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EXHIBIT 10.1

FOURTH AMENDMENT TO AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this
“Fourth Amendment”) is made as of January 29, 2014 (the “Effective Date”), by
and among ESSEX PORTFOLIO, L.P., a California limited partnership (“Borrower”),
the lenders which are parties hereto (collectively, “Lenders”) and PNC BANK,
NATIONAL ASSOCIATION, as administrative agent under the Credit Agreement (in
such capacity, “Administrative Agent”) and L/C Issuer.

BACKGROUND

A.                 Administrative Agent, Lenders, and Borrower entered into that
certain Amended and Restated Revolving Credit Agreement, dated as of September
16, 2011, as amended by that certain First Amendment to Amended and Restated
Revolving Credit Agreement, dated as of May 31, 2012, as further amended by that
certain Second Amendment to Amended and Restated Revolving Credit Agreement,
dated as of August 30, 2012, and as further amended by that certain Third
Amendment to Amended and Restated Revolving Credit Agreement, dated as of
January 22, 2013 (as so amended, the “Credit Agreement”), pursuant to which
Lenders agreed to make revolving credit loans to Borrower in an aggregate
outstanding amount of up to Six Hundred Million Dollars ($600,000,000) (the
“Credit Line”).

B.                  Borrower has requested that Lenders and Administrative Agent
modify the Credit Agreement to, among other things, (i) increase the Credit Line
to the maximum principal amount of One Billion Dollars ($1,000,000,000) (the
“Increased Commitment Amount”) and (ii) to increase the Commitments of certain
existing Lenders under the Credit Agreement (collectively, “Existing Lenders”
and each, an “Existing Lender”) and to add additional Lenders under the Credit
Agreement (collectively, “Additional Lenders” and each, an “Additional
Lender”).  Existing Lenders and Additional Lenders are identified on Exhibit A
attached hereto.  Lenders and Administrative Agent are willing to make such
modifications, and to make certain other modifications, to the Credit Agreement,
all on the terms and subject to the conditions herein set forth.

NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree
as follows:

AGREEMENT

1.                   Terms.  Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the Credit
Agreement.

2.                   Amendments to Credit Agreement.  The Credit Agreement is
hereby amended as follows:

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(a)           The cover page of the Credit Agreement is hereby amended by
deleting the phrase “PNC Capital Markets LLC, as Sole Lead Arranger and Sole
Book Runner” and replacing it with the following:

“PNC Capital Markets LLC, U.S. Bank, N.A., and Union Bank, N.A., as Joint Lead
Arrangers and Joint Book Runners

U.S. Bank, National Association, and Union Bank, N.A., as Co-Syndication Agents

Wells Fargo Bank, National Association, CitiBank, N.A., and JPMorgan Chase Bank,
N.A., as Co-Documentation Agents

Bank of the West, Regions Bank, Capital One, HSBC Bank USA, National
Association, and Bank of Montreal, as Co-Managing Agents”

(b)          The definition of “Applicable Committed Loan Margin” in Article 1
is hereby amended and restated to read in full as follows:

““Applicable Committed Loan Margin” means the Applicable LIBOR Committed Loan
Margin or the Applicable Reference Rate Committed Loan Margin determined from
the following pricing grid based on the current published or private ratings of
Guarantor’s senior unsecured long term debt, as provided below:
 
TIER
GUARANTOR’S SENIOR
UNSECURED LONG
TERM DEBT RATING
APPLICABLE
LIBOR
COMMITTED
LOAN MARGIN
(BPS)
FACILITY
FEE
(BPS PER
ANNUM)
APPLICABLE
REFERENCE
RATE
COMMITTED
LOAN
MARGIN (BPS)
I
A- and/or A3 or better
85
15
0
II
BBB+ and/or Baal
95
15
0
III
BBB and/or Baa2
105
20
5
IV
BBB- and/or Baa3
135
25
35
V
Less than BBB- and/or Baa3
180
25
80

 
Borrower shall provide to Administrative Agent written evidence of the current
rating or ratings on Guarantor’s senior unsecured long term debt by any of
Moody’s, S&P and/or Fitch, if such rating agency has provided to Guarantor a
rating on such senior unsecured long term debt, which evidence shall be
reasonably acceptable to Administrative Agent; provided, that, at a minimum,
Guarantor must provide such a rating from either Moody’s or S&P.  In the event
that Guarantor has a rating on its senior unsecured long term debt provided by
(a) both Moody’s and S&P, (b) both Moody’s and Fitch, (c) both S&P and Fitch, or
(d) each of Moody’s, S&P and Fitch, and there is a difference in rating between
such rating agencies, the Applicable Committed Loan Margin shall be based on the
higher rating.  Changes in the Applicable Committed Loan Margin shall become
effective on the first day following the date on which any of Moody’s, S&P or
Fitch that has provided Guarantor a rating on Guarantor’s senior unsecured long
term debt changes such rating.  Borrower shall notify Administrative Agent of
any such changes in Guarantor’s senior unsecured long term debt pursuant to and
in accordance with Section 6.4(i).”
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(c)           The definition of “Arranger” in Article 1 is hereby amended and
restated to read in full as follows:
““Arranger” means PNC Capital Markets LLC, U.S. Bank, N.A., and Union Bank,
N.A., in their capacities as joint lead arrangers and joint book runners.”

(d)          The definition of “Capitalization Rate” in Article 1 is hereby
amended and restated to read in full as follows:

““Capitalization Rate” means (A) 6.00% from the Fourth Amendment Effective Date
through the Original Maturity Date and (ii) 6.50% during the Extension Period
(if exercised).”

(e)           The definitions of “Core Markets,” “First Extension Period” and
“Second Extension Period” in Article 1 are hereby deleted in their entirety.

(f)           The definition of “Extended Maturity Date” in Article 1 is hereby
amended and restated to read in full as follows:

““Extended Maturity Date” means the date that immediately follows the expiration
of the Extension Period, if the extension option for the Extension Period is
duly exercised by Borrower hereunder.”

(g)          The definition of “Extension Period” in Article 1 is hereby amended
and restated to read in full as follows:
““Extension Period” shall mean the consecutive eighteen (18) month period
immediately following the Original Maturity Date, as set forth in Section 2.9
hereof.”

(h)          The definition of “FATCA” is hereby added in Article 1 as follows:
““FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or
future regulations or official interpretations thereof and any agreements
entered into pursuant to Section 1471(b)(1) of the Code.”

(i)            The definition of “Fourth Amendment Effective Date” is hereby
added in Article I as follows:
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““Fourth Amendment Effective Date” shall mean the “Effective Date” as defined in
that certain Fourth Amendment to Amended and Restated Revolving Credit Agreement
dated January 29, 2014, by and among Borrower, Lenders, and Administrative
Agent.”

(j)             The definition of “Maturity Date” in Article 1 is hereby amended
and restated to read in full as follows:

““Maturity Date” means the earlier of the following dates:  (a) the Original
Maturity Date or, if Borrower has exercised its extension option pursuant to and
in accordance with Section 2.9 hereof, the Extended Maturity Date, or (b) any
earlier date on which all of the Loans shall become due, whether by
acceleration, mandatory prepayment or otherwise, provided, however, that if such
date is not a Business Day, the Maturity Date shall be the next preceding
Business Day.”

(k)           The definition of “Maximum Commitment Amount” in Article 1 is
hereby amended and restated to read in full as follows:

““Maximum Commitment Amount” means, at any time, an amount equal to One Billion
Dollars ($1,000,000,000), subject to increase pursuant to, and on the terms and
subject to the conditions set forth in Section 2.17, and to decrease pursuant to
the provisions of Section 2.7.”

(l)             The definition of “Original Maturity Date” in Article 1 is
hereby amended and restated to read in full as follows:

““Original Maturity Date” means December 31, 2017.”

(m)         Section 2.9 is hereby amended and restated to read in full as
follows:
 
“Section 2.9                Extension of Original Maturity Date.

Upon Borrower’s written request, delivered to Administrative Agent at least
sixty (60) days and not more than ninety (90) days prior to the Original
Maturity Date, Borrower shall have the right to extend the Original Maturity
Date for the Extension Period, provided that:

(a)                No Default or Event of Default shall have occurred and remain
uncured on the Original Maturity Date, and Administrative Agent shall have
received a certificate to that effect signed by a Responsible Officer of
Borrower;

(b)                The representations and warranties set forth in this
Agreement and the other Loan Documents shall be correct as of the Original
Maturity Date as though made on and as of that date, and Administrative Agent
shall have received a certificate to that effect signed by a Responsible Officer
of Borrower;
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(c)                 Borrower shall have paid to Administrative Agent, for the
account of the Lenders, an extension fee equal to twenty (20) basis points
multiplied by the Maximum Commitment Amount on the Original Maturity Date.  The
Extension Fee shall be determined as of the date Borrower provides the extension
notice for the Extension Period and shall be paid by Borrower on the first day
of the Extension Period; and

(d)                Borrower shall have executed, acknowledged and delivered to
Administrative Agent such documents as Administrative Agent reasonably
determines to be necessary to evidence the extension of the Original Maturity
Date.”

(a)           Section 2.17.1 is hereby amended and restated to read in full as
follows:

“Section 2.17.1.     Request for Increase.

Subject to the provisions of Section 2.7, on the terms and subject to the
conditions set forth in this Section 2.17, Borrower shall have (A) a one‑time
right prior to the Original Maturity Date and (B) a one‑time right during the
Extension Period, by written notice to Administrative Agent, to request an
increase in the Maximum Commitment Amount by (i) first permitting any Lender to
increase its Commitment (and accordingly increase the Maximum Commitment Amount
by such amount), or (ii) thereafter inviting any Eligible Assignee that has
previously been approved by Administrative Agent in writing to become a Lender
under this Agreement and to provide a commitment to lend hereunder (and
accordingly increase the Maximum Commitment Amount by such amount); provided,
however, that in no event shall such actions cause the Maximum Commitment Amount
to increase above $1,500,000,000.”

(b)          Section 3.1.5 is hereby amended by adding the following at the end
of such Section:

“If a payment made to a Foreign Lender under any Loan Document would be subject
to U.S. federal withholding tax imposed by FATCA, if such Foreign Lender were to
fail to comply with the applicable reporting requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Foreign Lender shall deliver to Borrower and Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by
Borrower or Administrative Agent, such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by Borrower or Administrative
Agent as may be necessary for Borrower and Administrative Agent to comply with
their obligations under FATCA and to determine that such Foreign Lender has
complied with such Foreign Lender's obligations under FATCA or to determine the
amount to deduct and withhold from such payment.”
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(c)           Section 6.10 is hereby amended and restated to read in full as
follows:
 
“Certain Debt Limitations.  (a) The Outstanding Amount of all Loans plus the
Outstanding Amount of all L/C Obligations shall not exceed the Availability at
any time; and (b) the amount of Secured Debt at the end of each calendar quarter
shall not exceed 40% of the Gross Asset Value at such time.”

(d)          Section 6.12 is hereby amended and restated to read in full as
follows:
 
“Maximum Unsecured Debt Leverage Ratio.  The ratio determined at the end of each
calendar quarter of (a) the Unencumbered Asset Value for the four consecutive
calendar quarter period ending on such date divided by (b) the amount of
Unsecured Debt for such four calendar quarter period shall not be less than
1.50:1.0.”

(e)           Section 6.13 is hereby is hereby amended and restated to read in
full as follows:

“During the continuance of any Event of Default, aggregate distributions shall
not exceed the minimum amount that Guarantor must distribute to its shareholders
in order to qualify as a real estate investment trust under the provisions of
Internal Revenue Code Sections 856 and 857.”

(f)            The following new Section 7.17 is hereby added as follows:
 
“Section 7.17.  OFAC; FCPA.  None of (a) Borrower, any Subsidiary (as
hereinafter defined) of Borrower or Guarantor and (b) each Person that, directly
or indirectly, is in Control (as hereinafter defined) of a Person described in
clause (a) above, is currently subject to any United States sanctions
administered by the Office of Foreign Asset Control of the Department of
Treasury of the United States (“OFAC”); and Borrower will not directly or
indirectly use the proceeds of the Loans or the Letters of Credit or otherwise
make available such proceeds to any Person, for the purpose of financing the
activities of any Person currently subject to any United States sanctions
administered by OFAC.  In addition, Borrower hereby agrees to provide to Lenders
any additional information that a Lender deems reasonably necessary from time to
time in order to ensure compliance with all applicable laws concerning money
laundering and similar activities.  For purposes of this Section 7.17, (i)
“Subsidiary” shall mean, with respect to any Person (the “parent”) at any date,
any corporation, limited liability company, partnership, association or other
entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests  are,
as of such date, directly or indirectly owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the
parent and (ii) “Control” shall mean the direct or indirect (x) ownership of, or
power to vote, 51% or more of the issued and outstanding equity interests having
ordinary voting power for the election of directors of a Person or other Persons
performing similar functions for such Person, or (y) power to direct or cause
the direction of the management and policies of a Person whether by ownership of
equity interests, contract or otherwise.  To Borrower’s knowledge, no part of
the proceeds of the Loans or the Letters of Credit will be used, directly or
indirectly, for any payments to any governmental official or employee, political
party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the United States
Foreign Corrupt Practices Act of 1977, as amended.”
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(g)          Section 9.8 is hereby is hereby amended and restated to read in
full as follows:
 
“Anything herein to the contrary notwithstanding, none of the Joint Lead
Arrangers or the Joint Book Runners listed on the cover page hereof shall have
any powers, duties or responsibilities under this Agreement or any of the other
Loan Documents, except in their respective capacities, as applicable, as
Administrative Agent, a Lender or the L/C Issuer hereunder.”

(h)           To give effect to the increase in the Maximum Commitment Amount
hereunder, the joinder of the Additional Lenders and the changes in the
Commitment of the Existing Lenders, Schedule 1.1 to the Credit Agreement is
hereby amended and replaced with Schedule 1.1 attached hereto.

3.                    Loan Documents.  Except where the context clearly requires
otherwise, all references to the Credit Agreement in any other Loan Document
shall be to the Credit Agreement as amended by this Fourth Amendment.

4.                   Borrower’s Ratification.  Borrower agrees that it has no
defenses or set-offs against Lenders or their respective officers, directors,
employees, agents or attorneys, with respect to the Loan Documents, all of which
are in full force and effect, and that all of the terms and conditions of the
Loan Documents not inconsistent herewith shall remain in full force and effect
unless and until modified or amended in writing in accordance with their terms. 
Borrower hereby ratifies and confirms its obligations under the Loan Documents
and agrees that the execution and delivery of this Fourth Amendment does not in
any way diminish or invalidate any of its obligations thereunder.

5.                   Guarantor Ratification.  Guarantor agrees that it has no
defenses or set-offs against Lenders or their respective officers, directors,
employees, agents or attorneys, with respect to the Guaranty, which is in full
force and effect, and that all of the terms and conditions of the Guaranty not
inconsistent herewith shall remain in full force and effect unless and until
modified or amended in writing in accordance with their terms.  Guarantor hereby
ratifies and confirms its obligations under the Guaranty and agrees that the
execution and delivery of this Fourth Amendment does not in any way diminish or
invalidate any of its obligations thereunder.

6.                   Representations and Warranties.  Borrower hereby represents
and warrants to Lenders that:
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(a)           The representations and warranties made in the Credit Agreement,
as amended by this Fourth Amendment, are true and correct in all material
respects as of the date hereof;

(b)          After giving effect to this Fourth Amendment, no Default or Event
of Default under the Credit Agreement or the other Loan Documents exists on the
date hereof;

(c)           This Fourth Amendment has been duly authorized, executed and
delivered by Borrower so as to constitute the legal, valid and binding
obligations of Borrower, enforceable in accordance with its terms, except as the
same may be limited by insolvency, bankruptcy, reorganization or other laws
relating to or affecting the enforcement of creditors’ rights or by general
equitable principles;

(d)          The Joinder Pages to this Fourth Amendment have been duly
authorized, executed and delivered by Guarantor; and

(e)           No material adverse change in the business, assets, operations,
condition (financial or otherwise) or prospects of Borrower, Guarantor or any of
their subsidiaries or Affiliates has occurred since the date of the last
financial statements of the afore-mentioned entities which were delivered to
Administrative Agent.

All of the above representations and warranties shall survive the making of this
Fourth Amendment.

7.                   Conditions Precedent.  The effectiveness of the amendments
set forth herein is subject to the fulfillment, to the satisfaction of
Administrative Agent and its counsel, of the following conditions precedent:

(a)           Borrower shall have delivered to Administrative Agent the
following, all of which shall be in form and substance satisfactory to
Administrative Agent and shall be duly completed and executed (as applicable):

(i)              This Fourth Amendment;

(ii)            The Replacement Notes and the Additional Notes, as more fully
set forth in Section 8 below;

(iii)           Evidence that the execution, delivery and performance by
Borrower and Guarantor, as the case may be, of this Fourth Amendment have been
duly authorized by Borrower and Guarantor, as the case may be, and that this
Fourth Amendment has been duly executed and delivered by Responsible Officers of
Borrower and Guarantor, as the case may be; and

(iv)           Such additional documents, certificates, opinions and information
as Administrative Agent may require pursuant to the terms hereof or otherwise
reasonably request.
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(b)          The representations and warranties set forth in the Credit
Agreement shall be true and correct in all material respects on and as of the
date hereof.

(c)           After giving effect to this Fourth Amendment, no Default or Event
of Default shall have occurred and be continuing as of the date hereof.

(d)          Borrower shall have paid to Administrative Agent, (i) any fees
required to be paid by Borrower to Administrative Agent for its benefit or the
benefit of the Lenders in connection with the Increased Commitment Amount as
agreed to by Borrower and Administrative Agent; and (ii) all other costs and
expenses of Administrative Agent in connection with preparing and negotiating
this Fourth Amendment, including, but not limited to, reasonable attorneys’ fees
and costs.

8.                    Replacement and Additional Notes.  Concurrently with the
execution and delivery of this Fourth Amendment, Borrower shall execute and
deliver (i) to each Existing Lender, a replacement Revolving Note in the face
amount of the Increased Commitment of such Existing Lender as set forth on
Exhibit A attached hereto and (ii) to each Additional Lender, a Revolving Note
in the face amount of the Commitment of such Additional Lender as set forth on
Exhibit A attached hereto, in each case in the form of Exhibit G-1 attached to
the Credit Agreement.  The replacement Revolving Note to each Existing Lender
shall evidence any outstanding Loans of such Existing Lender and upon receipt
thereof the existing Revolving Note to such Existing Lender shall be cancelled
and returned to Borrower.

9.                   Joinder by Additional Lenders.  Effective on the Effective
Date, each Additional Lender hereby joins in and becomes a party to the Credit
Agreement with the Commitment set forth opposite its name on Exhibit A attached
hereto, agrees to be bound by the provisions of the Credit Agreement and shall
have the rights and obligations of a Lender thereunder and under any other
document issued in connection therewith.  Each Additional Lender hereby makes
and agrees to be bound by all of the terms and conditions set forth in Section
10.5(b) of the Credit Agreement as if it were an assignee of its Commitment
under the provisions of Section 10.5 of the Credit Agreement.

10.                Adjusting Payments.  As of the Effective Date, Administrative
Agent shall notify each Lender as to the adjusting payments which will be
required to be made to the outstanding Loans of each Lender in order to give
effect to the increase in the Maximum Commitment Amount and the increase to and
addition of the individual Commitments of certain Lenders pursuant to this
Fourth Amendment so that after such adjusting payments are made each Lender’s
outstanding Loans evidenced by such Lender’s Revolving Note shall be in an
amount equal to its Pro Rata Share of all outstanding Loans.  On the Effective
Date each Lender agrees to pay to the other Lenders the amounts, if any,
specified by Administrative Agent in such notice.

11.                 Miscellaneous.
 
(a)          All terms, conditions, provisions and covenants in the Loan
Documents and all other documents delivered to Administrative Agent in
connection therewith shall remain unaltered and in full force and effect except
as modified or amended hereby.  To the extent that any term or provision of this
Fourth Amendment is or may be deemed expressly inconsistent with any term or
provision in any Loan Document or any other document executed in connection
therewith, the terms and provisions hereof shall control.
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(b)          Except as expressly provided herein, the execution, delivery and
effectiveness of this Fourth Amendment shall neither operate as a waiver of any
right, power or remedy of Administrative Agent or Lenders under any of the Loan
Documents nor constitute a waiver of any Default or Event of Default thereunder.

(c)           This Fourth Amendment constitutes the entire agreement of the
parties with respect to the subject matter hereof and supersedes all prior and
contemporaneous understandings and agreements.

(d)          In the event any provisions of this Fourth Amendment shall be held
invalid or unenforceable by any court of competent jurisdiction, such holding
shall not invalidate or render unenforceable any other provision hereof.

(e)           This Fourth Amendment shall be governed by and construed according
to the laws of the State of California, without giving effect to any of its
choice of law rules.

(f)            This Fourth Amendment shall inure to the benefit of, and be
binding upon, the parties hereto and their respective successors and assigns and
may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

(g)          The headings used in this Fourth Amendment are for convenience of
reference only, do not form a part of this Fourth Amendment and shall not affect
in any way the meaning or interpretation of this Fourth Amendment.
 
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IN WITNESS WHEREOF, Borrower, Administrative Agent and Lenders have caused this
Fourth Amendment to be executed by their duly authorized officers as of the date
first above written.
 
ESSEX PORTFOLIO, L.P.,
a California limited partnership
 
BY:
ESSEX PROPERTY TRUST, INC.,
 
a Maryland corporation, its general partner
 
 
 
 
By:
/s/ Mark J. Mikl
 
 
Name: Mark J. Mikl
 
 
Title:   Senior Vice President
 

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PNC BANK, NATIONAL ASSOCIATION,
 
as Administrative Agent
 
 
 
 
By:
/s/ Nicolas Zitelli
 
 
Nicolas Zitelli, Vice President
 

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PNC BANK, NATIONAL ASSOCIATION,
as L/C Issuer, Swing Line Lender and Lender
   
By:
/s/ Nicolas Zitelli
 
 
Nicolas Zitelli, Vice President
 

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UNION BANK, N.A.,
as Lender
   
By:
/s/ Thomas E. Little 
 
 
Name: Thomas E. Little
 
  Title:   Vice President

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COMERICA BANK, a Texas Banking Association
as Lender
   
By:
/s/ Sam F. Meehan 
 
 
Name: Sam F. Meehan
 
 
Title:   Vice President

 
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US BANK, NATIONAL ASSOCIATION,
as Lender
   
By:
/s/ Christopher Osborn   
 
 
Christopher Osborn
 
 
Senior Vice President

 
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CAPITAL ONE, N.A.
   
By:
/s/ Frederick Denecke   
 
 
Name: Frederick Denecke
 
 
Title:   Senior Vice President

 
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BANK OF THE WEST,
as Lender
   
By:
/s/ Michael Pavao
 
 
Name: Michael Pavao
 
 
Title:   Vice President

 
By:
/s/ Ben Arroyo     
 
 
Name: Ben Arroyo
 
 
Title:   Vice President

 
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WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Lender
   
By:
/s/ Kevin A. Stacker
 
 
Name: Kevin A. Stacker
 
 
Title:   Vice President

 
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BANK OF MONTREAL, as Lender
 
   
By:
/s/ Gwendolyn Gatz
 
 
Name: Gwendolyn Gatz
 
 
Title:   Vice President

 
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CITIBANK, N.A., as Lender
 
By:
/s/ John C. Rowland
 
 
Name: John C. Rowland
 
 
Title:   Vice President
 

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HSBC BANK USA, N.A., as Lender
 
By:
/s/ Jack P. Kissane
 
 
Name: Jack P. Kissane
 
 
Title:   Vice President
 

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JPMORGAN CHASE BANK, N.A., as Lender
 
By:
/s/ Marc Constantino 
 
 
Name: Marc Constantino
 
 
Title:   Executive Director

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CITY NATIONAL BANK, a national banking association,
as Lender
   
By:
/s/ Katie Davidson
 
 
Katie Davidson
 
 
Vice President

 
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REGIONS BANK, as Lender
 
By:
/s/ Paul E. Burgan
 
 
Name: Paul E. Burgan
 
 
Title:   Vice President

 
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BRANCH BANKING AND TRUST COMPANY, as Lender
 
By:
/s/ Steve Whitcomb
 
 
Name: Steve Whitcomb
 
 
Title:   Senior VP

 
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JOINDER PAGE
 
Essex Property Trust, Inc., a Maryland corporation, as the “Guarantor” under the
Credit Agreement hereby joins in the execution of this Fourth Amendment to make
the affirmations set forth in Section 5 of this Fourth Amendment and to evidence
its agreement to be bound by the terms and conditions of this Fourth Amendment
applicable to it.  The party executing this Joinder Page on behalf of Guarantor
has the requisite power and authority, and has been duly authorized, to execute
this Joinder Page on behalf of Guarantor.

ESSEX PROPERTY TRUST, INC.,
a Maryland corporation, as Guarantor
 
By:
/s/  Mark J. Mikl 
 
 
   Name: Mark J. Mikl
 
 
   Title:   Senior Vice President

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EXHIBIT A TO FOURTH AMENDMENT
 
EXISTING LENDERS
 
Existing Lenders
 
Original Commitment
   
Increased Commitment
 
PNC Bank, National Association
 
$
75,000,000
   
$
40,000,000
 
Bank of the West
 
$
40,000,000
   
$
25,000,000
 
Capital One, N.A.
 
$
30,000,000
   
$
20,000,000
 
US Bank, National Association
 
$
60,000,000
   
$
55,000,000
 
Union Bank, N.A.
 
$
60,000,000
   
$
55,000,000
 
Wells Fargo Bank, National Association
 
$
60,000,000
   
$
40,000,000
 
Bank of Montreal
 
$
40,000,000
   
$
10,000,000
 
Citibank, N.A.
 
$
60,000,000
   
$
40,000,000
 
JPMorgan Chase Bank, N.A.
 
$
65,000,000
   
$
35,000,000
 
HSBC Bank USA, N.A.
 
$
10,000,000
   
$
40,000,000
 
TOTAL:
 
$
500,000,000
         

ADDITIONAL LENDERS
 
Additional Lenders
 
Commitment
 
Branch Banking and Trust Company
 
$
30,000,000
 
City National Bank
 
$
30,000,000
 
Regions Bank
 
$
50,000,000
 
 
       

A-1

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SCHEDULE 1.1 TO CREDIT AGREEMENT
 
LENDERS’ NAMES, COMMITMENTS AND PRO RATA SHARES

Lender
 
Commitment
   
Pro Rata Share
 
 
 

   

 
PNC Bank, National Association
 
$
115,000,000
     
11.5000000
%
Bank of West
 
$
65,000,000
     
6.5000000
%
Capital One, N.A.
 
$
50,000,000
     
5.0000000
%
Comerica Bank
 
$
30,000,000
     
3.0000000
%
US Bank, National Association
 
$
115,000,000
     
11.5000000
%
Union Bank, N.A.
 
$
115,000,000
     
11.5000000
%
Wells Fargo, National Association
 
$
100,000,000
     
10.0000000
%
Bank of Montreal
 
$
50,000,000
     
5.0000000
%
Citibank, N.A.
 
$
100,000,000
     
10.0000000
%
JPMorgan Chase Bank, N.A.
 
$
100,000,000
     
10.0000000
%
HSBC Bank USA, N.A.
 
$
50,000,000
     
5.0000000
%
Branch Banking and Trust Company
 
$
30,000,000
     
3.0000000
%
City National Bank
 
$
30,000,000
     
3.0000000
%
Regions Bank
 
$
50,000,000
     
5.0000000
%
Total
 
$
1,000,000,000
     
100.00
%

 
1.1 - 1

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