EX-10.36




 Exhibit 10.36 

EXECUTION VERSION 
 FIRST AMENDMENT
TO TERM LOAN AGREEMENT 
 THIS FIRST AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”) dated as of January 28, 2015, by and
among POST APARTMENT HOMES, L.P., a limited partnership formed under the laws of the State of Georgia (the “Borrower”), each of the Lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (together with
its successors and assigns, the “Administrative Agent”). 
 WHEREAS, the Borrower, the Lenders, the Administrative Agent and
certain other parties have entered into that certain Term Loan Agreement dated as of January 19, 2012 (as amended and as in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”); and 

WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement on the terms and
conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Specific Amendments to Credit
Agreement. The parties hereto agree that the Credit Agreement is amended as follows: 
 (a) The Credit Agreement is amended by restating
the definitions of “Applicable Margin”, “Capitalization Rate”, “EBITDA”, “Guarantor”, “LIBOR”, “LIBOR Market Index Rate”, “Mixed-Use Project”, “OFAC”,
“Property” and “Termination Date” contained in Section 1.1. in their entirety to read as follows: 

“Applicable Margin” means the percentage rate set forth below corresponding to the level (each a
“Level”) into which the Borrower’s Credit Rating then falls. Any change in the Borrower’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first calendar month
immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.5.(m) that the Borrower’s Credit Rating has changed; provided, however, if the Borrower has
not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of the first
day of the first calendar month following the date the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed. During any period that the Borrower has received two Credit Ratings that are not equivalent, the Applicable
Margin shall be determined based on the Level corresponding to the higher of such two Credit Ratings unless such Credit Ratings are more than one Level apart, in which case, the Applicable Margin shall be determined based on the Level immediately
below the Level corresponding to the higher Credit Rating. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be determined based on such Credit Rating. During any
period that the Borrower has not received a Credit Rating from either Rating Agency, the Applicable Margin shall be determined based on Level 5. 









							
	 Level
	  	 Borrower’s Credit Rating
(S&P/Moody’s)
	  	Applicable
Margin	 
	 1
	  	 A-/A3 or better
	  	 	0.900	% 
	 2
	  	 BBB+/Baa1
	  	 	0.975	% 
	 3
	  	 BBB/Baa2
	  	 	1.150	% 
	 4
	  	 BBB-/Baa3
	  	 	1.400	% 
	 5
	  	 Lower than BBB-/Baa3
	  	 	1.850	% 

 “Capitalization Rate” means 6.00%. 

“EBITDA” means, with respect to a Person for any period (without duplication): (a) net income (or loss)
of such Person and its Wholly Owned Subsidiaries for such period, exclusive of the following (but only to the extent included in the determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest
Expense; (iii) all provisions for any Federal, state or other income tax expense; (iv) asset impairment charges, restructuring charges, and all extraordinary or nonrecurring gains and losses (including without limitation severance charges
and casualty losses); (v) changes in deferred taxes and other noncash items; (vi) non-cash expenses associated with stock compensation; (vii) in the case of the Borrower, distributions on Preferred Securities issued by the Borrower;
(viii) gains or losses from early extinguishment of Indebtedness and redemption of Preferred Securities (including any gains or losses in respect of any derivative agreements or arrangements in effect that are related to such Indebtedness or
Preferred Securities), (ix) fees, expenses, charges and costs (or amortization of the foregoing) incurred or taken in connection with any acquisition, merger or consolidation (in each case whether or not completed); (x) in the case of the
Borrower and its Subsidiaries, fees, costs, charges and expenses incurred or taken, and any profits realized, in connection with the discontinuation and wind-down of the condominium operations of the Borrower and its Subsidiaries; (xi) straight
line rent leveling adjustments; and (xii) amortization of intangibles pursuant to ASC Topic 805 (formerly SFAS 141R), in each case on a consolidated basis determined in accordance with GAAP applied on a consistent basis; plus
(b) such Person’s Ownership Share of EBITDA from its Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates (determined for such Non-Wholly Owned Subsidiaries and Unconsolidated Affiliates in a manner consistent with the foregoing),
determined on a consolidated basis in accordance with GAAP applied on a consistent basis. 
 “Guarantor”
means PPI, GP Sub, LP Sub and any other Person that shall become a Guarantor as provided in Section 7.12(a) and has not been released as provided in Section 7.12.(c). 

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by
dividing (i) the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any,
required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of
liabilities which includes deposits by reference to which the interest rate 

  
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on LIBOR Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America). If, for
any reason, the rate referred to in the preceding clause (i) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (i) shall be determined by the Administrative Agent to
be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the
first day of the applicable Interest Period for a period equal to such Interest Period; provided that if LIBOR determined as provided above would be less than zero, then LIBOR shall be deemed to be zero for purposes of this Agreement. Any change in
the maximum rate or reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. 

“LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable for a LIBOR Loan
having a one-month Interest Period determined at approximately 10:00 a.m. Central time for such day (rather than 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period as otherwise provided in the definition
of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined on a daily basis. 

“Mixed-Use Project” means a mixed-use project that includes or will include a Multifamily Property and/or
Renovation Property, including such a mixed-use project where upon completion or substantial completion of the project the portion of the project that is attributable to non-residential uses is to be transferred to or otherwise held by a Person
other than PPI, the Borrower or a Subsidiary or Unconsolidated Affiliate of PPI or the Borrower (the “Excluded Portion”). 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Property” means a parcel or unit (or group of related parcels or units) of real property developed (or to be
developed) as a Multifamily Property, Mixed-Use Project or other use by PPI, the Borrower, or any other Subsidiary or, as the context may require, their Unconsolidated Affiliates, and which is located in a state of the United States of America or
the District of Columbia. 
 “Termination Date” means January 19, 2020. 

(b) The Credit Agreement is further amended by restating clause (c) of the definition of the term “Change of Control” in
Section 1.1. to read as follows: 
 (c) [Reserved]; 

(c) The Credit Agreement is further amended by restating clauses (b) and (c) of the definition of “Eligible Property”
contained in Section 1.1. thereof in their entirety to read as follows: 
 (b) such Property is owned entirely by the
Borrower or a Wholly Owned Subsidiary of the Borrower in fee simple, or is leased under an Eligible Ground Lease, by the Borrower or a Wholly Owned Subsidiary of the Borrower; 

  
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 (c) neither such Property, nor any interest of the Borrower or such Wholly Owned
Subsidiary therein, is subject to any Lien (other than Permitted Liens described in clauses (a) through (e) of the definition of such term) or to any Negative Pledge; 

(d) The Credit Agreement is further amended by replacing the “; plus” appearing at the end of clause (h) of the
definition of the term “Gross Asset Value” in Section 1.1. thereof with “.” and deleting clause (i) of such definition. 

(e) The Credit Agreement is further amended by adding the following sentence to the end of the definition of the term “Indebtedness”
in Section 1.1.: 
 For the avoidance of doubt, obligations of the Borrower or any of its Wholly Owned Subsidiaries (i) owing to
any Governmental Authority pursuant to any lease of a Property by the Borrower or any such Wholly Owned Subsidiary that has been incurred in connection with its development of such Property and the issuance by such Governmental Authority of bonds
supported in full by the payments under such lease, and (ii) in respect of the purchase, and any Guarantee of payment, of such bonds, shall not constitute Indebtedness for purposes of this Agreement to the extent the Borrower or any such Wholly
Owned Subsidiary owns all such bonds outstanding from time to time and retains the option to cancel such lease and purchase the Property from the Governmental Authority on terms favorable to the Borrower or such Wholly Owned Subsidiary. 

(f) The Credit Agreement is further amended by replacing each reference to the figure “20%” included in the definition of
“Non-Multifamily Property” with a reference to the figure “30%”. 
 (g) The Credit Agreement is further amended by
adding the following new definitions of “Anti-Corruption Laws”, “Disbursement Instruction Agreement”, “First Amendment Date”, “Sanctioned Country”, “Sanctioned Person” and “Sanctions” in
the correct alphabetical order in Section 1.1 thereof: 
 “Anti-Corruption Laws” means all laws, rules
and regulations of any jurisdiction applicable to the Borrower or its Affiliates from time to time concerning or relating to bribery, corruption or money laundering, including without limitation, the Foreign Corrupt Practices Act of 1977, as
amended. 
 “Disbursement Instruction Agreement” means an agreement substantially in the form of
Exhibit G to be executed and delivered by the Borrower, as the same may be updated from time to time upon prior written notice from the Borrower to the Administrative Agent with respect to the information to be set forth on the second and third
pages thereof, and otherwise as amended, restated or modified with the prior written approval of the Administrative Agent. 

“First Amendment Date” means January 28, 2015. 

“Sanctioned Country” means, at any time, a country or territory which is itself, or whose government is, the
subject or target of any Sanctions (as of the First Amendment Date, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated
Persons maintained by any Governmental Authority of the United States of America, including without limitation, OFAC or by the U.S. Department 

  
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of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person located, operating, organized or resident in a Sanctioned Country
or (c) any Person owned at least 50% by, or Controlled by, any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means, with respect to any country, territory or Person, economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by any Governmental Authority of the United States of America, including without limitation, OFAC or by the U.S. Department of State, in each case to the extent applicable to such
country, territory or Person 
 (h) The Credit Agreement is further amended by deleting the definitions of the terms “Condominium
Property”, “Condominium Property Value”, “Significant Subsidiary”, “Tangible Net Worth” and “Transfer Authorizer Designation Form” from Section 1.1. 

(i) The Credit Agreement is further amended by restating Section 2.8. thereof in its entirety to read as follows: 

Section 2.8. Prepayments. 

(a) Generally. Subject to Section 4.4., the Borrower may prepay any Loan at any time without premium or penalty.
The Borrower shall give the Administrative Agent at least one (1) Business Day prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples
of $500,000 in excess thereof (or if less, the aggregate principal amount of Loans then outstanding). 
 (b) [Reserved]. 

(c) [Reserved]. 

(d) [Reserved]. 

(j) The Credit Agreement is further amended by restating Section 2.13. thereof in its entirety to read as follows: 

Section 2.13. [Reserved]. 

(k) The Credit Agreement is further amended by restating Section 2.17. thereof in its entirety to read as follows: 

Section 2.17. Funds Transfer Disbursements. 

The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of
their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement. 

  
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 (l) The Credit Agreement is further amended by restating Section 3.5.(c) thereof in its
entirety to read as follows: 
 (c) [Reserved]. 

(m) The Credit Agreement is further amended by restating Section 6.1.(s) thereof in its entirety to read as follows: 

(s) Business. As of the Agreement Date, PPI, the Borrower, the other Loan Parties and the other Subsidiaries are
principally engaged in the business of owning, acquiring, renovating, developing and managing Multifamily Properties, including Mixed-Use Projects, together with other business activities reasonably related or incidental thereto. 

(n) The Credit Agreement is further amended by restating Section 6.1.(w) thereof in its entirety to read as follows: 

(w) Sanctions and Anti-Corruption Laws. The Borrower, PPI, and their respective Subsidiaries and, to the knowledge of
the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Borrower, PPI, or any of their respective Subsidiaries or, to the
knowledge of the Borrower, any of their respective directors, officers, employees or agents that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan, or the use of
proceeds of any Loan by the Borrower, will violate any Anti-Corruption Law or applicable Sanctions. 
 (o) The Credit Agreement is further
amended by restating Section 7.8. thereof in its entirety to read as follows: 
 The Borrower will use the proceeds of
Loans only to provide for the general working capital needs of PPI, the Borrower and their respective Subsidiaries and for other general business purposes of PPI, the Borrower and their respective Subsidiaries. The Borrower shall not, and shall not
permit any other Loan Party or any other Subsidiary to, use any part of such proceeds (i) to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of
Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock; provided, however, to the extent not
otherwise prohibited by this Agreement or the other Loan Documents, the Borrower may use proceeds of the Loans to purchase PPI’s capital stock and the Borrower’s partnership interests so long as such use will not result in any of the Loans
or other Obligations being considered to be “purpose credit” directly or indirectly secured by margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System), (ii) to fund any
operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Country or (iii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws. 
 (p) The Credit
Agreement is further amended by restating Section 7.12. thereof in its entirety to read as follows: 
 (a)
Requirement to Become Guarantor. Within 15 Business Days (or such longer period of time as may be acceptable to the Administrative Agent, but in any event 

  
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within 30 calendar days) following the date on which either of the following conditions first applies to any Subsidiary that is not already a Guarantor, the Borrower shall deliver to the
Administrative Agent each of the following items, each in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement (or if the Guaranty is not in effect, a Guaranty) executed by such Subsidiary and (ii) the
items that would have been delivered under subsections (iv), (vii) through (x), and (xiv) of Section 5.1.(a) if such Subsidiary had been a Guarantor on the Agreement Date: (x) such Subsidiary Guarantees, or otherwise becomes
obligated in respect of, any Indebtedness of the Borrower or any other Subsidiary of the Borrower (other than an Excluded Subsidiary guaranteeing or otherwise becoming obligated in respect of the Indebtedness of another Excluded Subsidiary) or
(y)(A) such Subsidiary owns an Eligible Property or Other Multifamily Property included in the determination of Unencumbered Adjusted Net Operating Income, and (B) such Subsidiary, or any other Subsidiary of the Borrower that directly, or
indirectly through one or more other Subsidiaries of the Borrower, owns any Equity Interest in such Subsidiary, has incurred, acquired or suffered to exist any Indebtedness that is not Nonrecourse Indebtedness. 

(b) [Reserved]. 

(c) Release of a Guarantor. Except for PPI, GP Sub and LP Sub, the Borrower may request in writing that the
Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Guarantor from the Guaranty so long as: (i) such Guarantor ceases to be a Subsidiary of the Borrower in a transaction not prohibited by
Section 9.7. or such Guarantor meets, or will meet simultaneously with its release from the Guaranty, all of the provisions of the definition of the term “Excluded Subsidiary” or such Guarantor has obtained a loan secured by a
mortgage on its principal Property; (ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no Default or Event of Default shall then be in existence or would
occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; (iv) the representation and warranty set forth in
Section 6.1.(k) shall be true and correct in all material respects on and as of the date of such release with the same force and effect as if made on and as of such date; and (v) the Administrative Agent shall have received such written
request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a
representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. 

(q) The Credit Agreement is further amended by restating Section 8.5.(k) thereof in its entirety to read as follows: 

(k) [Reserved]; 

(r) The Credit Agreement is further amended by restating Section 9.1.(d) thereof in its entirety to read as follows: 

(d) [Reserved]. 

  
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 (s) The Credit Agreement is further amended by restating Section 9.1.(e) thereof in its
entirety to read as follows: 
 (e) [Reserved]. 

(t) The Credit Agreement is further amended by restating Section 9.4.(a)(iii) thereof in its entirety to read as follows: 

(iii) Non-Multifamily Properties, such that the aggregate value of all such
Non-Multifamily Properties exceeds 5.0% of Gross Asset Value; 
 (u) The Credit Agreement is further
amended by restating Section 9.4.(a)(vi) thereof in its entirety to read as follows: 
 (vi) Development Properties
(excluding Unimproved Land), such that the Total Budgeted Cost of all such Development Properties exceeds 25.0% of Gross Asset Value. 
 (v)
The Credit Agreement is further amended by restating Section 9.4.(c) thereof in its entirety to read as follows: 
 (c)
[Reserved]. 
 (w) The Credit Agreement is further amended by restating Section 9.5.(b) thereof in its entirety to read as follows:

 (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such
acquisition would be a Subsidiary, so long as in each case immediately prior to such Investment, and after giving effect thereto, no Event of Default is or would be in existence; 

(x) The Credit Agreement is further amended by deleting Schedule I attached thereto and replacing it with Schedule I attached
hereto. 
 (y) The Credit Agreement is further amended by deleting Schedule 2.9. attached thereto and replacing it with Schedule 2.9.
attached hereto. 
 (z) The Credit Agreement is further amended by deleting Exhibit G attached thereto and replacing it with Exhibit G
attached hereto. 
 Section 2. Conditions Precedent. The effectiveness of this Amendment, including the release contemplated by
Section 3 below, is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative Agent: 

(a) a counterpart of this Amendment duly executed by the Borrower, the Administrative Agent and all of the Lenders; 

(b) an Acknowledgement substantially in the form of Exhibit A attached hereto, executed by each Guarantor; 

  
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 (c) a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal
quarter ended September 30, 2014; 
 (d) copies certified by the Secretary or Assistant Secretary (or other individual performing
similar functions) of the Borrower of all partnership or other necessary action taken by such party to authorize the execution and delivery of this Amendment, the performance of the Credit Agreement, as amended by this Amendment and the execution,
delivery and performance of the other documents, instruments and agreements being executed by such party in connection with this Amendment; 

(e) an opinion of King & Spalding LLP, counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and
the Lenders regarding such matters as the Administrative Agent may reasonably request; 
 (f) evidence that all fees payable by the Borrower
to the Administrative Agent and the Lenders in connection with this Amendment have been paid including, without limitation, those fees set forth in those certain fee letters dated as of December 17, 2014, and January 14, 2015, by and among
the Borrower, Wells Fargo, SunTrust Bank and PNC Bank, as the case may be, and the other parties thereto; and 
 (g) Such other documents,
instruments and agreements as the Administrative Agent may reasonably request. 
 Section 3. Release of Guarantors. Upon the
effectiveness of this Amendment as provided in Section 2 above, the Administrative Agent and the Lenders agree that the Guarantors set forth on Schedule II attached hereto shall be released as Guarantors under the Guaranty in effect immediately
prior to the effectiveness of this Amendment. 
 Section 4. Representations. The Borrower represents and warrants to the
Administrative Agent and the Lenders that: 
 (a) Authorization. The Borrower has the right and power, and has taken all necessary
action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and
delivered by a duly authorized officer of the sole general partner of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the
Borrower in accordance with its respective terms except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and the availability of equitable remedies for the enforcement of
certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles of general applicability. 

(b) Compliance with Laws, etc. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this
Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise: (i) require any Governmental Approval or violate any
Applicable Law (including Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of Borrower or any other Loan Party, or any
material indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien
upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party. 

  
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 (c) No Default. No Default or Event of Default has occurred and is continuing as of the
date hereof or will exist immediately after giving effect to this Amendment. 
 (d) No Material Adverse Effect. There has not
occurred since December 31, 2013 any circumstance or condition that has had or could reasonably be expected to result in a Material Adverse Effect. 

Section 5. Reaffirmation of Representations by Borrower. The Borrower hereby repeats and reaffirms all representations and
warranties made by the Borrower and the other Loan Parties to the Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents on and as of the date hereof with the same force and effect as if such representations and
warranties were set forth in this Amendment in full, except to the extent such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all
material respects on and as of such earlier date) and except for changes in factual circumstances or transactions, in either event not prohibited under the Loan Documents. 

Section 6. Reallocations. 

(a) The Administrative Agent, the Borrower and each Lender (including U.S. Bank National Association, as an “Additional Lender” that
will become a Lender on the First Amendment Date) agree that upon the effectiveness of this Amendment, the outstanding principal amount of such Lender’s Loan is as set forth on Schedule I attached hereto. Simultaneously with the
effectiveness of this Amendment, the principal amount of all outstanding Loans shall be reallocated among the Lenders in accordance with their respective Commitment Percentages (determined in accordance with the amount of each Lender’s Loan set
forth on Schedule I attached hereto), and in order to effect such reallocations, the Additional Lender and each other Lender whose Loan exceeds its Loan immediately prior to the effectiveness of this Amendment (each an “Assignee
Lender”) shall be deemed to have purchased at par a portion of all right, title and interest in, and all obligations in respect of, the Loan of the Exiting Lender (defined below), so that the outstanding principal amount of the Loan of each
Lender will be as set forth on Schedule I attached hereto. Such purchases shall be deemed to have been effected by way of, and subject to the terms and conditions of, Assignment and Assumptions without the payment of any related assignment fee,
and, except for replacement Notes to be provided to the Assignee Lenders in the principal amounts of their respective Loans upon the effectiveness of this Amendment, no other documents or instruments shall be, or shall be required to be, executed in
connection with such assignments (all of which are hereby waived). 
 (b) Upon the effectiveness of this Amendment and the purchase in full
at par of the outstanding principal balance of the Loan owing to Regions Bank (the “Exiting Lender”), the Exiting Lender shall cease to be a Lender under the Credit Agreement. 

(c) The Assignee Lenders shall make the proceeds of such purchases available to the Administrative Agent who shall then make such amounts of
the proceeds of such purchases available to the Exiting Lender as is necessary to purchase in full at par the Loan owing to the Exiting Lender. 

Section 7. Certain References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a
reference to the Credit Agreement as amended by this Amendment. 
 Section 8. Expenses. The Borrower shall reimburse the
Administrative Agent upon demand for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and
the other agreements and documents executed and delivered in connection herewith. 

  
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 Section 9. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. 
 Section 10. GOVERNING LAW. THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 11. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan
Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only from the date as of which this Amendment is dated, unless otherwise specifically stated herein. 

Section 12. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original and shall be binding upon all parties, their successors and assigns. Delivery of a counterpart hereof via facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 

Section 13. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given
them in the Credit Agreement. 
 [Signatures on Next Page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Term Loan Agreement to
be executed as of the date first above written. 
  

							
	POST APARTMENT HOMES, L.P.
			
			By:		Post GP Holdings, Inc., its sole general partner
			
			By:		 /s/ Christopher J. Papa

					Name:		Christopher J. Papa
					Title:		Executive Vice President and Chief Financial Officer



  
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 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

					
			WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as a Lender
		
	By:		 /s/ Andrew W. Hussion

			Name:		 Andrew W. Hussion

			Title:		 Director




  
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 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:		 /s/ Chad McMasters

			Name:		 Chad McMasters

			Title:		 SVP




  
 [Signatures Continued on
Next Page] 










 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	SUNTRUST BANK, as a Lender
		
	By:		 /s/ Francine Glandt

			Name:		 Francine Glandt

			Title:		 Senior Vice President












 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	MUFG UNION BANK, N.A., as a Lender
		
	By:		 /s/ Andrew Romanosky

			Name:		 Andrew Romanosky

			Title:		 Director












 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:		 /s/ Robert T. Barnaby

			Name:		 Robert T. Barnaby

			Title:		 Senior Vice President












 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
		
	By:		 /s/ Frederick H. Denecke

			Name:		 Frederick H. Denecke

			Title:		 Senior Vice President












 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	TD BANK, N.A., as a Lender
		
	By:		 /s/ Michael Duganich

			Name:		 Michael Duganich

			Title:		 Vice President












 [Signature Page to First Amendment to Term Loan Agreement 

for Post Apartment Homes, L.P.] 
  

 
					
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:		 /s/ J. Lee Hord

			Name:		 J. Lee Hord

			Title:		 Senior Vice President











 SCHEDULE I 

Loans 
  

					
	 Lender
	  	Outstanding Principal
Balance of Loan	 
	 Wells Fargo Bank, National Association
	  	$	75,000,000	  
	 PNC Bank, National Association
	  	$	50,000,000	  
	 SunTrust Bank
	  	$	50,000,000	  
	 MUFG Union Bank, N.A., f/k/a Union Bank, N.A.
	  	$	31,000,000	  
	 Branch Banking and Trust Company
	  	$	28,000,000	  
	 Capital One, N.A.
	  	$	28,000,000	  
	 TD Bank, N.A.
	  	$	28,000,000	  
	 U.S. Bank National Association
	  	$	10,000,000	  
		  	  
	  
	 
	 TOTAL
		$	300,000,000	  
		  	  
	  
	 









 SCHEDULE II 

Released Guarantors 
 POST FB I, LIMITED
PARTNERSHIP 
 POST FB II, LIMITED PARTNERSHIP 
 AUSTIN BC, L.P.

 POST EASTSIDE LIMITED PARTNERSHIP 
 POST MIDTOWN SQUARE, L.P.

 POST-AMERUS RICE LOFTS, L.P. 
 PARK LAND DEVELOPMENT, LLC

 POST CARLYLE I, LLC 
 POST CARLYLE II, LLC 

PF APARTMENTS, LLC 
 PBP APARTMENTS, LLC 

PBC APARTMENTS, LLC 
 POST ALEXANDER, LLC 

PMBC AUSTIN LIMITED PARTNERSHIP 
 POST BALLANTYNE, LLC 

POST GATEWAY PLACE, LLC 
 POST PARKSIDE (ATLANTA), LLC 

POST KATY TRAIL, LLC 
 POST SPRING, LLC 

POST LEGACY, L.P. 
 POST WORTHINGTON, L.P. 








 SCHEDULE 2.9. 

Interest Periods 
 See attached. 








 EXHIBIT A 

FORM OF GUARANTOR ACKNOWLEDGEMENT 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of January     , 2015 (this “Acknowledgement”) executed by
each of the undersigned (the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”) and each “Lender” a party to the Credit Agreement referred to below
(the “Lenders”). 
 WHEREAS, Post Apartment Homes, L.P., a limited partnership formed under the laws of the State of Georgia (the
“Borrower”), the Lenders, the Administrative Agent and certain other parties have entered into that certain Term Loan Agreement dated as of January 19, 2012 (as amended by the Amendment referred to below and as otherwise amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, each of the Guarantors is a
party to that certain Guaranty dated as of January 19, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s
obligations under the Credit Agreement on the terms and conditions contained in the Guaranty; 
 WHEREAS, the Borrower, the Administrative
Agent and the Lenders are to enter into a First Amendment to Term Loan Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing obligations to the
Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment, including without limitation, the release of certain Guarantors effected by Section 3 of the Amendment, shall not in any way
affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such Guarantor thereunder. 

Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Counterparts. This
Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 








 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement
as of the date and year first written above. 
  

			
	POST PROPERTIES, INC.
		
	By:		  

	Name:		Christopher J. Papa
	Title:		Executive Vice President and Chief Financial Officer
	
	POST GP HOLDINGS, INC.
		
	By:		  

	Name:		Christopher J. Papa
	Title:		Executive Vice President and Chief Financial Officer
	
	POST LP HOLDINGS, INC.
		
	By:		  

	Name:		Christopher J. Papa
	Title:		Executive Vice President and Chief Financial Officer









 EXHIBIT G 

FORM OF DISBURSEMENT INSTRUCTION AGREEMENT 








 DISBURSEMENT INSTRUCTION AGREEMENT 

Borrower: Post Apartment Homes, L.P. 
 Lender:
Wells Fargo Bank, N.A., as Administrative Agent for itself and on behalf of the Lenders 
 Loan: Loan number 1006244 made pursuant to that
certain Term Loan Agreement dated as of January 19, 2012 between Borrower and Lender, as amended from time to time (the “Credit Agreement”) 

Effective Date:             , 201     

Check applicable box: 
  

	 	 ̈	 	New – This is the first Disbursement Instruction Agreement submitted in connection with the Loan. 

  

	 	 ̈	 	Replace Previous Agreement – This is a replacement Disbursement Instruction Agreement. All prior instructions submitted in connection with this Loan are cancelled as of the Effective Date set forth above.


 This Agreement must be signed by the Borrower and is used for the following purposes: 

 

	 	(1)	to designate an individual or individuals with authority to request disbursements of Loan proceeds, whether at the time of Loan closing/origination or thereafter; 


 

	 	(2)	to designate an individual or individuals with authority to request disbursements of funds from Restricted Accounts (as defined in the Terms and Conditions attached to this Agreement), if applicable; and


  

	 	(3)	to provide Administrative Agent with specific instructions for wiring or transferring funds on Borrower’s behalf. 


Any of the disbursements, wires or transfers described above is referred to herein as a “Disbursement.” 

Specific dollar amounts for Disbursements must be provided to Administrative Agent at the time of the applicable Disbursement in the form of a signed closing
statement, an email instruction or other written communication (each, a “Disbursement Request”) from an applicable Authorized Representative (as defined in the Terms and Conditions attached to this Agreement). 

A new Disbursement Instruction Agreement must be completed and signed by the Borrower if (i) all or any portion of a Disbursement is to be transferred to
an account or an entity not described in this Agreement or (ii) Borrower wishes to add or remove any Authorized Representatives. 
 See the
Additional Terms and Conditions attached hereto for additional information and for definitions of certain capitalized terms used in this Agreement. 








 Disbursement of Loan Proceeds at Origination/Closing 

Closing Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below
(each, a “Closing Disbursement Authorizer”) to disburse Loan proceeds on or about the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Closing Disbursement”): 

 

					
	 	  	 Individual’s Name
	  	 Title

	1.	  		  	
	2.	  		  	
	3.	  		  	
	4.	  		  	

 Describe Restrictions, if any, on the authority of the Closing Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.): N/A 
 If there are no restrictions described here, any Closing Disbursement Authorizer may submit a Disbursement Request for
all available Loan proceeds. 
 Permitted Wire Transfers: Disbursement Requests for the Closing Disbursement(s) to be made by wire transfer must
specify the amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to
Administrative Agent by the Receiving Party or Borrower and attached as the Closing Exhibit. All wire instructions must be in the format specified on the Closing Exhibit. 

 

			
	 	  	 Names of Receiving Parties for the Closing Disbursement(s) (may include as many parties as needed; wire
instructions for each Receiving Party must be attached
as the Closing Exhibit)

	1.	  	
	2.	  	
	3.	  	









 Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination 

Subsequent Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named
below (each, a “Subsequent Disbursement Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Subsequent
Disbursement”): 
  

					
	 	  	 Individual’s Name
	  	 Title

	1.	  		  	
	2.	  		  	
	3.	  		  	
	4.	  		  	

 Describe Restrictions, if any, on the authority of the Subsequent Disbursement Authorizers (dollar amount limits, wire/deposit
destinations, etc.): N/A 
 If there are no restrictions described here, any Subsequent Disbursement Authorizer may submit a Disbursement Request
for all available Loan proceeds. 
 Permitted Wire Transfers: Disbursement Requests for Subsequent Disbursements to be made by wire transfer must
specify the amount and applicable Receiving Party. Each Receiving Party included in any such Disbursement Request must be listed below. Administrative Agent is authorized to use the wire instructions that have been provided directly to
Administrative Agent by the Receiving Party or Borrower and attached as the Subsequent Disbursement Exhibit. All wire instructions must be in the format specified on the Subsequent Disbursement Exhibit. 

 

			
	 	  	 Names of Receiving Parties for Subsequent Disbursements (may include as many parties as needed; wire instructions
for each Receiving Party must be attached as
the Subsequent Disbursement Exhibit)

	1.	  	
	2.	  	
	3.	  	

 Direct Deposit: Disbursement Requests for Subsequent Disbursements to be deposited into an account at Wells Fargo Bank,
N.A. must specify the amount and applicable account. Each account included in any such Disbursement Request must be listed below. 
 Name on Deposit
Account: 
 Wells Fargo Bank, N.A. Deposit Account Number: 

Further Credit Information/Instructions: 








 Borrower acknowledges that all of the information in this Agreement is correct and agrees to the terms and
conditions set forth herein and in the Additional Terms and Conditions on the following page. 
  

							
	BORROWER:
	
	POST APARTMENT HOMES, L.P.
			
			By:		Post GP Holdings, Inc., its sole general partner
			
			By:		  

					Name:		Christopher J. Papa
					Title:		Executive Vice President and Chief Financial Officer










 Additional Terms and Conditions to the Disbursement Instruction Agreement 

Definitions. The following capitalized terms shall have the meanings set forth below: 

“Authorized Representative” means any or all of the Closing Disbursement Authorizers, Subsequent Disbursement Authorizers and
Restricted Account Disbursement Authorizers, as applicable. 
 “Receiving Bank” means the financial institution where a
Receiving Party maintains its account. 
 “Receiving Party” means the ultimate recipient of funds pursuant to a Disbursement
Request. 
 “Restricted Account” means an account at Wells Fargo Bank, N.A. associated with the Loan to which
Borrower’s access is restricted. 
 Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not
otherwise defined herein shall have the meanings given to such terms in the body of the Agreement. 
 Disbursement Requests. Except as expressly
provided in the Credit Agreement, Administrative Agent must receive Disbursement Requests in writing. Disbursement Requests will only be accepted from the applicable Authorized Representatives designated in the Disbursement Instruction Agreement.
Disbursement Requests will be processed subject to satisfactory completion of Administrative Agent’s customer verification procedures. Administrative Agent is only responsible for making a good faith effort to execute each Disbursement Request
and may use agents of its choice to execute Disbursement Requests. Funds disbursed pursuant to a Disbursement Request may be transmitted directly to the Receiving Bank, or indirectly to the Receiving Bank through another bank, government agency, or
other third party that Administrative Agent considers to be reasonable. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each Disbursement will be made. Administrative Agent may delay or
refuse to accept a Disbursement Request if the Disbursement would: (i) violate the terms of this Agreement; (ii) require use of a bank unacceptable to Administrative Agent or Lenders or prohibited by government authority; (iii) cause
Administrative Agent or Lenders to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Administrative Agent or Lenders to violate any applicable law or regulation. 

Limitation of Liability. Administrative Agent and Lenders shall not be liable to Borrower or any other parties for: (i) errors, acts or failures
to act of others, including other entities, banks, communications carriers or clearinghouses, through which Borrower’s requested Disbursements may be made or information received or transmitted, and no such entity shall be deemed an agent of
the Administrative Agent or any Lender; (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal
constraints or other events beyond Administrative Agent’s or any Lender’s control; or (iii) any special, consequential, indirect or punitive damages, whether or not (A) any claim for these damages is based on tort or contract or
(B) Administrative Agent, any Lender or Borrower knew or should have known the likelihood of these damages in any situation. Neither Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in
this Agreement. IN NO EVENT WILL ADMINISTRATIVE AGENT OR ANY LENDER BE LIABLE FOR DAMAGES ARISING DIRECTLY OR INDIRECTLY IF A DISBURSEMENT REQUEST IS EXECUTED BY ADMINISTRATIVE AGENT IN GOOD FAITH AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE CREDIT AGREEMENT). 
 Reliance on Information Provided. Administrative Agent is authorized to rely on
the information provided by Borrower or any Authorized Representative in or in accordance with this Agreement when executing a Disbursement Request until Administrative Agent has received a new Agreement signed by Borrower. Borrower agrees to be
bound by any Disbursement Request: (i) authorized or transmitted by Borrower; or (ii) made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with this Agreement, even if not properly authorized by
Borrower. Administrative Agent may rely solely (i) on the account number of the Receiving Party, rather than the Receiving Party’s name, and (ii) on the bank routing number of the Receiving Bank, rather than the Receiving Bank’s
name, in executing a Disbursement Request. Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower or an Authorized Representative. If Administrative Agent takes any
actions in an attempt to detect errors in the transmission or content of transfers or requests or takes any actions in an attempt to detect unauthorized Disbursement Requests, Borrower agrees that, no matter how many times Administrative Agent takes
these actions, Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future, and such actions shall not become any part of the Disbursement procedures authorized herein, in the Loan
Documents, or in any agreement between Administrative Agent and Borrower. 
 International Disbursements. A Disbursement Request expressed in US
Dollars will be sent in US Dollars, even if the Receiving Party or Receiving Bank is located outside the United States. Administrative Agent will not execute Disbursement Requests expressed in foreign currency unless permitted by the Credit
Agreement. 
 
 Errors. Borrower agrees to notify Administrative Agent of any
errors in the Disbursement of any funds or of any unauthorized or improperly authorized Disbursement Requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such Disbursement. 

Finality of Disbursement Requests. Disbursement Requests will be final and will not be subject to stop payment or recall; provided that Administrative
Agent may, at Borrower’s request, make an effort to effect a stop payment or recall but will incur no liability whatsoever for its failure or inability to do so. 








 CLOSING EXHIBIT 

WIRE INSTRUCTIONS 
 All wire
instructions must contain the following information: 
  

	 	•	 	Transfer/Deposit Funds to (Receiving Party Account Name) 

  

	 	•	 	Receiving Party Deposit Account Number 

  

	 	•	 	Receiving Bank Name, City and State 

  

	 	•	 	Receiving Bank Routing (ABA) Number 

  

	 	•	 	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.) 









 SUBSEQUENT DISBURSEMENT EXHIBIT 

WIRE INSTRUCTIONS 
 All wire
instructions must contain the following information: 
  

	 	•	 	Transfer/Deposit Funds to (Receiving Party Account Name) 

  

	 	•	 	Receiving Party Deposit Account Number 

  

	 	•	 	Receiving Bank Name, City and State 

  

	 	•	 	Receiving Bank Routing (ABA) Number 

  

	 	•	 	Further identifying information, if applicable (title escrow number, borrower name, loan number, etc.)