ERP OPERATING LTD PARTNERSHIP
EX-10.3
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<DESCRIPTION>EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNMENT AND ASSUMPTION AGREEMENT</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS
ASSIGNMENT AND ASSUMPTION AGREEMENT (this <b><font style="font-weight:bold;">&#147;Assignment
and Assumption Agreement&#148;)</font></b> is entered into as of December 19, 2003
by and between ERP Operating Limited Partnership, an Illinois Limited partnership
<b><font style="font-weight:bold;">(the &#147;Partnership&#148;) </font></b>and Equity
Residential<b><font style="font-weight:bold;">,</font></b> a Maryland real
estate investment trust and the sole general partner of the Partnership (the <b><font style="font-weight:bold;">&#147;General Partner&#148;</font></b>).&#160; Capitalized terms used in this Assignment
and Assumption Agreement and not otherwise defined herein shall have the
meanings given such terms in that certain Fifth Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of August 1, 1998, as
amended (the <b><font style="font-weight:bold;">&#147;Partnership Agreement&#148;)</font></b>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESSETH:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
pursuant to Section 3.2.C. of the Partnership Agreement, Limited Partners have
the right (the <b><font style="font-weight:bold;">&#147;Exchange Right&#148;</font></b>)
to request the General Partner<b><font style="font-weight:bold;">  </font></b>exchange
Partnership Units held by such Limited Partners (individually, an <b><font style="font-weight:bold;">&#147;Exchange Partner&#148;</font></b>) with respect to which
an Exchange Partner submits written notice (the <b><font style="font-weight:bold;">&#147;Tendered Units&#148;</font></b>) for an equal number of Common Shares subject
to the limitations and other requirements set forth in Section 3.2.C. and other
applicable provisions of the Partnership Agreement;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
pursuant to Section 3.2.C. of the Partnership Agreement, the General Partner
may, in its sole and absolute discretion, elect to cause the Partnership to
acquire the Tendered Units in exchange for a cash payment in an amount (the <b><font style="font-weight:bold;">&#147;Cash Amount&#148;</font></b>) determined in accordance
with Section 3.2.C. (the <b><font style="font-weight:bold;">&#147;Right to Elect
Consideration&#148;</font></b>); and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
General Partner desires to assign to the Partnership, and the Partnership
desires to assume from the General Partner, the Right to Elect Consideration in
connection with any Tendered Units;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignment;
Assumption</u>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
General Partner hereby grants, assigns, conveys and transfers to the
Partnership, and the Partnership hereby accepts from the General Partner, all
of the General Partner&#146;s right, title and interest in and to the Right to Elect
Consideration; provided, however, that if the Partnership, in connection with
its exercise of such Right to Elect Consideration, does not elect to pay the
Cash Amount, then:&#160; (i) the General
Partner shall satisfy the Exchange Partner&#146;s exercise of the Exchange Right by
issuing and delivering Common Shares to such Partner and (ii) such transaction
shall be</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">treated, for federal income tax
purposes, as a transfer by the Exchange Partner of the Tendered Units to the
General Partner in exchange for the Common Shares; and <u>provided</u>  <u>further</u>
that in no event shall the Partnership acquire or be deemed to acquire a
proprietary interest in any Common Shares issued as consideration for the
Tendered Units.&#160; In addition, if the
Partnership elects to pay the Cash Amount, then (i) the General Partner shall
pay such Cash Amount to the Exchanging Partner and (ii) such transaction shall
be treated, for federal income tax purposes, as a transfer by the Exchange
Partner of the Tendered Units to the General Partner in exchange for the Cash
Amount.&#160; The General Partner agrees to
take such further action and to execute such additional documents as may be
reasonably necessary to effect the assignment of the Right to Elect
Consideration to the Partnership.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject
to the second sentence of Section 1(a) hereof, from and after the date hereof,
the Partnership assumes all right, title and interest in and to and all
obligations and liabilities relating to or arising in connection with the Right
to Elect Consideration.&#160; The General
Partner agrees to take such further action and to execute such additional
documents as may be reasonably necessary to effect the assignment of the Right
to Elect Consideration to the Partnership.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Partnership and the General Partner agree that the Right to Elect Consideration
shall be a management duty of the General Partner governed by Section 9.1 of
the Partnership Agreement.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors
and Assigns</u>.&#160; This Assignment and
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing
Law</u>.&#160; This Assignment and Assumption
Agreement, the rights and obligations of the parties hereto, and any claims or
disputes relating thereto, shall be governed by and construed in accordance
with the laws of State of Illinois (excluding the choice of law rules thereof).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, the Partnership and the General Partner have executed and delivered
this Assignment and Assumption Agreement as of the date first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ERP OPERATING LIMITED</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PARTNERSHIP</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Equity Residential, its general</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;/s/ Bruce C. Strohm</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name: Bruce C. Strohm</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title: EVP</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EQUITY RESIDENTIAL</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;/s/ Bruce C. Strohm</font></b></p>
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  <td width="50%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name: Bruce C. Strohm</font></b></p>
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  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title: EVP</font></b></p>
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