></p>

<b><br clear=all
style='page-break-before:always'>
</b>

<p class=MsoSignature><b>HENRY ADAMS HOUSE APARTMENTS LLC</b>, a Delaware limited liability company</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
Ambassador House LLC, a District of Columbia limited liability company, its
managing member</p>

<p class=MsoSignature style='margin-left:4.0in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, its sole general partner</p>

<p class=MsoSignature style='margin-left:4.0in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>

<p class=MsoSignature align=center style='margin-left:4.0in;text-align:center'>(CORPORATE
SEAL)</p>



<p class=MsoSignature><b>GABLES ROTHBURY LLC</b>, a Maryland limited liability
company</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
Realty Limited Partnership, a Delaware limited partnership, its managing member</p>

<p class=MsoSignature style='margin-left:4.0in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gables
GP, Inc., a Texas corporation, its general partner</p>

<p class=MsoSignature style='margin-left:4.0in'>By:<u>&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President<u><br>
&nbsp;</u></p>



<p class=MsoSignature style='margin-left:4.0in'>&nbsp;</p>



<p class=MsoSignature style='margin-left:4.0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(CORPORATE SEAL)</p>



<p class=MsoSignature><b>CANDLEWOOD-INDIAN CREEK LIMITED PARTNERSHIP</b>, a Georgia limited partnership</p>

<p class=MsoSignature style='margin-left:3.5in;text-indent:-.5in'>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Candlewood
Gen Par, a Georgia corporation, its general partner</p>

<p class=MsoSignature style='margin-left:3.5in'>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
Marvin R. Banks, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marvin R. Banks, Jr.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President</p>



<p class=MsoSignature style='margin-left:3.5in'><u><br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(CORPORATE SEAL)</p>



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