Document:

AGREEMENT

between

ASF THOMAS INDUSTRIES GMBH, PUCHHEIM

- hereinafter referred to as "ASF" -

a n d

PETER BISSINGER

- hereinafter referred to as
"Mr. Bissinger" -

Mr.  Bissinger  has  acted as  managing  director  for ASF,  based on a  service
agreement with ASF, up to now. Against the background of restructuring measures,
ASF  and  Mr.  Bissinger  agree  that  this  service  relationship   terminated.
Termination took effect on December 31, 2002.

ASF notes that in the context of the aforementioned  restructuring  measures now
TIWR Holding GmbH & Co. KG and Mr.  Bissinger enter into the following  managing
director's service agreement.  ASF gives its explicit consent to the transfer of
the pension  commitment  from ASF to TIWR Holding GmbH & Co. KG as stipulated in
no. 6 of the following service agreement.

................................................
(ASF THOMAS Industries GmbH,
represented by its sole shareholder, ASF THOMAS
Industries Holding Deutschland GmbH,
which is represented by its managing director
Peter Bissinger who is authorized to individually
represent the company)

................................................
(Peter Bissinger)

<PAGE>

SERVICE AGREEMENT

between

TIWR HOLDING GMBH & CO. KG

- hereinafter referred to as "Company" -

a n d

PETER BISSINGER

- hereinafter referred to as "Managing
Director" -

The following  provisions shall apply to the service relationship with effect as
of January 1, 2003; all prior written and oral  agreements  are hereby  entirely
replaced:

1.       SCOPE OF DUTIES

1.1      Full individual responsibility for the management of the Company and of
         TIWR Verwaltungs  GmbH - hereinafter  referred to as "GmbH" -, which is
         as general  partner  appointed to the management of the Company and the
         managing  director of which Mr.  Bissinger  is  appointed  to, shall be
         incumbent  upon the Managing  Director  jointly with the other managing
         directors.

         The Managing Director shall conduct the business of the Company and the
         GmbH diligently and  conscientiously  pursuant to applicable  laws, the
         provisions  of the  Companies'  Articles of  Association,  any rules of
         procedure  applicable  to  Management,  and  instructions  given by the
         Shareholders.

1.2      The  representation   authority  of  the  Managing  Director  shall  be
         determined by the  provisions  of the  shareholder  agreements  and the
         resolution on his appointment as managing director;  said authority can
         be  curtailed at any time.  The Managing  Director may only make use of
         this  representation  authority  in the  framework  of  his  management
         authority.

<PAGE>

1.3      The Shareholder  Meeting reserves the right to determine,  from time to
         time, the allocation of business among the various managing directors.

1.4      The Managing Director agrees to act also for enterprises connected with
         the Company or the GmbH (subsidiary companies).  The provisions of this
         Service  Agreement  therefore apply  analogously to activity within the
         subsidiary   companies  and  entirely  replace  any  possibly  existing
         contracts.

2.       TERM

2.1      This Service  Contract  shall commence on
         January 1, 2003.

2.2      This Service  Contract can be terminated  under  observance of a notice
         period  of 12  months  taking  effect  at the end of a  calendar  year.
         Termination can take effect on December 31, 2005 at the earliest.

2.3      Any notice of termination  shall be given
         in writing.

2.4      In the  event of a  termination  of this  Service  Agreement  by either
         party, the Company may release the Managing  Director from his services
         until the end of the  termination  period  and  subject  to  continuing
         payments attributable to him under this Service Contract. The period of
         release shall be set off against any possible vacation entitlement.

<PAGE>

2.5      This Service  Contract shall  terminate  without  requiring any further
         notice  at the end of the month  during  which  the  Managing  Director
         attains the age of 65.

3.       TRANSACTIONS SUBJECT TO CONSENT

         Any business  transactions beyond the normal scope of business shall be
         subject to the prior consent of a person to be appointed by the company
         THOMAS  Industries  Inc.  The  contracting  parties  agree that  THOMAS
         Industries  Inc. has appointed Mr. Timothy  Brown,  President of THOMAS
         Industries Inc., for this purpose until further notice. The requirement
         for the consent shall include but not be limited to:

          o    purchase,  disposal and  mortgaging  of real  property and rights
               equivalent to real property;

          o    taking up new, abandoning existing, Company businesses;

          o    formation  and   discontinuance  of  branch  offices  and  branch
               operations;

          o    purchase and disposal of operations and permanent holdings;

          o    conclusion,  amendment and  revocation of contracts for the lease
               of running  concerns,  profit-and-loss  assumption  agreements as
               well as other corporate agreements;

<PAGE>

          o    taking out and repayment of loans;

          o    agreeing  upon credit  lines for current  account and  acceptance
               credits, as well as amending any such agreement;

          o    granting loans;

          o    providing  collateral  for any  third  party,  including  but not
               limited to standing surety and providing warranties;

          o    conclusion,  amendment  and  termination  of  license  agreements
               regarding industrial property rights and know how;

          o    realization of investments (including leasing) if the purchase or
               production  costs exceed EURO 150,000 in a business  year or EURO
               100,000 in a single case;

          o    conclusion,  amendment and termination of rent, lease and license
               agreements as well as any other  agreement  with a term or notice
               period of more than five years or an annual rent or lease of more
               than EURO 100,000;

          o    granting and withdrawing powers of commercial representation;

          o    conclusion,  amendment  and  termination  of  contracts  for  the
               service  -  including  pension  commitments  - of other  managing
               directors of the Company and of the GmbH;

<PAGE>

          o    pension  agreements,  profit  sharing  agreements  and any  other
               allowances  granted by the  Company  to the staff  except for the
               usual Christmas allowance and holiday allowance;

          o    execution  of voting  rights in  holding  companies  if the legal
               transaction  to be resolved is a legal  transaction  or act which
               requires  consent  within the meaning of this  contract or if the
               shareholders' meeting would be responsible;

          o    agreements with shareholders or persons associated with them.

4.       REMUNERATION

4.1      The  Managing  Director  shall be  entitled to an annual base salary of
         EURO 252,000.00 gross,  payable in 12 equal monthly installments at the
         end of each month, statutory deductions being retained.

         The  Company  shall  bear  50% of  the  social  security  contributions
         (pension, health, unemployment,  health care) up to the maximum amounts
         under the German social security system.

4.2      In addition,  the Managing  Director shall be paid a guaranteed  annual
         bonus in the gross amount of EURO 298,000.00,  payable by February 1 of
         the  following  year.  If the term of the  Service  Contract  begins or
         expires at any time other than the  beginning  or the end of a calendar
         year,  then the Managing  Director shall only be entitled to a pro rata
         bonus for the remainder of such calendar year.

<PAGE>

4.3      During  the  term  of  this  contract,   the  Managing   Director  will
         participate in the THOMAS  Industries  Stock Awards Program pursuant to
         each valid  provision of THOMAS  Industries,  which is  applicable  and
         determined by the  Compensation  Committee of the Board of Directors of
         THOMAS   Industries   Inc.  for  the  respective   calendar  year.  The
         participation is subject to the respective approval of the Compensation
         Committee.

4.4      During  the  term  of  this  contract,   the  Managing   Director  will
         participate in the THOMAS  Industries Stock Options Program pursuant to
         each valid  provision of THOMAS  Industries,  which is  applicable  and
         determined by the  Compensation  Committee of the Board of Directors of
         THOMAS   Industries   Inc.  for  the  respective   calendar  year.  The
         participation is subject to the respective approval of the Compensation
         Committee.

4.5      Travel and other expenses shall be reimbursed to the Managing  Director
         in accordance with the Company's expense policy and within the scope of
         the amounts permissible under the tax regulations.

4.6      The Managing  Director  shall be entitled to an upper class company car
         (e.g. BMW 7 series),  which may be used also for private purposes.  The
         Company shall bear all current  expenses  pertaining to the car, except
         fuel  expenses  on  vacation  trips.  Any  income tax  payable  for the
         monetary  value  inherent in the  benefit of said  private use shall be
         borne by the Managing  Director.  The Managing Director must return the
         company  car upon  legal  expiration  of the  Service  Contract  at the
         latest.

<PAGE>

4.7      The  aforementioned  remuneration  shall  also cover any  activity  for
         enterprises connected with the Company or the GmbH (see no. 1.4 of this
         Contract).   The  Managing  Director  herewith  waives  explicitly  any
         possibly existing claims for remuneration.

5.       INABILITY TO WORK, DEATH BENEFITS

5.1      In the  event of any  temporary  inability  to work due to illness  the
         Managing  Director's base salary pursuant to no. 4.1 sentence 1 of this
         Agreement  shall continue to be paid for a twelve month period,  but in
         no event longer than up to the  termination of this Service  Agreement,
         the amount  corresponding  to the sickness  benefits paid by the health
         insurance of the Managing Director being deducted.

5.2      If the Managing  Director dies during the term of this  Agreement,  his
         heirs as joint and  several  creditors  shall  receive  the base salary
         pursuant to no. 4.1 sentence 1 of this contract for the month, in which
         the  Managing  Director  died,  and for  the  following  three  months.
         Furthermore, the heirs shall receive as joint and several creditors the
         bonus payment  pursuant to no. 4.2 of this Contract for the  respective
         year,  calculated  on a pro rata basis  until the end of the month,  in
         which  the  Managing  Director  died.  This  payment  shall  be  due as
         stipulated  in no.  4.2. If more than one heir  exists,  the Company is
         released from its obligations  pursuant to sentence 1 and 2, if it pays
         to a family member,  which lived together with the Managing Director in
         common  household  at the  time  of  death  or to  one of the  Managing
         Director's heirs.

<PAGE>

6.       PENSION COMMITMENT

         The  pension  commitment,  which  was  granted  based  on  the  service
         relationship  between  ASF THOMAS  Industries  GmbH,  Puchheim  and the
         Managing Director, shall herewith be transferred in the current version
         to the Company.  The transfer shall take effect on January 1, 2003. The
         parties agree,  however,  that the widow's pension which was agreed for
         the benefit of the Managing  Director's wife, Martina Bissinger,  shall
         be cancelled upon the widow's demise and in case of her remarriage. Due
         to the transfer, the Company entirely replaces the previous contracting
         party to this pension commitment.

7.       VACATION

7.1      The Managing  Director  shall be entitled
         to 30 holidays.

7.2      When  scheduling any such vacations,  the Managing  Director shall take
         due account of Company business, such business taking precedence in any
         specific case.

7.3      In the event the Managing  Director may not be in a position to totally
         or partially go on vacation due to the  requirements of the Company the
         Parties  will  negotiate in good faith about a transfer of the vacation
         into the next calendar year.

<PAGE>

8.       INSURANCE

8.1      The Company  insures the  Managing  Director  appropriately  at its own
         expense  against  the  risk of  accidents  as well  as  against  death,
         invalidity, personal injury and material damage as well as against loss
         of earnings (24 hours protection).

8.2      The claims  resulting out of the insurance are  immediately  due to the
         Managing Director or to the person stated in the insurance policy after
         death of the Managing Director, respectively.

9.       SECRECY

         The Managing  Director  undertakes at all times during the term of this
         Service  Agreement and  thereafter to hold in strictest  confidence any
         trade secrets of the Company or its associated companies.

<PAGE>

10.      NON-COMPETITION COVENANT

         For the duration of this Agreement, the Managing Director shall refrain
         from  acting - in a  self-employed,  employed,  or any  other  capacity
         whatsoever  - for any other firm or company  irrespective  of its legal
         form, or to form or purchase any such firm or company,  or any interest
         therein, in direct or indirect competition with the Company.

11.      SIDE-LINE ACTIVITIES

11.1     The Managing  Director shall  dedicate his entire working  capacity and
         all his  technical  know-how and  experience  at the  Company's and the
         GmbH's  exclusive  disposal.  The provision  under no. 1.4 shall remain
         unaffected.

11.2     During the continuance of this Service Agreement, the Managing Director
         shall refrain from performing any side-line activities, whether paid or
         unpaid,  for  himself  or any  third  party.  Exempt  herefrom  are his
         activities  pursuant  to no. 1.4 as well as honorary  positions  in the
         political,  cultural and social field are permitted insofar as they can
         be performed  without  affecting  the duties of the  Managing  Director
         under this contract.

11.3     Any publications  and papers relating to activities of the Company,  or
         its affiliates, as well as the acceptance of functions on the boards of
         other  companies  as  well  as  honorary  positions  on  behalf  of any
         organization  shall be subject to the Company's prior written  consent.
         Any such consent may be revoked at any time.

<PAGE>

12.      SURRENDER OF DOCUMENTS LAGEN

         Upon  expiration  of this  Agreement  or in the event of  release  from
         service, the Managing Director shall immediately return any objects and
         documents  including  all notes and copies to the Company,  and certify
         the  completeness,  correctness  and proper  function  of any object so
         surrendered. Any right of retention shall be expressly excluded.

13.      MODIFICATION AND AMENDMENTS

         The  cancellation  as well as any amendments or  modifications  to this
         Agreement shall only be valid in writing.  This shall also apply to any
         modification of this Clause.

14.      FINAL PROVISIONS

14.1     This Service Agreement shall only be subject to German Law.

14.2     The   Parties   shall   sign  this   Agreement   in  a  German  and  an
         English-language  version.  It is  understood  and agreed  between  the
         Parties that in the event of any discrepancies between the two versions
         the German version shall prevail.

<PAGE>

14.3     Should any provision of this Agreement be or become  ineffective wholly
         or in part,  or should any loophole  requiring  amendment  appear,  the
         remaining provisions of this Agreement shall continue in full force and
         effect.  The  Parties  agree to  replace  any such  provision  so found
         ineffective  by such other  provision as comes nearest to the legal and
         economic  intent  of said  provision  found  ineffective.  In the  same
         manner, the Parties shall close any loophole  requiring  amendment that
         might be encountered.

 ...............................,....................

 ...............................................
(TIWR Holding GmbH & Co. KG, represented by its General Partner TIWR Verwaltungs
GmbH which has the power to  individually  represent the TIWR Holding GmbH & Co.
KG; the TIWR Verwaltungs GmbH in turn represented by its managing  directors Tim
Brown and Thomas Kurth)

................................................
(Peter Bissinger)<PAGE>

                                                                    Exhibit 4.22

                THIRD AMENDED AND RESTATED REVOLVING CREDIT NOTE

                                                                December 2, 2002

     FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST, INC.,
a corporation organized under the laws of Virginia ("Cornerstone") and CRIT-NC,
LLC, a limited liability company organized under the laws of Virginia ("CRIT-NC"
and together with Cornerstone, the "Borrowers") hereby jointly and severally
promise to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION (formerly
known as First Union National Bank) (the "Bank"), at the times, at the place and
in the manner provided in the Credit Agreement hereinafter referred to, the
amount of the Bank's Commitment (as defined in the Credit Agreement referred to
below), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.

     This Note is one of the Notes referred to in, and is entitled to the
benefits of, that certain Credit Agreement dated as of December 12, 2000 (as
amended, modified, renewed, restated, replaced or extended from time to time,
the "Credit Agreement"), by and among the Borrowers, each Additional Borrower
that may become party thereto, the lenders (including the Bank) party thereto
(the "Lenders") and Wachovia Bank, National Association (formerly known as First
Union National Bank), as Administrative Agent (the "Administrative Agent"). The
Credit Agreement contains, among other things, provisions for the time, place
and manner of payment of this Note, the determination of the interest rate borne
by and fees payable in respect of this Note, acceleration of the payment of this
Note upon the happening of certain stated events and the mandatory repayment of
this Note under certain circumstances.

     The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.

     Presentment for payment, notice of dishonor, protest and notice of protest
are hereby waived.

     THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NORTH
CAROLINA.

     The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.

     This Note is given in modification, replacement and restatement of, but not
extinguishment of the unpaid indebtedness evidenced by, that certain Second
Amended and

<PAGE>

Restated Revolving Credit Note dated as of October 17, 2002 made by the
Borrowers payable to the order of the Bank. This Note modifies and replaces, but
does not repay, said Second Amended and Restated Revolving Credit Note dated as
of October 17, 2002, and all indebtedness formerly evidenced by said Second
Amended and Restated Revolving Credit Note dated as of October 17, 2002 and
unpaid on the date hereof shall now be evidenced by this Note, and as of the
date hereof, said Second Amended and Restated Revolving Credit Note dated as of
October 17, 2002 shall no longer evidence said outstanding indebtedness. This
Note shall not be considered to be a novation of said Second Amended and
Restated Revolving Credit Note dated as of October 17, 2002 as this Note
evidences the same indebtedness.

         IN WITNESS WHEREOF, the Borrowers have caused this Note to be executed
under seal by duly authorized officers thereof as of the day and year first
above written.

                                CORNERSTONE REALTY INCOME TRUST, INC.,
                                a Virginia corporation

[CORPORATE SEAL]

                                By:       /s/ Stanley J. Olander, Jr.
                                         ---------------------------------------
                                Name:     Stanley J. Olander, Jr.
                                         ---------------------------------------
                                Title:   Executive Vice President
                                         ---------------------------------------

[CORPORATE SEAL]                CRIT-NC, LLC,
                                a Virginia limited liability company

                                By:  CORNERSTONE REALTY INCOME TRUST, INC.,
                                a Virginia corporation , its sole Member/Manager

                                         By:        /s/ Stanley J. Olander, Jr.
                                                  ------------------------------
                                         Name:      Stanley J. Olander, Jr.
                                                  ------------------------------
                                         Title:   Executive Vice President
                                                  ------------------------------

                                       2

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