Exhibit 10.1
FIFTH AMENDMENT TO
AMENDED AND RESTATED
SENIOR SECURED CREDIT AGREEMENT
among
Apartment Investment and Management Company,
AIMCO Properties, L.P., and
AIMCO/Bethesda Holdings, Inc.,
as the Borrowers,
the Guarantors and
Pledgors named herein,
Bank of America, N.A.,
as Administrative Agent, Swing Line Lender
and L/C Issuer
and
The Other Financial
Institutions Party Hereto
Dated as of September 9, 2008
BANC OF AMERICA SECURITIES LLC
and
KEYBANC CAPITAL MARKETS
as Joint-Lead Arrangers
and
Joint Book Managers and Bookrunners

 

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FIFTH AMENDMENT TO
AMENDED AND RESTATED
SENIOR SECURED CREDIT AGREEMENT
     This FIFTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT
AGREEMENT (this “Amendment”) is dated as of September 9, 2008 and entered into
by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
(the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”),
and AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”)
(the REIT, AIMCO and AIMCO/Bethesda collectively referred to herein as
“Borrowers”), BANK OF AMERICA, N.A. (“Bank of America”), as Administrative Agent
(in such capacity, “Administrative Agent”) and as Swing Line Lender and L/C
Issuer, and the Lenders party hereto, and is made with reference to that certain
Amended and Restated Senior Secured Credit Agreement, dated as of November 2,
2004, by and among Borrowers, each lender from time to time party thereto, BANK
OF AMERICA, N.A., as Administrative Agent and as Swing Line Lender and L/C
Issuer, and KeyBank National Association, as Syndication Agent (the “Credit
Agreement”), as amended by that certain First Amendment to Amended and Restated
Senior Secured Credit Agreement, dated June 16, 2005 (the “First Amendment”), as
amended by that certain Second Amendment to Amended and Restated Senior Secured
Credit Agreement, dated March 22, 2006 (the “Second Amendment”), as amended by
that certain Third Amendment to Amended and Restated Senior Secured Credit
Agreement, dated August 31, 2007 (“Third Amendment”) and as amended by that
certain Fourth Amendment to Amended and Restated Senior Secured Credit
Agreement, dated September 14, 2007 (“Fourth Amendment”) (the Credit Agreement
as amended by the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment and this Amendment is referred to herein as the “Amended Agreement”).
Capitalized terms used in this Amendment shall have the meanings set forth in
the Amended Agreement unless otherwise defined herein.
RECITALS
     WHEREAS, Borrowers desire to amend the Credit Agreement as more
particularly set forth below;
     WHEREAS, pursuant to the Credit Agreement, the amendments set forth herein
require the consent of the Required Lenders, and the Required Lenders have
consented hereto;
     NOW, THEREFORE, in consideration of the agreements, provisions and
covenants contained herein, the parties agree as follows:
Section 1. AMENDMENTS TO THE CREDIT AGREEMENT
          A. The defined term Letter of Credit Sublimit is deleted and replaced
with:
          “Letter of Credit Sublimit” means an amount equal to 20% of the
Revolving Commitment then in effect. The Letter of Credit Sublimit is part of,
and not in addition to, the Aggregate Commitments.”

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          B. The following defined terms in Section 1.01 shall be inserted in
the correct alphabetical location:
          “‘Fifth Amendment’ means the Fifth Amendment to this Agreement, dated
as of September 9, 2008, among the Borrowers, the LC Issuer, the Administrative
Agent and the Lenders party thereto.”
          “‘Fifth Amendment Effective Date’ means the date all of the conditions
to effectiveness set forth in Section 2 of the Fifth Amendment are satisfied.”
Section 2. CONDITIONS TO EFFECTIVENESS
     This Amendment shall become effective as of the Fifth Amendment Effective
Date, at such time that all of the following conditions are satisfied:
          A. The Administrative Agent shall have received counterparts of this
Amendment, duly executed and delivered on behalf of each of (a) the Borrowers,
(b) the Administrative Agent and (c) the Required Lenders (or the Required
Lenders shall have consented to the execution of the Amendment by providing
their counterpart signatures hereto or their consent hereto to the
Administrative Agent);
          B. Guarantors and the Borrowers and Subsidiaries of the Borrowers
party to the Pledge Agreements as “Pledgors” (the “Pledgors”) shall have
executed this Amendment with respect to Section 5;
          C. Administrative Agent and its counsel shall have received executed
resolutions from Borrowers authorizing the entry into and performance of this
Amendment and the Credit Agreement as amended, all in form and substance
satisfactory to Administrative Agent and its counsel;
Section 3. BORROWERS’ REPRESENTATIONS AND WARRANTIES
     In order to induce the Lenders to consent to this Amendment and to amend
the Credit Agreement in the manner provided herein, Borrowers represent and
warrant to Administrative Agent and to each Lender that the following statements
are true, correct and complete:
     3.1 Corporate Power and Authority. Borrowers have all requisite power and
authority to enter into this Amendment and any other agreements, guaranties or
other operative documents to be delivered pursuant to this Amendment, to carry
out the transactions contemplated by, and perform their obligations under, the
Amended Agreement. Each of the Borrowers, Pledgors and Guarantors is in good
standing in the respective states of their organization on the Fifth Amendment
Effective Date;
     3.2 Authorization of Agreements. The execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary

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action on the part of Borrowers and the other parties delivering any of such
documents, as the case may be.
     3.3 No Default. After giving effect to this Amendment, no Default or Event
of Default exists under the Credit Agreement as of the Fifth Amendment Effective
Date. Further, after giving effect to this Amendment, no Default or Event of
Default would result under the Amended Agreement from the consummation of this
Amendment;
     3.4 No Conflict. The execution, delivery and performance by Borrowers,
Pledgors and Guarantors of this Amendment and the performance of the Amended
Agreement by Borrowers, does not and will not (i) violate any provision of any
applicable material law or any governmental rule or regulation applicable to
Borrowers, Pledgors, Guarantors or any of their Subsidiaries except as could not
reasonably be expected to have a Material Adverse Effect, the Organization
Documents of Borrowers, Pledgors, Guarantors or any of their Subsidiaries or any
order, judgment or decree of any court or other Governmental Authority binding
on Borrowers, Pledgors, Guarantors or any of their Subsidiaries except as could
not reasonably be expected to have a Material Adverse Effect, (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any Contractual Obligation of Borrowers, Pledgors,
Guarantors or any of their Subsidiaries except as could not reasonably be
expected to have a Material Adverse Effect, (iii) result in or require the
creation or imposition of any Lien upon any of the properties or assets of
Borrowers, Pledgors, Guarantors or any of their Subsidiaries not otherwise
permitted by the Amended Agreement except as could not reasonably be expected to
have a Material Adverse Effect, or (iv) require any approval of members or
stockholders or any approval or consent of any Person under any Contractual
Obligation of Borrowers, Pledgors, Guarantors or any of their Subsidiaries,
except for such approvals or consents which have been or will be obtained on or
before the Fifth Amendment Effective Date or except for such approvals or
consents which, if not obtained, are not reasonably expected to result in a
Material Adverse Effect;
     3.5 Governmental Consents. The execution and delivery by Borrowers,
Guarantors and Pledgors of this Amendment and the performance by Borrowers,
Guarantors and Pledgors under the Amended Agreement does not and will not
require any registration with, consent or approval of, or notice to, or other
action to, with or by, any federal, state or other governmental authority or
regulatory body, except for filings or recordings in respect of the Liens
created pursuant to the Loan Documents and except as may be required, in
connection with the disposition of any Collateral, by laws generally affecting
the offering and sale of securities;
     3.6 Binding Obligation. The Credit Agreement, as amended by this Amendment,
has been duly executed and delivered by Borrowers and is enforceable against
Borrowers, in accordance with its respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles relating to
enforceability; and
     3.7 Incorporation of Representations and Warranties From Credit Agreement.
After giving effect to this Amendment, the representations and warranties
contained in Article V of the Amended Agreement are and will be true, correct
and complete in all material respects on and as of the Fifth Amendment Effective
Date to the same extent as though made on and as of

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such date, except representations and warranties solely to the extent such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects on and as of
such earlier date.
Section 4. MISCELLANEOUS
     4.1 Reference to and Effect on the Credit Agreement and the Other Loan
Documents.
          A. On and after the Fifth Amendment Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Credit Agreement, as amended by this Amendment.
          B. Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.
          C. The execution, delivery and performance of this Amendment shall
not, except as expressly provided herein, constitute a waiver of any provision
of, or operate as a waiver of any right, power or remedy of Administrative Agent
or any Lender under, the Credit Agreement or any of the other Loan Documents.
     4.2 Fees and Expenses. Borrowers acknowledge that all reasonable costs,
fees and expenses incurred by Administrative Agent and its counsel with respect
to this Amendment and the documents and transactions contemplated hereby shall
be for the account of Borrowers. The Borrowers hereby agree to pay the
reasonable fees, cost and expenses of Administrative Agent’s counsel in
connection with this Amendment concurrently with or promptly but in no event
later than 30 days after submission of an invoice with respect to such
reasonable fees, costs and expenses.
     4.3 Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.
     4.4 Counterparts; Effectiveness. This Amendment 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 an original, but
all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment shall become effective upon the execution of a
counterpart hereof by each Borrower and Administrative Agent, and receipt by
Borrowers and Administrative Agent of written, facsimile or telephonic
notification of such execution and authorization of delivery thereof.

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     4.5 Entire Agreement. This Amendment embodies the entire agreement and
understanding among the parties with respect to this amendment to the Credit
Agreement, and supersedes all prior agreements and understandings, oral or
written, relating thereto.
     4.6 Governing law. This Amendment shall be governed by, and construed in
accordance with, the law of the state of California.
Section 5. ACKNOWLEDGEMENT AND CONSENT
          A. Guarantors are party to that certain Continuing Guaranty, dated as
of November 2, 2004, pursuant to which Guarantors have guarantied the
Obligations. Pledgors are party to that certain Security Agreement (Securities)
made by Borrowers and Security Agreement (Securities) made by certain other
Pledgors, dated as of November 2, 2004, pursuant to which Pledgors have pledged
the Collateral as security for the Indebtedness (as defined in the applicable
Pledge Agreement).
          B. Each Guarantor and each Pledgor hereby acknowledges that it has
reviewed the terms and provisions of the Credit Agreement and this Amendment and
consents to the amendment of the Credit Agreement effected pursuant to this
Amendment. Each Guarantor hereby confirms that each Guaranty to which it is a
party or otherwise bound, and each Pledgor hereby confirms that the Pledge
Agreement to which it is a party or otherwise bound, will continue to guaranty
or secure, as the case may be, to the fullest extent possible the payment and
performance of all of the “Guaranteed Obligations” (as defined in the applicable
Guaranty) or the “Indebtedness” (as defined in the applicable Pledge Agreement),
as the case may be, including without limitation the payment and performance of
all such “Guaranteed Obligations” or “Indebtedness”, as the case may be, with
respect to the Obligations of Borrowers now or hereafter existing under or in
respect of the Credit Agreement (as amended hereby) and the Notes defined
therein.
          C. Each Guarantor acknowledges and agrees that any Guaranty to which
it is a party or otherwise bound, and each Pledgor acknowledges and agrees that
the Pledge Agreement to which it is a party or otherwise bound, shall continue
in full force and effect and that all of its obligations thereunder shall be
valid and enforceable and shall not be impaired or limited by the execution or
effectiveness of this Amendment. Each Guarantor and each Pledgor represents and
warrants that all representations and warranties contained in the Guaranty
and/or the Pledge Agreement, as the case may be, to which it is a party or
otherwise bound are true, correct and complete in all material respects on and
as of the Fifth Amendment Effective Date to the same extent as though made on
and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.
          D. Each Guarantor and each Pledgor (other than the Borrowers)
acknowledges and agrees that (i) notwithstanding the conditions to effectiveness
set forth in this Amendment, such Guarantor or such Pledgor, as the case may be,
is not required by the terms of the Credit Agreement or any other Loan Document
to consent to the amendments to the Credit Agreement effected pursuant to this
Amendment and (ii) nothing in the Credit

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Agreement, this Amendment or any other Loan Document shall be deemed to require
the consent of such Guarantor or such Pledgor to any future amendments to the
Credit Agreement.
[Signatures on Next Page]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered as of the day and year first written above.

     
BORROWERS:
  APARTMENT INVESTMENT AND
 
  MANAGEMENT COMPANY,

            a Maryland corporation
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

            AIMCO PROPERTIES, L.P.,
a Delaware limited partnership
      By:   AIMCO-GP, INC.,         a Delaware corporation      Its:  General
Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            AIMCO/BETHESDA HOLDINGS, INC.,
a Delaware corporation
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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PLEDGORS (for purposes of Section 5 only):

            APARTMENT INVESTMENT AND
MANAGEMENT COMPANY,
a Maryland corporation, as Pledgor
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

            AIMCO PROPERTIES, L.P.,
a Delaware limited partnership, as Pledgor
      By:   AIMCO-GP, INC.,         a Delaware corporation      Its:  General
Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            AIMCO/BETHESDA HOLDINGS, INC.,
a Delaware corporation, as Pledgor
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AIMCO/IPT, INC.,
a Delaware corporation,

NHP A&R SERVICES, INC.,
a Virginia corporation

NHP REAL ESTATE CORPORATION,
a Delaware corporation

AIMCO HOLDINGS QRS, INC.,
a Delaware corporation

NHPMN-GP, INC.,
a Delaware corporation

LAC PROPERTIES QRS II INC.,
a Delaware corporation
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AIMCO LP LA, LP,
a Delaware limited partnership
   

            By:   AIMCO LA QRS, Inc.,         a Delaware corporation      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            GP-OP PROPERTY MANAGEMENT, LLC,
a Delaware limited liability company
      By:   AIMCO Properties, L.P.,         a Delaware limited partnership,     
Its:  Member   

            By:   AIMCO-GP, Inc.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AIMCO GP LA, L.P.,
a Delaware limited partnership
      By:   AIMCO-GP, INC.,         a Delaware corporation,      Its:  General
Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            LAC PROPERTIES OPERATING
PARTNERSHIP, L.P.,
a Delaware limited partnership
      By:   AIMCO GP LA, L.P.,         a Delaware limited partnership,     
Its:  General Partner   

            By:   AIMCO-GP, INC.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            AIC REIT PROPERTIES LLC,
a Delaware limited liability company
      By:   AIMCO Properties, L.P.,         a Delaware limited partnership,     
Its:  Managing Member   

                  By:   AIMCO-GP, INC.,         a Delaware corporation,     
Its:  General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AMBASSADOR APARTMENTS, L.P.
a Delaware limited partnership
      By:   AIMCO QRS GP, LLC,        a Delaware limited liability company     
Its:  General Partner   

            By:   AIMCO Properties, L.P.,        a Delaware limited
partnership,      Its:  Member   

            By:   AIMCO-GP, Inc.,        a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

            AIMCO HOLDINGS, L.P.
a Delaware limited partnership
      By:   AIMCO Holdings QRS, Inc.,        a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

            AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP,
a Delaware limited partnership
    By:   Ambassador Florida Partners, Inc.,        a Delaware corporation,     
Its:  General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            LAC PROPERTIES SUB LLC,
a Delaware limited liability company
      By:   LAC Properties Operating Partnership, L.P.,         a Delaware
limited partnership,      Its:  Managing Member   

            By:   AIMCO GP LA, L.P.,         a Delaware limited partnership,   
  Its:  General Partner   

            By:   AIMCO-GP, Inc.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            LAC PROPERTIES GP I LLC
a Delaware limited liability company
      By:   LAC Properties Operating Partnership, L.P.,         a Delaware
limited partnership,      Its:  Managing Member   

            By:   AIMCO GP LA, L.P.,         a Delaware limited partnership,   
  Its:  General Partner   

            By:   AIMCO-GP, Inc.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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GUARANTORS (for purposes of Section 5 only):

            AIMCO EQUITY SERVICES, INC.,
a Virginia corporation

AIMCO HOLDINGS QRS, INC.,
a Delaware corporation

AIMCO-LP TRUST
a Delaware trust

AIMCO PROPERTIES FINANCE CORP.,
a Delaware corporation

AMBASSADOR I, INC.,
a Delaware corporation

AMBASSADOR VIII, INC.,
a Delaware corporation

ANGELES REALTY CORPORATION II,
a California corporation

CONCAP EQUITIES, INC.,
a Delaware corporation

NHP A&R SERVICES, INC.,
a Virginia corporation

NHPMN STATE MANAGEMENT, INC.,
a Delaware corporation

NHP MULTI-FAMILY CAPITAL CORPORATION,
a District of Columbia corporation

AIMCO-GP, INC.,
a Delaware corporation

NHPMN-GP, INC.,
a Delaware corporation
      By:   /s/ Patti K. Fielding         Patti K. Fielding        Executive
Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AIMCO IPLP, L.P.,
a Delaware limited partnership
      By:   AIMCO/IPT, Inc.,        a Delaware corporation      Its:  General
Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

            AIMCO HOLDINGS, L.P.,
a Delaware limited partnership   

            By:   AIMCO Holdings QRS, Inc.,        a Delaware corporation,     
Its:  General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

            AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP,
a Delaware limited partnership
      By:   Ambassador Florida Partners Limited Partnership,       a Delaware
limited partnership      Its:  General Partner   

            By:   Ambassador Florida Partners, Inc.,        a Delaware limited
partnership      Its:  General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AMBASSADOR APARTMENTS, L.P.
a Delaware limited partnership
      By:   AIMCO QRS GP, LLC,         a Delaware limited liability company,   
  Its:  General Partner   

            By:   AIMCO Properties, L.P.,         a Delaware limited
partnership,      Its:  Member   

            By:   AIMCO-GP, Inc.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership
    By:   AIMCO GP LA, L.P.,         a Delaware limited partnership      Its: 
General Partner   

            By:   AIMCO-GP, Inc.,         a Delaware corporation      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            GP-OP PROPERTY MANAGEMENT, LLC
a Delaware limited liability company
      By:   AIMCO Properties, L.P.,         a Delaware limited partnership,     
Its:  Member   

            By:   AIMCO-GP, Inc.,         a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            NHPMN MANAGEMENT, L.P.,
a Delaware limited partnership
      By:   NHPMN-GP, Inc.         a Delaware corporation,      Its:  General
Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            NHPMN MANAGEMENT, LLC,
a Delaware limited liability company
      By:   AIMCO/Bethesda Holdings, Inc.,         a Delaware corporation,     
Its:  Member   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            OP PROPERTY MANAGEMENT, L.P.,
a Delaware limited partnership
      By:   NHPMN-GP, Inc.,         a Delaware corporation      Its:  Managing
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

            OP PROPERTY MANAGEMENT, LLC,
a Delaware limited liability company
      By:   AIMCO Properties, L.P.,         a Delaware limited partnership     
Its:  Member   

            By:   AIMCO-GP, Inc.,         a Delaware corporation      Its: 
General Partner   

            By:   /s/ Patti K. Fielding         Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            LAC PROPERTIES GP I LIMITED PARTNERSHIP,
a Delaware limited partnership
    By:   LAC Properties GP I LLC,        a Delaware limited liability company 
    Its:  General Partner   

            By:   LAC Properties Operating Partnership, L.P.,        a Delaware
limited partnership      Its:  Managing Member   

            By:   AIMCO GP LA, L.P.,        a Delaware limited partnership     
Its:  General Partner   

            By:   AIMCO-GP, Inc.,        a Delaware corporation      Its: 
General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

            LAC PROPERTIES GP II LIMITED PARTNERSHIP,
a Delaware limited partnership
    By:   LAC Properties QRS II Inc.,        a Delaware corporation,      Its: 
General Partner   

            By:   /s/ Patti K. Fielding        Patti K. Fielding       
Executive Vice President and Treasurer   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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BANK OF AMERICA:
BANK OF AMERICA, N.A.,
as Administrative Agent
      By:   /s/ Kathleen M. Carry         Kathleen M. Carry        Vice
President   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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L/C ISSUER:
  BANK OF AMERICA, N.A.,
as L/C Issuer

            By:   /s/ James P. Johnson         James P. Johnson        Senior
Vice President   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            BANK OF AMERICA, N.A.,
as Lender
      By:   /s/ James P. Johnson         James P. Johnson        Senior Vice
President   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            MORGAN STANLEY BANK,
as a Lender
      By:   /s/ Daniel Twenge         Daniel Twenge        Authorized Signatory 
 

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            AAREAL CAPITAL CORPORATION,
as Lender
      By:   /s/ Dagmar Knopek         Dagmar Knopek        Senior Managing
Director   

            By:   /s/ Michael Greve         Michael Greve        Director   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            DEUTSCHE BANK TRUST COMPANY AMERICA,
as a Lender
      By:   /s/ J.T. Johnston Coe         J.T. Johnston Coe        Managing
Director   

            By:   /s/ Perry Forman         Perry Forman        Director   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            KEYBANK,
as a Lender
      By:   /s/ Kathleen M. Ahern         Kathleen M. Ahern        Senior
Banker   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ Cynthia A. Bean         Cynthia A. Bean        Vice President   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            ERSTE GROUP BANK AG,
as a Lender
      By:   /s/ Gregory Aptman         Gregory Aptman        Director   

            By:   /s/ Bryan Lynch         Bryan Lynch        Executive Director 
   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

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            RAYMOND JAMES BANK, FSB,
as a Lender
      By:   /s/ Thomas G. Scott         Thomas G. Scott        Senior Vice
President   

(Fifth Amendment to Amended and Restated Senior Secured Credit Agreement)