Document:

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                                                                     EXHIBIT 4.3

                    PREFERRED SHARES VOTING RIGHTS AGREEMENT

THIS VOTING RIGHTS AGREEMENT (the "Agreement") is dated 26 May 2003 and entered
into between:

1.   AEGON N.V., a public company, having its seat in The Hague and its office
     address at AEGONplein 50, 2591 TV The Hague (the "Company"); and

2.   Vereniging AEGON, an association, having its seat in The Hague and its
     office address at AEGONplein 50, 2591 TV The Hague (the "Association").

The parties referred to in 1 and 2 above shall be jointly referred to herein as
the "Parties" and each as a "Party".

RECITALS:

(A)  The articles of association of the Company were last amended by notarial
     deed dated 26 May 2003, pursuant to a resolution to that effect adopted by
     the general meeting of shareholders of the Company on 9 May 2003 (the "2003
     Amendment").

(B)  The Association currently holds 171,974,055 common shares and 211,680,000
     preferred shares A in the capital of the Company, representing
     approximately 33% of its total voting capital (excluding shares the Company
     holds in treasury). In addition, the Association holds conditional option
     rights to have new class B preferred shares of the Company issued to it
     under certain circumstances, pursuant to clause 10 of that certain Merger
     Agreement between the Company and the Association dated 18 October 1983 (as
     last amended on the date of this Agreement). The nominal value of each
     common share is EUR 0.12; the nominal value of each preferred share is EUR
     0.25.

(C)  Clauses 4.1, 4.2 and 4.3 of the Recapitalization Agreement between the
     Parties dated 23 September 2002 (the "Recapitalization Agreement")
     stipulate that, subject to the implementation of certain changes in the
     Company's corporate governance, the financial rights attached to the
     preferred shares outstanding on 23 September 2002 shall be concentrated in
     a lesser number of preferred shares such that, on the basis of the market
     prices of the Company's common shares on or about 23 September 2002, the
     voting rights/value ratio of the preferred shares remaining outstanding
     shall approximate the voting rights/value ratio of the common shares.

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(D)  The changes in the Company's corporate governance mandated under the
     Recapitalization Agreement are included principally in the 2003 Amendment,
     but such changes imply that the reduction of the voting rights of the
     preferred shares outstanding on 23 September 2002 shall not apply under all
     circumstances.

(E)  In connection with the foregoing, the 2003 Amendment provides for (i) the
     conversion of the 440,000,000 preferred shares outstanding on 23 September
     2002, with an aggregate nominal value of EUR 52,800,000 (equal to EUR 0.12
     nominal value per preferred share) into 211,680,000 class A preferred
     shares with an aggregate nominal value of EUR 52,920,000 (equal to EUR 0.25
     nominal value per class A preferred share); and (ii) special provisions
     regarding the exercise of the voting rights attached to preferred shares of
     the Company (including, but not limited to, the class A preferred shares).
     As a result of the conversion of preferred shares into class A preferred
     shares, the average amount paid in on each class A preferred share is EUR
     10, which equals the price per common share realized by the Association and
     the Company in their respective sales of common shares on 23 September
     2002.

(F)  The aforementioned special provisions regarding the exercise of the voting
     rights attached to preferred shares of the Company (regarding class A
     preferred shares as well as class B preferred shares) are set forth in new
     article 41.1 of the articles of association of the Company, introduced by
     the 2003 Amendment, which reads as follows:

              "Each Share confers the right to cast one vote.
              However, a holder of Preferred Shares shall be entitled, instead
              of casting one vote per Preferred Share, to cast such number of
              votes as shall equal the number of Preferred Shares it holds
              multiplied by twenty-five-twelfths (25/12), provided that any
              resulting fraction of a vote shall be disregarded. Each holder of
              Preferred Shares shall file a written statement setting forth its
              policy for exercising the full voting rights attached to the
              Preferred Shares, and any subsequent change to such policy, at the
              offices of the Company and shall give notice of any such filing in
              the manner set forth in Article 43. If, with respect to a
              particular vote at any General Meeting of Shareholders, a holder
              of Preferred Shares intends to exercise the full voting rights
              attached to its Preferred Shares, it will inform the meeting of
              such intention prior to the vote being taken."

(G)  The Association and the Company have agreed that the voting policy of the
     Association as holder of Preferred Shares as referred to in article 41.1 of
     the articles of association of the Company, shall be set forth in this
     Agreement.

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NOW THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

1.   EXERCISE OF VOTING RIGHTS OF PREFERRED SHARES

1.1  Except to the extent otherwise provided herein, the Association shall be
     authorized to exercise one vote only per preferred share for all preferred
     shares in the capital of the Company it shall hold from time to time (the
     "Preferred Shares" and each a "Preferred Share").

1.2  The Association reserves the right to exercise the full voting power
     granted to the Preferred Shares under article 41.1 of the articles of
     association of the Company (the "Full Voting Power") if a "Special Cause"
     (as referred to in clause 1.3) has occurred.

1.3  As "Special Causes" may be regarded:

     (a)  the launch or other commencement by any person or a group of persons
          of, or an approach, notice or announcement regarding the intention by
          any person or group of persons to launch or otherwise commence, a
          tender offer, exchange offer or other bona fide offer (any such offer
          a "Tender Offer") to acquire directly or indirectly shares in the
          capital of the Company, which Tender Offer the Executive Board and the
          Supervisory Board of the Company have not explicitly and unequivocally
          supported publicly by press release or otherwise and which, if such
          Tender Offer succeeds, would or could result in the person or group of
          persons having a 15%-Interest (as defined in sub-clause (d) below);

     (b)  a formal proposal or offer, or a notice or announcement regarding the
          intention to make a proposal or offer, by any person or group of
          persons to effect a merger or any other form of business combination
          directly or indirectly involving the Company or to acquire directly or
          indirectly all or a substantial part of the assets of the Company and
          its subsidiaries taken as a whole (any such proposal or offer a
          "Business Combination Proposal"), which Business Combination Proposal
          the Executive Board and the Supervisory Board of the Company have not
          explicitly and unequivocally supported publicly by press release or
          otherwise, whether such Business Combination Proposal is made to the
          Company, to holders of shares in the capital of the Company or to any
          subsidiary of the Company;

     (c)  the filing by any person or group of persons of any application or
          notification with any anti-trust, insurance or other regulatory
          authority in any jurisdiction in relation to or contemplation of any
          present or future Tender Offer or Business Combination Proposal

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          which the Executive Board and the Supervisory Board of the Company
          have not explicitly and unequivocally supported publicly by press
          release or otherwise;

     (d)  any person or group of persons (other than the Association), including
          affiliates or associates of such person or the members of such group
          of persons, except with the explicit and unequivocal approval of both
          the Executive Board and Supervisory Board of the Company, having
          acquired, alone or together with others, an interest in the Company
          (whether through the ownership of voting shares of the Company, powers
          of attorney, agreements or other coordinated action or otherwise) as
          confers the right to exercise 15% or more of the votes which can be
          exercised on one of more resolutions proposed at any general meeting
          of shareholders of the Company (a "15%-Interest"), or of any other
          circumstance on the basis of which the Association or the Company
          reasonably believes that a person or a group of persons referred to
          above has acquired, can acquire or intends to acquire a 15%-Interest;
          or

     (e)  any other circumstance in which, in the opinion of the Association,
          the Association not exercising the Full Voting Power would seriously
          harm the interests of the Company and the business connected with it.

     For the purpose of the provisions in this clause 1.3, the term "shares in
     the capital of the Company" shall be understood to include all options on
     shares and rights convertible into shares, depositary receipts of shares
     and options thereon or rights convertible therein, participation
     certificates, profit certificates and all other forms of rights which,
     directly or indirectly, whether or not conditional, give or can give the
     rights to shares or other entitlement to the capital of the Company, issued
     from time to time by or with the cooperation of the Company.

1.4  Prior to the Association using its right to exercise the Full Voting Power
     based on the foregoing, it shall announce the same in the general meeting
     of shareholders, which announcement shall include a statement with respect
     to the Special Cause which caused the exercise of the Full Voting Power.
     The Association shall no longer make use of its right arising from a
     particular Special Cause to exercise the Full Voting Power if 6 months have
     lapsed after, with respect to the Special Cause concerned, the
     aforementioned announcement in the general meeting of shareholders of the
     Company was made.

1.5  The Association may elect, after a Special Cause has occurred or commenced,
     to regard any related subsequent circumstance as a new Special Cause. In
     that case the Association will make a new announcement in the general
     meeting of shareholders of the Company in accordance with the provision in
     Clause 1.2.

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1.6  The Executive Committee of the Association shall determine in its sole
     discretion whether and when an event or circumstance shall be regarded as a
     Special Cause.

2.   GOVERNING LAW; RESOLUTION OF DISPUTES

2.1  This Agreement shall be governed and construed in accordance with the laws
     of the Netherlands (without regard to Dutch rules relating to conflicts of
     laws).

2.2  The Parties shall use their best endeavours to settle any dispute with
     respect to arising under this Agreement in an amicable way. In the event
     conciliation fails, all disputes in connection with this Agreement or any
     further agreements with respect to the subject matter hereof shall be
     submitted to the exclusive jurisdiction of a competent court of the
     Netherlands.

3.   MISCELLANEOUS

3.1  This Agreement may be amended only by a written instrument signed by all
     Parties; provided that this Agreement can be amended on the part of the
     Company only pursuant to a resolution of the executive board which has been
     approved by the supervisory board and the general meeting of shareholders
     of the Company. No provisions of this Agreement may be extended or waived
     orally, but only by a written instrument signed by the Party against whom
     enforcement of such extension or waiver is sought.

3.2  This Agreement shall constitute the written policy of the Association with
     respect to the exercise of the Full Voting Power pursuant to article 41.1
     of the articles of association of the Company. This Agreement shall be
     publicly disclosed in the manner prescribed in the articles of association
     of the Company and made available at the office of the Company for
     inspection by shareholders.

3.3  The governing language of this Agreement shall be the Dutch language and
     all notices and other communications hereunder shall be in Dutch.

3.4  The Parties agree and acknowledge that upon execution of this Agreement
     clauses 4.1, 4.2 and 4.3 of the Recapitalization Agreement are hereby
     cancelled.

3.5  If any one or more of the provisions of this Agreement or any portion
     thereof shall be held to be invalid, illegal or unenforceable in any
     respect, such invalidity, illegality or

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     unenforceability shall not affect or impair the validity, legality and
     enforceability of any other provision contained herein. The Parties agree
     that each of them shall negotiate in good faith to replace any such
     invalid, illegal or unenforceable provision(s) (or such portions thereof)
     with valid, legal and enforceable provision(s) that preserve as closely as
     possible the economic effect intended by the invalid, illegal or
     unenforceable provision(s).

                                       * *
                                        *

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed
on the date indicated in the heading of the Agreement.

(Signatures)

/s/ J.B.M. Streppel                          /s/ P.P. Kohnstamm
-----------------------------                -----------------------------
AEGON N.V.                                   Vereniging AEGON
Signed by:  J.B.M. Streppel                  Signed by:  P.P. KohnstammNINTH AMENDMENT TO
                      SECURITY LAND AND DEVELOPMENT COMPANY
   LIMITED PARTNERSHIP AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT AND
            AMENDED AND RESTATED CERTIFICATE OF LIMITED PARTNERSHIP

            THIS NINTH AMENDMENT TO THE AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT AND AMENDED AND RESTATED CERTIFICATE OF LIMITED PARTNERSHIP OF
SECURITY LAND AND DEVELOPMENT COMPANY LIMITED PARTNERSHIP ("Amendment") is made
and entered into as of the __ day of __________, 2003, by and among 1500
Woodlawn Limited Partnership ("Woodlawn"), a Delaware limited partnership
qualified to do business in the State of Maryland, as General Partner, and
William A. Rodgers ("W. Rodgers"), an individual resident of the State of
Maryland, Harry W. Rodgers, III ("H. Rodgers"), an individual resident of the
State of Maryland, W. Dale Hess ("Hess"), an individual resident of the State of
Maryland and Regency Affiliates, Inc., a Delaware corporation ("Regency"), as
Limited Partners.

                                WITNESSETH THAT:

            WHEREAS, Security Investment Company (the "Partnership"), a Maryland
limited partnership, was formed pursuant to (i) that certain Certificate of
Limited Partnership dated November 8, 1967 and recorded on December 29, 1967
among the co-partnership records of Baltimore County, Maryland in Liber O.T.G.
No. 2, folio 45, as amended by that certain Amendment to Certificate dated March
10, 1972 and recorded March 16, 1972 among the aforesaid co-partnership records
in Liber O.T.G. No. 3, folio 471, which Amendment to Certificate provided for
the change of the name of the Partnership to Security Land and Development
Company Limited Partnership (as so amended, the "Original Certificate"), and
(ii) that certain Limited Partnership Agreement dated November 8, 1967, as
amended by amendments thereto dated November 8, 1967, July 28, 1968, December 1,
1971 and December 28, 1973 (as so amended, the "Original Partnership
Agreement");

            WHEREAS, the Original Certificate and the Original Partnership
Agreement have been amended and restated pursuant to that certain Amended and
Restated Limited Partnership Agreement and Amended and Restated Certificate of
Limited Partnership dated as of November 25, 1986, and further amended by eight
(8) amendments thereto dated as of March 12, 1987, as of November 22, 1988, as
of January 1, 1989, as of August 20, 1990, as of November 17, 1994, as of
November 17, 1994, as of June 24, 1998 and as of April 8, 2003, respectively (as
so amended and restated and further amended, the "Partnership Agreement"); and

            WHEREAS, the parties hereto desire to amend the Partnership
Agreement further, as set forth below.
<PAGE>

            NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

            1. Article III of the Partnership Agreement is hereby amended and
restated in full as follows:

                                   ARTICLE III

                         PURPOSES, POWER AND LIMITATIONS

            3.01 The Partnership is organized for the following purposes:

                  (a) to own and hold a certain parcel of land located at 1500
      Woodlawn Drive, Woodlawn, Maryland (the "Land") and the Security West
      Building located thereon (such Building, together with the Land, the
      "Project"or the "Property");

                  (b) to lease the Project to the United States of America,
      acting by and through the General Services Administration (the
      "Government"), pursuant to that certain U.S. Government Lease for Real
      Property No. GS-03B-40131, as amended and supplemented from time to time
      (the "GSA Lease");

                  (c) to operate, maintain and manage the Project in accordance
      with and subject to the GSA Lease; provided, however, that the
      Partnership's power and authority with respect thereto shall be limited to
      performing its duties and obligations under that certain Management
      Agreement, dated November 17, 1994, with TCG Management, Inc., as amended
      on December 1, 2001 (as so amended, the "Management Agreement");

                  (d) to own all of the outstanding equity interests in a
      Maryland limited liability company, US SSA, LLC (the "Borrower"), and to
      act as the managing member thereof;

                  (e) to guarantee the obligations of the Borrower in connection
      with a long-term financing (the "Financing"), such Financing to be
      evidenced by, among other things, (i) an Amended and Restated Loan
      Agreement (the "Loan Agreement") by and between the Borrower and Federal
      Funding Group, LLC (the "Initial Lender"), pursuant to which the Borrower
      will obtain a loan (the "Loan") from the Initial Lender, which Loan will
      be sold by the Initial Lender to U.S. Bank, N.A., as trustee of U.S.
      Government Social Security Building Lease Finance Trust - 2003, which
      trust will issue its Federal Lease-Backed Pass-Through Certificates,
      Series 2003 (the "Certificates"), and (ii) one or more promissory notes
      (collectively, the "Note") by the Borrower, as maker, and made payable to
      Initial Lender under and pursuant to the Loan Agreement; and (iii) a
      Certificate Placement Agreement among the Borrower, the Partnership and

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      Dublind Securities, pursuant to which Dublind Securities will arrange the
      sale of the Certificates to certain institutional investors identified by
      it. Such guarantee by the Partnership is to be evidenced and secured by
      the Partnership executing, delivering and performing its obligations under
      (i) a Guaranty (the "Guaranty") in favor of Initial Lender, pursuant to
      which the Partnership shall guarantee the performance of the Borrower
      under the Note and the other Obligations (as defined in the Guaranty) of
      the Borrower; (ii) an Indemnity Assignment of Leases and Rents in favor of
      Initial Lender, pursuant to which the Partnership will assign to the
      Initial Lender, as security for the Partnership's obligations under the
      Guaranty, all of the Partnership's right, title and interest in, to and
      under the GSA Lease and all other leases entered into by the Partnership;
      (iii) an Indemnity Deed of Trust, Assignment and Security Agreement (the
      "IDOT") pursuant to which the Partnership will grant to the Initial
      Lender, as security for the Partnership's obligations under the Guaranty,
      a first priority lien on and security interest in the Project; (iv) an
      Indemnity Assignment of Claims, pursuant to which the Partnership will
      assign to the Initial Lender, as security for the Partnership's
      obligations under the Guaranty, all of the Partnership's right, title and
      interest in and to all payments to be made by the Government under the GSA
      Lease; (v) an Amended and Restated Escrow Agreement, pursuant to which the
      Partnership, the Borrower and U.S. Bank, N.A., as trustee and as escrow
      agent, will establish certain escrow accounts and procedures for handling
      all monies generated by the Project; and (vi) such other instruments,
      certificates, agreements and documents as shall be necessary or
      appropriate in connection with the Financing (all of the foregoing being
      referred to herein as the "Loan Documents");

                  (f) to borrow proceeds of the Financing from the Borrower (the
      "Borrower Loan") for the purposes of refinancing the existing indebtedness
      secured by the Project and distributing excess proceeds of the Borrower
      Loan to the Partners and the other purposes of the Partnership described
      herein, and to repay such Borrower Loan in accordance with the terms
      thereof;

                  (g) to execute, deliver and perform the Loan Documents to
      which it is contemplated to become a party and such other agreements and
      instruments to which the Partnership is permitted under the Loan Documents
      to become a party; and

                  (h) to engage in any activity and exercise any power permitted
      to limited partnerships under the Maryland Revised Uniform Limited
      Partnership Act, as amended, and to exercise any and all powers authorized
      or permitted under any law that may now or hereinafter be applicable or
      available to the Partnership, to the extent that any such activities and
      exercise of powers are incident to and in connection with any of the
      foregoing or are necessary or convenient to accomplish any of the
      foregoing.

                                       3
<PAGE>

            In no event shall the foregoing provisions of this Section 3.01 be
construed to limit the ability of the Partnership, or the General Partner on
behalf of the Partnership, to negotiate and enter into amendments,
modifications, extensions or replacements with respect to the GSA Lease, or any
new or replacement financing with respect to the Property, provided that the
same is applicable only to periods following the payment in full of the
Financing.

                  3.02 The following provisions are inserted herein for the
      management of the Partnership:

                  (a) The Partnership shall at all times have an "Independent
      Participant" as a member of the board of directors of its direct general
      partner or, if such direct general partner is itself a limited
      partnership, the general partner of such general partner. The Independent
      Participant shall have no right to vote on, approve or consent with
      respect to, and no vote, approval or consent of the Independent
      Participant shall be required with respect to, any matter before such
      general partner's board of directors, except as specifically set forth in
      Article III hereof. An "Independent Participant" shall be an individual
      who is not, and has not been at any time during the preceding five years,
      and shall not, prior to the repayment of the Financing, become (i) a
      direct, indirect, legal or beneficial holder of any direct or indirect
      equity interest in the Partnership or any of its affiliates; (ii) a
      creditor, supplier, employee, officer, director, manager (other than
      Independent Participant) contractor, lender, borrower, or affiliate of the
      Partnership, any direct or indirect partner thereof, or any affiliate
      thereof; (iii) a person who controls (whether directly, indirectly or
      otherwise) the Partnership (except pursuant to such Independent
      Participant's rights hereunder) or any of its affiliates or any person
      listed in clause (ii); or (iv) member of the immediate family of a person
      referred to in subsections (i), (ii) or (iii) above.

                  (b) The Partnership shall at all times that any amounts are
      due and owing under or with respect to the Financing conduct its business
      and affairs so as to cause the Partnership to be a Single-Purpose Entity,
      as defined below.

                  (c) For purposes hereof, the term "Single-Purpose Entity"
      shall mean a corporation, limited partnership or limited liability company
      that meets the following requirements:

                  (i) was organized solely for the purposes set forth in Section
      3.01;

                  (ii) has not and will not engage in any business unrelated to
      its business, as set forth in Section 3.01;

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<PAGE>

                  (iii) has not and will not have any assets other than those
      assets related to the conduct of its business as set forth under Section
      3.01;

                  (iv) except as otherwise expressly permitted by the Loan
      Documents, has not and will not engage in, seek or consent to any
      dissolution, winding up, liquidation, consolidation, merger, asset sale,
      transfer of partnership or membership interests, or amendment of this
      Agreement;

                  (v) has as its general partners only entities which are
      Single-Purpose Entities as defined herein and in the Loan Documents and
      has at least one direct or indirect general partner which is a corporation
      that has at least one Independent Participant on its board of directors;

                  (vi) has not and will not fail to correct any known
      misunderstanding regarding the separate identity of such entity;

                  (vii) without the unanimous consent of all of its partners and
      all of the members of the board of directors of the general partner of
      Woodlawn (including the Independent Participant), has not and will not
      with respect to itself or to any other entity in which it has a direct or
      indirect legal or beneficial ownership interest: (A) file a bankruptcy,
      insolvency or reorganization petition or otherwise institute insolvency
      proceedings or otherwise seek any relief under any laws relating to the
      relief from debts or the protection of debtors generally; (B) seek or
      consent to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator, custodian or any similar official for such entity or all or
      any portion of such entity's properties; (C) make any assignment for the
      benefit of such entity's creditors, except in connection with the Loan
      Documents; or (D) take any action that might cause such entity to become
      insolvent;

                  (viii) has maintained and will maintain its accounts, books,
      records and financial statements, accounting records and other entity
      documents separate from any other person or entity;

                  (ix) has maintained and will maintain its books, records,
      resolutions and agreements as official records;

                  (x) has not and will not commingle its funds or assets with
      those of any other entity and will maintain separate bank accounts in its
      own name;

                  (xi) has held and will hold its assets in its own name;

                  (xii) has conducted and will conduct its business in its name
      and has, maintains and uses its own stationery and invoices, which
      distinguish it from any other person or entity;

                                       5
<PAGE>

                  (xiii) has paid and will pay its own liabilities out of its
      own funds and assets; it being understood that the Partners shall not be
      obligated to contribute additional capital to the Partnership as a result
      of this clause;

                  (xiv) has observed all partnership formalities including,
      without limitation: (A) holding all partners meetings as are required
      under applicable law and this Agreement, giving proper notice of such
      meetings as required under applicable law and this Agreement; and (B)
      complying with all other meetings and formalities as required under
      applicable law and/or this Agreement;

                  (xv) has maintained and will maintain an arms-length
      relationship with its Affiliates;

                  (xvi) has no debt other than: (A) unsecured trade payables in
      the ordinary course of business (including obligations under the GSA
      Lease) relating to the ownership and operation of the Project which are
      paid within forty-five (45) days of the date incurred and which do not, at
      any time, exceed, in the aggregate, $50,000; (B) debt obligations incurred
      under the Guaranty and the IDOT, and (C) unsecured trade payables payable
      out of the Operations Account (as defined in the Loan Documents);

                  (xvii) except in the case of its obligations under the
      Guaranty, has not and will not assume or guarantee or become obligated for
      the debts of any other entity or hold out its credit as being available to
      satisfy the obligations of any other entity;

                  (xviii) will not acquire obligations or securities of its
      partners;

                  (xix) has allocated and will allocate fairly and reasonably
      shared expenses, including, without limitation, shared office space and
      uses separate stationary, invoices and checks;

                  (xx) except pursuant to the Loan Documents, has not and will
      not pledge its assets for the benefit of any other person or entity;

                  (xxi) has held and identified itself and will hold itself out
      and identify itself as a separate and distinct entity under its own name
      and not as a division or part of any other person or entity;

                  (xxii) has not made and will not make loans to any person or
      entity;

                  (xxiii) has not and will not identify its partners or any
      affiliates of any of them as a division or part of it;

                                       6
<PAGE>

                  (xxiv) it will dissolve only upon the bankruptcy of the
      general partner thereof;

                  (xxv) has not entered and will not enter into or be a party
      to, any transaction with its partners or its affiliates except for the
      Management Agreement;

                  (xxvi) has paid and will pay the salaries of its own employees
      from its own funds; it being understood that the Partners shall not be
      obligated to contribute additional capital to the Partnership as a result
      of this clause; and

                  (xxvii) has maintained and will maintain adequate capital in
      light of its contemplated business operations; it being understood that
      the Partners shall not be obligated to contribute additional capital to
      the Partnership as a result of this clause.

                  3.03 Notwithstanding any other provision of this Agreement and
      any provision of law that otherwise so empowers the Partnership, the
      Partnership shall not, without the affirmative vote of 100% of the
      partners of the Partnership and the affirmative consent of all of the
      members of the board of directors of the general partner of Woodlawn
      (including the Independent Participant) do any of the following:

                  (a) engage in any business or activity other than those set
      forth in Section 3.01 hereof;

                  (b) incur any indebtedness, or assume or guaranty, any
      indebtedness of any other entity other than: (i) indebtedness in
      connection with and contemplated by the Loan Documents; (ii) indebtedness
      which is permitted under the Loan Documents; (iii) obligations to tenants
      under leases or other occupancy agreements relating to the Project; (iv)
      fees and expenses to its professional advisors and counsel; (v)
      indebtedness where the person to whom the indebtedness is owing has
      delivered to the Partnership an undertaking that it will not institute
      against, or join any other person in instituting against the Partnership
      any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceeding or other proceeding under any federal or state bankruptcy or
      similar law, for one year and one day after all amounts due and owing with
      respect to the Financing are paid in full, or look to property or assets
      of the Partnership in respect of such obligations and that such
      obligations shall not constitute a claim against the Partnership in the
      event that the Partnership's assets are insufficient to pay in full such
      obligations; (vi) other trade indebtedness incurred in the ordinary course
      of business not exceeding $50,000.00 at any one time outstanding, on
      account of incidentals or services supplied or furnished to the
      Partnership and which is paid within forty-five (45) days of the date
      incurred; and (vii) indebtedness in connection with and contemplated by
      the Borrower Loan and the Guaranty.

                                       7
<PAGE>

                  (c) dissolve or liquidate, in whole or in part, consolidate or
      merge, with or into any other entity or convey or transfer its properties
      and assets substantially as an entirety to any entity;

                  (d) acquire all or substantially all of the assets or capital
      stock or other ownership interest of any other company, partnership or
      entity, other than the Borrower;

                  (e) institute proceedings to be adjudicated bankrupt or
      insolvent, or consent to the institution of bankruptcy or insolvency
      proceedings against it or file, or consent to, a petition seeking, or
      consent to, reorganization or relief under any applicable federal or state
      law relating to bankruptcy, or consent to the appointment or a receiver,
      liquidator, assignee, trustee, sequestrator (or other similar official of
      the Partnership or any substantial part of its property, or make any
      assignment for the benefit of creditors, or admit in writing its inability
      to pay its debts generally as they become due, or take action in
      furtherance of any such action; provided, however, that if there shall not
      be an Independent Participant as required pursuant to Section 3.02(a)
      hereof then in office and acting, a vote upon any matter set forth above
      shall not be taken unless and until such an Independent Participant shall
      have been duly elected and voting.

            2. Section 5.01 of the Partnership Agreement is amended by replacing
the date "December 31, 2031" where it appears in such Section with the date
"December 31, 2070" Section 5.01 of the Partnership Agreement is further amended
by inserting the phrase ", unless a replacement General Partner assumes the
duties and obligations of the General Partner hereunder" at the end of clauses
(a) and (b) of such Section.

            3. The following is hereby inserted at the end of Section 11.02 of
the Partnership Agreement:

            Anything to the contrary in this Agreement notwithstanding, no
Partner may sell, transfer or assign his or its interest in the Partnership to
any person, and no Partner shall suffer the direct or indirect owner of any
interest in such Partner to sell, transfer or assign such direct or indirect
interest to any person, if such assignment, transfer or sale would violate the
Loan Documents.

            4. Article XIV of the Partnership Agreement is hereby deleted and
replaced with the following:

                            [INTENTIONALLY DELETED].

                                       8
<PAGE>

            5. Section 15.01 of the Partnership Agreement is hereby amended and
restated to read as follows:

                              15.01. The Managing General Partner shall have
      full, complete and exclusive discretion to manage and control the business
      of the Partnership to the best of its ability, and to do any and all acts
      and things necessary, proper or convenient to carry out the purposes of
      the Partnership, in accordance with and subject to the provisions of
      Article III hereof.

            6. Section 15.07 of the Partnership Agreement is hereby amended and
restated to read as follows:

                  15.07 Without limiting the general grant of authority
      contained in Section 15.01 above, the Managing General Partner shall have
      the specific authority:

                        (a) subject to the limitations contained in Article III,
      to engage in transactions in which the Managing General Partner has an
      actual or potential conflict of interest with the Limited Partners or the
      Partnership; and

                        (b) to execute, deliver and perform, in the name of the
      Partnership, each and all of the Loan Documents and the other agreements
      and instruments to which the Partnership is a party.

            7. Sections 15.08 and 22.07 of the Partnership Agreement are hereby
deleted.

            8. This Amendment may be executed in one or more counterparts, each
of which shall be deemed an original copy and all of which together shall
constitute one original agreement binding on all parties hereto, notwithstanding
that all the parties shall not have signed the said counterpart. Except as
modified by this Amendment, the Partnership Agreement is hereby ratified and
affirmed in all respects.

            9. This Amendment shall be governed in all respects by the laws of
the State of Maryland (but not including the choice of law rules thereof).

            10. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings ascribed to them in the Partnership Agreement.

                                       9
<PAGE>

            IN WITNESS WHEREOF, each of the undersigned has executed this
Amendment, or has caused this Amendment to be duly executed on its behalf, as of
the day and year first above written.

                                            GENERAL PARTNER:

                                            1500 WOODLAWN LIMITED
                                            PARTNERSHIP

WITNESS:                                    By: Woodlawn Investment Group, Inc.,
                                                  its managing general partner

                                                By:
-------------------------------                     ----------------------------
                                                Name: Conrad Cafritz
                                                Title: President

WITNESS:                                    LIMITED PARTNERS:

-------------------------------             ------------------------------------
                                            HARRY W. RODGERS, III

WITNESS:

-------------------------------             ------------------------------------
                                            WILLIAM A. RODGERS

WITNESS:

-------------------------------             ------------------------------------
                                            W. DALE HESS

WITNESS:                                    REGENCY AFFILIATES, INC.

                                            By:
-------------------------------                 --------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

                                       10

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