exv10w2






Exhibit 10.2




GUARANTY OF PAYMENT




          GUARANTY OF PAYMENT (this “Guaranty”), made as of July 13, 2011, between EQUITY
RESIDENTIAL, a Maryland real estate investment trust, having an address at Two North Riverside
Plaza, Suite 400, Chicago, Illinois 60606 (“Guarantor”), and BANK OF AMERICA, N.A., having
an office at 231 South LaSalle Street, Chicago, Illinois 60697, as administrative agent
(“Administrative Agent”) for the banks (the “Banks”) party to the Revolving Credit
Agreement (as the same may be amended, modified, supplemented or restated, the “Credit
Agreement”), dated as of the date hereof, among ERP OPERATING LIMITED PARTNERSHIP
(“Borrower”), the Banks, Administrative Agent, JPMORGAN CHASE BANK, N.A., as Syndication
Agent, and SUNTRUST BANK, U.S. BANK NATIONAL ASSOCIATION, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Documentation Agents, and CITIBANK, N.A., DEUTSCHE BANK SECURITIES INC., and MORGAN
STANLEY SENIOR FUNDING, INC., as Co-Documentation Agents.




W I T N E S S E T H:




          WHEREAS, the Banks have agreed to make loans (hereinafter collectively referred to as the
“Loans”) and otherwise extend credit to Borrower in an aggregate principal amount the
Dollar Equivalent Amount of which is not to exceed $1,250,000,000 (which amount may be increased to
an amount not to exceed $1,750,000,000);




          WHEREAS, the Loans will be evidenced by certain promissory notes (the “Notes”) of
Borrower made to each of the Banks in accordance with the terms of the Credit Agreement;




          WHEREAS, the Credit Agreement and the Notes and any other documents executed in connection
therewith are hereinafter collectively referred to as the “Loan Documents”;




          WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Credit Agreement;




          WHEREAS, Guarantor is the sole general partner of Borrower; and




          WHEREAS, in order further to induce the Administrative Agent and the Banks to enter into the
Loan Documents, Guarantor has agreed to enter into this Guaranty;




          NOW, THEREFORE, in consideration of the premises and the benefits to be derived from the
making of the Loans and the other extensions of credit under the Credit Agreement by the Banks to
Borrower, and in order to






 









 







induce the Administrative Agent and the Banks to enter into the Loan Documents, Guarantor
hereby agrees as follows:




          1. Guarantor, on behalf of itself and its successors and assigns, hereby irrevocably,
absolutely and unconditionally guarantees the full and punctual payment when due, whether at stated
maturity or otherwise, of all Obligations of Borrower now or hereafter existing under the Notes and
the Credit Agreement, for principal and/or interest as well as any and all other amounts due
thereunder, including, without limitation, all indemnity obligations of Borrower thereunder, and
any and all reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees and disbursements) incurred by the Administrative Agent or the Banks in enforcing its or their
rights under this Guaranty (all of the foregoing obligations being the “Guaranteed
Obligations”).




          2. It is agreed that the Guaranteed Obligations are primary and this Guaranty shall be
enforceable against Guarantor and its successors and assigns without the necessity for any suit or
proceeding of any kind or nature whatsoever brought by the Administrative Agent or any Bank against
Borrower or its respective successors or assigns or any other party or against any security for the
payment and performance of the Guaranteed Obligations and without the necessity of any notice of
non-payment or non-observance or of any notice of acceptance of this Guaranty or of any notice or
demand to which Guarantor might otherwise be entitled (including, without limitation, diligence,
presentment, notice of maturity, extension of time, change in nature or form of the Guaranteed
Obligations, acceptance of further security, release of further security, imposition or agreement
arrived at as to the amount of or the terms of the Guaranteed Obligations, notice of adverse change
in Borrower’s financial condition and any other fact which might materially increase the risk to
Guarantor), all of which Guarantor hereby expressly waives; and Guarantor hereby expressly agrees
that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no way be
terminated, affected, diminished, modified or impaired by reason of the assertion of or the failure
to assert by the Administrative Agent or any Bank against Borrower or its respective successors or
assigns, any of the rights or remedies reserved to the Administrative Agent and the Banks pursuant
to the provisions of the Loan Documents. Guarantor agrees that any notice or directive given at
any time to the Administrative Agent which is inconsistent with the waiver in the immediately
preceding sentence shall be void and may be ignored by the Administrative Agent and the Banks, and,
in addition, may not be pleaded or introduced as evidence in any litigation relating to this
Guaranty for the reason that such pleading or introduction would be at variance with the written
terms of this Guaranty, unless the Administrative Agent and the Banks have specifically agreed
otherwise in a writing, signed by a duly authorized officer. Guarantor specifically acknowledges
and agrees that the foregoing waivers are of the essence of this transaction and that, but for this
Guaranty and such waivers, the Administrative Agent and the Banks would decline to execute the Loan
Documents.








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          3. Guarantor waives, and covenants and agrees that it will not at any time insist upon, plead
or in any manner whatsoever claim or take the benefit or advantage of, any and all appraisal,
valuation, stay, extension, marshalling-of-assets or redemption laws, or right of homestead or
exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise
affect the performance by Guarantor of its obligations under, or the enforcement by the
Administrative Agent of, this Guaranty. Guarantor further covenants and agrees not to set up or
claim any defense, counterclaim, offset, set-off or other objection of any kind to any action, suit
or proceeding at law, in equity or otherwise, or to any demand or claim that may be instituted or
made by the Administrative Agent other than the defense of the actual timely payment and
performance by Borrower of the Guaranteed Obligations; provided, however, that the foregoing shall
not be deemed a waiver of Guarantor’s right to assert any compulsory counterclaim, if such
counterclaim is compelled under local law or rule of procedure, nor shall the foregoing be deemed a
waiver of Guarantor’s right to assert any claim which would constitute a defense, setoff,
counterclaim or crossclaim of any nature whatsoever against Administrative Agent or any Bank in any
separate action or proceeding. Guarantor represents, warrants and agrees that, as of the date
hereof, its obligations under this Guaranty are not subject to any counterclaims, offsets or
defenses against the Administrative Agent or any Bank of any kind.




          4. The provisions of this Guaranty are for the benefit of the Administrative Agent and the
Banks and their successors and permitted assigns, and nothing herein contained shall impair as
between Borrower and the Administrative Agent and the Banks the obligations of Borrower under the
Loan Documents.




          5. This Guaranty shall be a continuing, irrevocable, unconditional and absolute guaranty and
the liability of Guarantor hereunder shall in no way be terminated, affected, modified, impaired or
diminished by reason of the happening, from time to time, of any of the following, although without
notice or the further consent of Guarantor:





     (a) any assignment, amendment, modification or waiver of or change in any of the
terms, covenants, conditions or provisions of any of the Guaranteed Obligations or the
Loan Documents or the invalidity or unenforceability of any of the foregoing; or




     (b) any extension of time that may be granted by the Administrative Agent or any Bank
to Borrower, any guarantor, or their respective successors or assigns, heirs, executors,
administrators or personal representatives; or




     (c) any action which the Administrative Agent or any Bank may take or fail to take
under or in respect of any of the Loan Documents or by reason of any waiver or, or failure
to enforce any of the rights, remedies, powers or privileges available to the
Administrative Agent and



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the Banks under this Guaranty or available to the Administrative Agent and the Banks
at law, in equity or otherwise, or any action on the part of the Administrative Agent or
any Bank granting indulgence or extension in any form whatsoever; or




     (d) any sale, exchange, release, or other disposition of any property pledged,
mortgaged or conveyed, or any property in which the Administrative Agent and/or the Banks
have been granted a lien or security interest to secure any indebtedness of Borrower to
the Administrative Agent and/or the Banks or any impairment of or failure to perfect any
security interests therein; or




     (e) any release of any person or entity who may be liable in any manner for the
payment and collection of any amounts owed by Borrower to the Administrative Agent and/or
the Banks; or




     (f) the application of any sums by whomsoever paid or however realized to any amounts
owing by Borrower to the Administrative Agent and/or the Banks under the Loan Documents in
such manner as the Administrative Agent shall determine in its sole discretion; or




     (g) Borrower’s or any guarantor’s voluntary or involuntary liquidation, dissolution,
sale of all or substantially all of their respective assets and liabilities, appointment
of a trustee, receiver, liquidator, sequestrator or conservator for all or any part of
Borrower’s or any guarantor’s assets, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment, or the
commencement of other similar proceedings affecting Borrower or any guarantor or any of
the assets of any of them, including, without limitation, (i) the release or discharge of
Borrower or any guarantor from the payment and performance of their respective obligations
under any of the Loan Documents by operation of law, or (ii) the impairment, limitation or
modification of the liability of Borrower or any guarantor in bankruptcy, or of any remedy
for the enforcement of the Guaranteed Obligations under any of the Loan Documents, or
Guarantor’s liability under this Guaranty, resulting from the operation of any present or
future provisions of the Bankruptcy Code or other present or future federal, state or
applicable statute or law or from the decision in any court; or




     (h) any improper disposition by Borrower of the proceeds of the Loans, it being
acknowledged by Guarantor that the Administrative Agent or any Bank shall be entitled to
honor any request made by Borrower for a disbursement of such proceeds and that neither
the Administrative Agent nor any Bank shall have any obligation to see to the proper
disposition by Borrower of such proceeds.



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          6. Guarantor agrees that if at any time all or any part of any payment at any time received by
the Administrative Agent or any Bank from Borrower or Guarantor or any other Person obligated in
respect of the Guaranteed Obligations under or with respect to this Guaranty is or must be
rescinded or returned by the Administrative Agent or any Bank for any reason whatsoever (including,
without limitation, the insolvency, bankruptcy or reorganization of Borrower or Guarantor or such
other Person), then Guarantor’s obligations hereunder shall, to the extent of the payment rescinded
or returned, be deemed to have continued in existence notwithstanding such previous receipt by such
party, and Guarantor’s obligations hereunder shall continue to be effective or be reinstated, as
the case may be, as to such payment, as though such previous payment had never been made.




          7. Until this Guaranty is terminated pursuant to the terms hereof, Guarantor (i) shall have no
right of subrogation against Borrower or any entity comprising same by reason of any payments or
acts of performance by Guarantor in compliance with the obligations of Guarantor hereunder; (ii)
waives any right to enforce any remedy which Guarantor now or hereafter shall have against Borrower
or any entity comprising same by reason of any one or more payment or acts of performance in
compliance with the obligations of Guarantor hereunder and (iii) from and after an Event of
Default, subordinates any liability or indebtedness of Borrower or any entity comprising same now
or hereafter held by Guarantor or any affiliate of Guarantor to the obligations of Borrower under
the Loan Documents. The foregoing, however, shall not be deemed in any way to limit any rights that
Guarantor may have pursuant to the Agreement of Limited Partnership of Borrower or which it may
have at law or in equity with respect to any other partners of Borrower.




          8. Guarantor represents and warrants to the Administrative Agent and the Banks with the
knowledge that the Administrative Agent and the Banks are relying upon the same, as follows:





     (a) as of the date hereof, Guarantor is the sole general partner of Borrower;




     (b) based upon such relationship, Guarantor has determined that it is in its best
interests to enter into this Guaranty;




     (c) this Guaranty is necessary and convenient to the conduct, promotion and
attainment of Guarantor’s business, and is in furtherance of Guarantor’s business
purposes;




     (d) the benefits to be derived by Guarantor from Borrower’s access to funds and other
credit made possible by the Loan Documents are at least equal to the obligations
undertaken pursuant to this Guaranty;



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     (e) Guarantor is solvent and has full power and legal right to enter into this
Guaranty and to perform its obligations under the terms hereof and (i) Guarantor is
organized and validly existing under the laws of the State of Maryland, (ii) Guarantor has
complied with all provisions of applicable law in connection with all aspects of this
Guaranty, and (iii) the person executing this Guaranty has all the requisite power and
authority to execute and deliver this Guaranty;




     (f) to the best of Guarantor’s knowledge, there is no action, suit, proceeding, or
investigation pending or threatened against or affecting Guarantor at law, in equity, in
admiralty or before any arbitrator or any governmental department, commission, board,
bureau, agency or instrumentality (domestic or foreign) which is likely to materially and
adversely affect the property, assets or condition (financial or otherwise) of Guarantor
or which is likely to materially and adversely impair the ability of Guarantor to perform
its obligations under this Guaranty;




     (g) the execution and delivery of and the performance by Guarantor of its obligations
under this Guaranty have been duly authorized by all necessary action on the part of
Guarantor and do not (i) violate any provision of any law, rule, regulation (including,
without limitation, Regulation U or X of the Federal Reserve Board of the United States),
order, writ, judgment, decree, determination or award presently in effect having
applicability to Guarantor or the organizational documents of Guarantor, the consequences
of which violation would materially and adversely affect the property, assets or condition
(financial or otherwise) of Guarantor or which is likely to materially and adversely
impair the ability of Guarantor to perform its obligations under this Guaranty or (ii)
violate or conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any indenture, agreement or other instrument to which
Guarantor is a party, or by which Guarantor or any of its property is bound, the
consequences of which violation, conflict, breach or default would materially and
adversely affect the property, assets or condition (financial or otherwise) of Guarantor
or which is likely to materially and adversely impair the ability of Guarantor to perform
its obligations under this Guaranty;




     (h) this Guaranty has been duly executed by Guarantor and constitutes the legal,
valid and binding obligation of Guarantor, enforceable against it in accordance with its
terms except as enforceability may be limited by applicable insolvency, bankruptcy or
other laws affecting creditors’ rights generally or general principles of equity, whether
such enforceability is considered in a proceeding in equity or at law;




     (i) no authorization, consent, approval, license or formal exemption from, nor any
filing, declaration or registration with, any



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Federal, state, local or foreign court, governmental agency or regulatory authority
is required in connection with the making and performance by Guarantor of this Guaranty,
except those which have already been obtained;




     (j) Guarantor is not an “investment company” as that term is defined in, nor is it
otherwise subject to regulation under, the Investment Company Act of 1940, as amended;




     (k) Guarantor is not engaged principally, or as one of its important activities, in
the business of purchasing, carrying, or extending credit for the purpose of purchasing or
carrying any margin stock (within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System of the United States); and




     (l) All of the representations and warranties in the Credit Agreement concerning
Guarantor are true and correct.



          Guarantor covenants that it will comply or cause compliance with all covenants in the Credit
Agreement which are applicable to it.




          9. Guarantor and the Administrative Agent each acknowledge and agree that this Guaranty is a
guarantee of payment and performance and not of collection and enforcement in respect of any
obligations which may accrue to the Administrative Agent and/or the Banks from Borrower under the
provisions of any Loan Document.




          10. Subject to the terms and conditions of the Credit Agreement, and in conjunction therewith,
the Administrative Agent or any Bank may assign any or all of its rights under this Guaranty. In
the event of any such assignment, the Administrative Agent shall give Guarantor prompt notice of
same. If the Administrative Agent or any Bank elects to sell all the Loans or participations in
the Loans and the Loan Documents, including this Guaranty, the Administrative Agent or any Bank may
forward to each purchaser and prospective purchaser all documents and information relating to this
Guaranty or to Guarantor, whether furnished by Borrower or Guarantor or otherwise, subject to the
terms and conditions of the Credit Agreement.




          11. Guarantor agrees, upon the written request of the Administrative Agent, to execute and
deliver to the Administrative Agent, from time to time, any modification or amendment hereto or any
additional instruments or documents reasonably considered necessary by the Administrative Agent or
its counsel to cause this Guaranty to be, become or remain valid and effective in accordance with
its terms, provided, that any such modification, amendment, additional instrument or document shall
not increase Guarantor’s obligations or diminish its rights hereunder and shall be reasonably
satisfactory as to form to Guarantor and to Guarantor’s counsel.








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          12. The representations and warranties of Guarantor set forth in this Guaranty shall survive
until this Guaranty shall terminate in accordance with the terms hereof.




          13. This Guaranty contains the entire agreement among the parties with respect to the subject
matter hereof and supersedes all prior agreements relating to such subject matter and may not be
modified, amended, supplemented or discharged except by a written agreement signed by Guarantor and
the Administrative Agent (acting with the requisite consent of the Banks as provided in the Credit
Agreement).




          14. If all or any portion of any provision contained in this Guaranty shall be determined to
be invalid, illegal or unenforceable in any respect for any reason, such provision or portion
thereof shall be deemed stricken and severed from this Guaranty and the remaining provisions and
portions thereof shall continue in full force and effect.




          15. This Guaranty may be executed in counterparts which together shall constitute the same
instrument.




          16. All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, facsimile transmission followed by telephonic confirmation or similar
writing) and shall be addressed to such party at the address set forth below or to such other
address as may be identified by any party in a written notice to the others:




	 	 	 

	If to Guarantor:

	 	Equity Residential
	 

	 	Two North Riverside Plaza
	 

	 	Suite 400
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Financial Officer
	 
	 	 
	With Copies of
	 	 
	Notices to Guarantor to:

	 	Equity Residential
	 

	 	Two North Riverside Plaza
	 

	 	Suite 400
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: General Counsel
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	DLA Piper LLP (US)
	 

	 	203 North LaSalle Street
	 

	 	Suite 1900
	 

	 	Chicago, Illinois 60601
	 

	 	Attn: James M. Phipps, Esq.






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	If to the
	 	 
	Administrative Agent:

	 	Bank of America, N.A.
	 

	 	Structured Debt Group
	 

	 	Mail Code
	 

	 	231 South LaSalle Street
	 

	 	Chicago, IL 60697
	 

	 	Attn:
	 
	 	 
	With Copies of
	 	 
	Notices to the
	 	 
	Administrative Agent to:

	 	Skadden, Arps, Slate,
	 

	 	Meagher & Flom LLP
	 

	 	Four Times Square
	 

	 	New York, New York 10036
	 

	 	Attn: Martha Feltenstein, Esq.






          Each such notice, request or other communication shall be effective (i) if given by facsimile
transmission, when such facsimile is transmitted to the facsimile number specified in this Section
and the appropriate facsimile confirmation is received, (ii) if given by certified or registered
mail, return receipt requested, with first class postage prepaid, addressed as aforesaid, upon
receipt or refusal to accept delivery, (iii) if given by a nationally recognized overnight carrier,
24 hours after such communication is deposited with such carrier with postage prepaid for next day
delivery, or (iv) if given by any other means, when delivered at the address specified in this
Section.




          17. Any acknowledgment or new promise, whether by payment of principal or interest or
otherwise by Borrower or Guarantor, with respect to the Guaranteed Obligations shall, if the
statute of limitations in favor of Guarantor against the Administrative Agent and the Banks shall
have commenced to run, toll the running of such statute of limitations, and if the period of such
statute of limitations shall have expired, prevent the operation of such statute of limitations.




          18. This Guaranty shall be binding upon Guarantor and its successors and assigns and shall
inure to the benefit of the Administrative Agent and the Banks and their successors and permitted
assigns; provided, however, that the Guarantor may not assign or transfer any of its rights or
obligations hereunder without the prior written consent of all of the Banks, and any attempted such
assignment or transfer without such consent shall be null and void.




          19. The failure of the Administrative Agent to enforce any right or remedy hereunder, or
promptly to enforce any such right or remedy, shall not constitute a waiver thereof, nor give rise
to any estoppel against the Administrative Agent or any Bank, nor excuse Guarantor from its
obligations hereunder. Any waiver of any such right or remedy to be enforceable against the
Administrative Agent and the Banks must be expressly set forth in a writing






9









 







signed by the Administrative Agent (acting with the requisite consent of the Banks as provided
in the Credit Agreement).




          20. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS.





     (b) Any legal action or proceeding with respect to this Guaranty and any action for
enforcement of any judgment in respect thereof may be brought in the courts of the State
of Illinois or of the United States of America for the Northern District of Illinois, and,
by execution and delivery of this Guaranty, the Guarantor hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction of
the aforesaid courts and appellate courts from any thereof. The Guarantor irrevocably
consents to the service of process out of any of the aforementioned courts in any such
action or proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to the Guarantor at its address for notices set forth herein. The
Guarantor hereby irrevocably waives any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out of or in
connection with this Guaranty brought in the courts referred to above and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any such action
or proceeding brought in any such court has been brought in an inconvenient forum.
Nothing herein shall affect the right of the Administrative Agent to serve process in any
other manner permitted by law or to commence legal proceedings or otherwise proceed
against the Guarantor in any other jurisdiction.




     (c) GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY AND ALL CLAIMS OR
CAUSES OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY
GUARANTOR THAT THE WAIVER OF A JURY TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE
AGENT AND THE BANKS TO ACCEPT THIS GUARANTY AND THAT THE LOANS AND OTHER EXTENSIONS OF
CREDIT MADE BY THE BANKS ARE MADE IN RELIANCE UPON SUCH WAIVER. GUARANTOR FURTHER
WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE,
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY
BE FILED BY THE ADMINISTRATIVE AGENT IN COURT AS A WRITTEN CONSENT TO A NON-JURY TRIAL.



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     (d) Guarantor does hereby further covenant and agree to and with the Administrative
Agent and the Banks that Guarantor may be joined in any action against Borrower in
connection with the Loan Documents and that recovery may be had against Guarantor in such
action or in any independent action against Guarantor (with respect to the Guaranteed
Obligations), without the Administrative Agent and the Banks first pursuing or exhausting
any remedy or claim against Borrower or its successors or assigns. Guarantor also agrees
that, in an action brought with respect to the Guaranteed Obligations in any jurisdiction,
it shall be conclusively bound by the judgment in any such action by the Administrative
Agent (wherever brought) against Borrower or its successors or assigns, as if Guarantor
were a party to such action, even though Guarantor was not joined as a party in such
action.




     (e) Guarantor agrees to pay all reasonable expenses (including, without limitation,
attorneys’ fees and disbursements) which may be incurred by the Administrative Agent or
the Banks in connection with the enforcement of their rights under this Guaranty, whether
or not suit is initiated.



          21. Notwithstanding anything to the contrary contained herein (but subject to Section 6
hereof), this Guaranty shall terminate and be of no further force or effect upon the full
performance and payment of the Guaranteed Obligations hereunder. Upon termination of this Guaranty
in accordance with the terms of this Guaranty, the Administrative Agent promptly shall deliver to
Guarantor such documents as Guarantor or Guarantor’s counsel reasonably may request in order to
evidence such termination.




          22. All of the Administrative Agent’s and the Banks’ rights and remedies under each of the
Loan Documents or under this Guaranty are intended to be distinct, separate and cumulative and no
such right or remedy therein or herein mentioned is intended to be in exclusion of or a waiver of
any other right or remedy available to the Administrative Agent or any Bank.




          23. No claim may be made by Guarantor or any other Person acting by or through Guarantor
against the Administrative Agent or any Bank or the affiliates, directors, officers, employees,
attorneys or agent of any of them for any consequential or punitive damages in respect of any claim
for breach of contract or any other theory of liability arising out of or related to the
transactions contemplated by this Guaranty or by the other Loan Documents, or any act, omission or
event occurring in connection therewith; and Guarantor hereby waives, releases and agrees not to
sue upon any claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.










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          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of the
date and year first above written.




	 	 	 	 	 
	 	GUARANTOR:




EQUITY RESIDENTIAL

 	 
	 	By:  	/s/ Mark Parrell
 	 
	 	 	Name:  	Mark Parrell 	 
	 	 	Title:  	Executive Vice President
and

 Chief Financial
Officer 	 
	 



	 	 	 	 	 
	 	ACCEPTED:





BANK OF AMERICA, N.A.,

AS ADMINISTRATIVE AGENT

 	 
	 	By:  	/s/ Michael W. Edwards
 	 
	 	 	Name:  	Michael W. Edwards 	 
	 	 	Title:  	Senior Vice President 	 



 









 






	 	 	 	 	 



ACKNOWLEDGMENT FOR GUARANTOR




	 	 	 	 	 	 	 

	STATE OF ILLINOIS

	)	 	 	 	 	 
	 

	)	ss.	 	 	 	 
	COUNTY OF COOK

	)	 	 	 	 	 






          On July _, 2011, before me personally came Mark Parrell, to me known to be the person who
executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he is
Executive Vice President and Chief Financial Officer of Equity Residential, and that he executed
the foregoing instrument in the organization’s name, and that he had authority to sign the same,
and he acknowledged to me that he executed the same as the act and deed of said organization for
the uses and purposes therein mentioned.



[Seal]










	 	 	 	 	 
	 	 	 
	 	
/s/ Ann M. Spitler
 	 
	 	Notary Public