Document:

Amendment No. 1 to Master Reimbursement Agreement

 Exhibit 10.18 
  
 AMENDMENT NO. 1 TO MASTER REIMBURSEMENT AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO MASTER REIMBURSEMENT AGREEMENT (this “Amendment No. 1”) amends that certain Master
Reimbursement Agreement made and entered into as of June 1, 2001, by and among Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia, L.P. (as amended, the “Master Reimbursement Agreement”) and is made and entered into on October
24, 2002 by and among Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Master Reimbursement Agreement.

  
 RECITALS 
  
 WHEREAS, the Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia,
L.P. executed and delivered the Master Reimbursement Agreement; 
  
 WHEREAS, Fairways-Columbia, L.P. merged into Mid-America Apartments, L.P. and Mid-America Apartments, L.P. assumed all obligations of Fairways-Columbia, L.P. under the Master Reimbursement Agreement and other related documents; 

 
 WHEREAS, Mid-America Apartments, L.P. has requested and Fannie Mae has
agreed to add four Additional Mortgaged Properties to the Collateral Pool; 
  
 WHEREAS, Fannie Mae and Mid-America Apartments, L.P. desire to amend the Master Reimbursement Agreement to change certain provisions and to add the following four Additional Mortgaged Properties to the Collateral Pool
(a) The Anatole Apartments in Daytona Beach, Florida; (b) Paddock Park Apartments I in Ocala, Florida; (c) Post House Jackson Apartments in Jackson, Tennessee; and (d) Township Apartments in Hampton, Virginia (the “Four Additional Mortgaged
Properties”); 
  
 WHEREAS, Mid-America Apartment Communities,
Inc. owns the Mortgaged Property known as The Anatole Apartments; 
  
 WHEREAS, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. have each determined that being co-Borrowers under the Master Reimbursement Agreement is in each of their economic interests and each has received reasonable
consideration for cross-collateralizing and cross-defaulting the Mortgaged Properties which are part of the Collateral Pool; 
  
 WHEREAS, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. have entered into a Contribution Agreement dated October 24, 2002; and

  

 Amendment No. 1 to Master Reimbursement Agreement 
 Mid-America Apartments 

 WHEREAS, Fannie Mae and Mid-America Apartments, L.P. intend these Recitals to be a material part of this
Amendment No. 1. 
  
 NOW, THEREFORE, for and in consideration of
Ten Dollars ($10.00), the mutual covenants and agreements set forth herein, and other good and valuable consideration, all of which each party agrees constitutes sufficient consideration received at and before the execution hereof, the parties agree
as follows: 
  
 AGREEMENTS 
  
 1. The definition of the term “Borrower” is hereby amended by
deleting Fairways-Columbia, L.P. as a Borrower and adding Mid-America Apartment Communities, Inc. as a Borrower. 
  
 2. Section 1.2 is hereby amended by deleting the definition of the term “Geographical Diversification Requirements” and replacing it with the
following: 
  
 ““Geographical Diversification
Requirements” (x) during any period in which the Facility Amount is $45 million or above, means a requirement that (a) the Collateral Pool consist of at least seven (7) Mortgaged Properties located in at least six (6) states, (b) no single
Mortgaged Property comprise more than 20% of the Facility Amount except for the Mortgaged Property known as “The Township” in Hampton, Virginia, and (c) any Mortgaged Properties located within a one-mile radius shall not exceed 25% of the
Facility Amount and, (y) during any period in which the Facility Amount is below $45 million, means a requirement that (a) the Collateral Pool consists of at least three (3) Mortgaged Properties located in at least three (3) states, (b) no single
Mortgaged Property comprises more than 50% of the Facility Amount except for the Mortgaged Property known as “The Township” in Hampton, Virginia, and (c) any Mortgaged Properties located within a one-mile radius shall not exceed 25% of the
Facility Amount.” 
  
 3. The definition of
“Indebtedness” in Section 1.2 is hereby amended by adding after the word “debenture” in subclause (b) a comma and the words “a Hedging Arrangement”. 
  
 4. The definition of “Standby Fee” in Section 1.2 is hereby amended by deleting the words “24 basis
points” and replacing them with the words “15 basis points”. 
  
 5. Section 1.2 is hereby amended by adding the following defined terms: 
  
 ““Credit Facility Arrangements” means the agreements of Fannie Mae and the Borrower set forth in this Agreement and the transactions
contemplated in this Agreement, including, without limitation, (i) any commitment to issue any Credit Enhancement Instrument, to extend credit, to purchase any obligation of the Issuer or the Borrower, or to extend any other financial accommodation
to or for the benefit of the Borrower, (ii) any issuance, extension or maintenance of any of 

  

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the foregoing and (iii) any pledge, purchase or carrying of any obligation of or for the benefit of the Borrower. 
  
 “Hedging Arrangement” means any interest rate swap, interest rate
cap or other arrangement, contractual or otherwise, which has the effect of any interest rate swap or interest rate cap or which otherwise (directly of indirectly, derivatively or synthetically) hedges interest rate risk associated with being a
debtor of variable rate debt or any agreement or other arrangement to enter into any of the above on a future date or after the occurrence of one or more events in the future. 
  
 “Loan Servicer Rate” means the number of basis points, as an annual rate, set out in Schedule 3 as the Loan
Servicer Rate, as the same may be amended, modified, supplemented or restated from time to time.” 
  
 6. Section 1.2 is hereby amended by deleting the definition of “Underwriting Rate” in its entirety and replacing such definition with the
following definition: 
  
 ““Underwriting Rate”
means 6.9861% for the Mortgaged Property known as Fairways Apartments, 6.9861% for the Mortgaged Property known as Post House North Apartments, 6.9861% for the Mortgaged Property known as Reflection Pointe Apartments and 6.258% for each of the Four
Additional Mortgaged Properties.” 
  
 7. Section 2.1(37) is
hereby deleted in its entirety and replaced with the following: 
  
 “Single Purpose Entity. From and after the date upon which the effectiveness of Section 3.13(1) has terminated pursuant to Section 3.13(2), the Borrower is a wholly owned subsidiary of OP, is a Single Purpose Entity and its only assets
are the Mortgaged Properties.” 
  
 8. Section 2.2(16) is
hereby amended by adding the following sentence after the last sentence of such section: 
  
 “In furtherance, but not in limitation of the above, Borrower authorizes each of the Loan Servicer and Fannie Mae to file from time to time one or more financing statements describing the Collateral.”

  
 9. Section 2.2(17) is hereby amended by adding the following
sentences after the existing sentence: 
  
 “Once each
Calendar Quarter, within 20 Business Days after Borrower has delivered to Fannie Mae the reports required in Section 2.2(4), Servicer shall determine the Aggregate Debt Service Coverage Ratio, Aggregate Loan to Value Ratio and the Borrower’s
compliance with the financial covenants set forth in Section 2.6. On or before each Annual Determination Date, and if Fannie Mae or Servicer reasonably decides that changed market or property conditions warrant, Servicer shall determine the
Valuations of each Mortgaged Property and the Allocable Facility Amounts for each Mortgaged Property. Until redetermined, the 

  

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outstanding Allocable Facility Amounts and Valuations of each Mortgaged Property shall remain in effect.” 
  
 10. Section 2.2(20) is amended and restated in its entirety as follows:

  
 “2.2(20) Geographic Diversification. The
Borrower shall maintain Mortgaged Properties in the Collateral Pool so that the Collateral Pool at all times meets the Geographical Diversification Requirements.” 
  
 11. Section 2.2(22) is hereby deleted in its entirety and replaced with the following: 
  
 “Single Purpose Entity. From and after the date upon which the
effectiveness of Section 3.13(1) has terminated pursuant to Section 3.13(2), the Borrower shall at all times maintain and conduct itself as a Single Purpose Entity.” 
  
 12. A new Section 2.2(25) is hereby added to Article II. 
  
 “2.2(25) Tax Escrows – Letter of Credit. 
  
 (a) Section 7 of each Mortgage provides that Borrower shall
make monthly escrow payments for taxes. Notwithstanding the provisions of Section 7 of each Mortgage, provided that no Event of Default has occurred, Borrower may, upon written notice to Fannie Mae, elect to provide in lieu of the required deposits
for taxes a Letter of Credit in accordance with this subsection. Any Letter of Credit delivered to Fannie Mae in accordance with this subsection shall be a clean, irrevocable Letter of Credit, naming Fannie Mae as beneficiary, in the amount equal to
the highest aggregate amount of any tax balance for the Mortgaged Property on an annual basis, which amount shall be determined in Fannie Mae’s sole discretion (the “Maximum Escrow Amount”). 
  
 (b) Letter of Credit as Additional Collateral.
Borrower agrees that the Letter of Credit provides collateral for each Note in addition to the lien of each Mortgage. 
  
 (c) Conditions for Providing and Holding Letter of Credit. 
  
 (1) Period During Which Borrower Must Provide Letter of Credit. Until the earliest of (i) payment in
full of all sums secured by each Mortgage, or (ii) the date that Fannie Mae fully draws on the Letter of Credit as permitted by this Agreement, Borrower shall renew, amend or replace the Letter of Credit in accordance with the terms of this
Agreement to ensure that the Letter of Credit remains in effect and does not expire or shall provide cash to Fannie Mae in the amount of tax escrow deposits which would have been required at the time if Borrower had not elected to furnish the Letter
of Credit at least 15 days prior to the date the Letter of Credit terminates. 
  

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 (2) Return of the Letter of Credit or the Proceeds Thereof. Fannie Mae shall
return the Letter of Credit, or the proceeds of any draws on such Letter of Credit (less all amounts which have been applied by Fannie Mae pursuant to the terms of this Section) to Borrower within five (5) business days after the date on which
Fannie Mae releases the lien of each Mortgage. 
  
 (3) Adjustment of the Letter of Credit. Borrower shall deliver to Fannie Mae copies of the paid bills and notices of assessments for Taxes for each Mortgaged Property within 30 days after the date on which the Taxes are due and
payable. Not more than one time each calendar year, Borrower shall, promptly after receipt of notice from Fannie Mae, deliver to Fannie Mae an amendment or replacement of the Letter of Credit in the Maximum Escrow Amount for the then-current
calendar year, as such yearly amount is reasonably determined by Fannie Mae pursuant to this Agreement. 
  
 (d) Renewal or Replacement of Letter of Credit. 
  
 (1) Renewal or Replacement. At least 15 days prior to the expiration date of the Letter of Credit,
Borrower shall either (i) cause the Letter of Credit to be amended to extend its expiration date, (ii) furnish a replacement Letter of Credit or (iii) provide cash to Fannie Mae in the amount of tax escrow deposits which would have been required at
the time if Borrower had not elected to furnish the Letter of Credit. 
  
 (2) Draw on Letter of Credit. If Borrower does not provide an amendment to, or replacement of, the Letter of Credit when required pursuant to paragraph (1) above or provide the amount of cash referenced in
paragraph (1) above, Fannie Mae shall draw the full amount of the Letter of Credit and hold and apply the proceeds as permitted hereunder. 
  
 (e) (1) Remedies. If an Event of Default has occurred Fannie Mae may apply the proceeds of the Letter of Credit in its discretion
pursuant to Section 8.2(8) of this Agreement. 
  
 (2) No Obligation to Apply Proceeds; No Cure. Nothing in this Section shall obligate Fannie Mae to apply all or any portion of the proceeds of the Letter of Credit to cure any default under the Borrower Documents or to reduce the
indebtedness evidenced by any Note. No application of proceeds of the Letter of Credit by Fannie Mae shall be deemed to cure any default. 
  
 (f) Proceeds of the Letter of Credit. 
  
 (1) Providing Replacement Letter of Credit after a Draw. Provided no Event of Default exists, after Fannie Mae has drawn on the

  

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Letter of Credit, but prior to application of proceeds, Fannie Mae may, but is not obligated to, permit Borrower to provide a replacement Letter of Credit
that complies with all the requirements of this Section, in which case Fannie Mae shall return the proceeds of the draw to Borrower, less Fannie Mae’s reasonable, out-of-pocket costs and expenses (including reasonable, out-of-pocket
attorneys’ fees and expenses). 
  
 (2)
Proceeds Held in Escrow Funds Account(s). If Fannie Mae draws on the Letter of Credit and holds the proceeds under this Instrument, such funds shall be held by Fannie Mae in escrow pursuant to Section 7(b) of each Mortgage. 
  
 (3) No Obligation to Draw or to Apply Proceeds.
Fannie Mae shall only draw on the Letter of Credit upon any default under any of the Borrower Documents or the Borrower’s failure to pay the tax obligations secured by the Letter of Credit, but in any event Fannie Mae shall have no obligation
to draw on the Letter of Credit or apply the proceeds of any draw on the Letter of Credit to cure a default under the Borrower Documents; provided, however, the proceeds of any draw on the Letter of Credit shall be used by Fannie Mae for the benefit
of Borrower to either pay such tax obligations secured by the Letter of Credit or otherwise apply the proceeds to satisfy the Obligations of Borrower under and as permitted by this Agreement. Fannie Mae may hold the Letter of Credit or the proceeds
of any Letter of Credit until the date for return as determined pursuant to paragraph (c)(2), or apply all or any portion of the proceeds as permitted by this Agreement or any of the Borrower Documents and hold any remaining proceeds until the date
for return determined under paragraph (c)(2).” 
  
 13. A new
Section 2.2(26) is hereby added to Article II. 
  
 “SECTION 2.2(26) Yield Equivalency. 
  
 (a) If: 
  
 (1)
after the date of this Agreement, there occurs any (i) new law, regulation, guideline or directive, (ii) change in applicable law, regulation, guideline or directive, or (iii) interpretation or change in interpretation of any of the foregoing by any
court, central bank, administrative or governmental authority charged with the administration thereof (whether or not having the force of law) (“Regulatory Change”); and 
  
 (2) the Regulatory Change imposes, modifies or deems applicable any condition in connection with any of the
Credit Facility Arrangements, including any reserve, deposit, insurance premium, assessment, fee, capital requirement, tax or withholding (other than any tax measured by or based upon the overall net income or other measure of income including,
without limitation, alternative 

  

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minimum tax, of Fannie Mae) or similar requirement applicable to any of the Credit Facility Arrangements; and 
  
 (3) the effect of the Regulatory Change either increases the
cost to Fannie Mae of extending, issuing or maintaining any of the Credit Facility Arrangements, or reduces any amount (or the effective return on any amount) received or receivable by Fannie Mae in connection with the Credit Facility Arrangements,
in each case by an amount which Fannie Mae in its sole judgment deems material; 
  
 then, upon written demand by Fannie Mae, the Borrower shall promptly pay to Fannie Mae, from time to time as specified by Fannie Mae, additional amounts which shall be sufficient to compensate Fannie Mae for all such
increased costs or reductions in yield; provided, however, that the Borrower need not make such payment if it terminates Fannie Mae’s credit enhancement and liquidity for the Bonds pursuant to Section 2.5 within three months after
receipt of such notice from Fannie Mae. 
  
 (b)
Fannie Mae shall submit to the Borrower, at or prior to the making of each such demand, a certificate setting forth in reasonable detail such increased costs or yield reductions incurred by Fannie Mae as a result of any of the foregoing, which
certificate shall be conclusive, absent manifest error, as to the amount thereof. In calculating such additional amounts of increase in cost or reduction in yield, Fannie Mae shall allocate the aggregate of such cost increases or yield reductions
resulting from such event in a nondiscriminatory manner among counterparties having obligations to Fannie Mae similar to those of the Borrower.” 
  
 14. A new Section 2.2(27) is hereby added to Article II : 
  
 “Section 2.2(27) No Change. The Borrower will not voluntarily or involuntarily change its principal place of business, chief executive
office, the state of its incorporation or formation or legal name, without at least 30 days prior written notice to Fannie Mae and the Loan Servicer, except in the event of a change in principal place of business of chief executive office
necessitated by fire, flood or other calamity, in which case such notice shall be provided as soon as practicable.” 
  
 15. A new Section 2.2(28) is hereby added to Article II : 
  
 “Section 2.2(28) No Hedging Arrangements. Without prior written consent of Fannie Mae or unless otherwise required by this Agreement,
the Borrower will not enter into or guarantee, provide security for or otherwise undertake any form of contingent obligation with respect to any Hedging Arrangement relating to the debt which financed the Mortgaged Properties.” 
  
 16. Section 2.6(4) is hereby deleted in its entirety. 
  

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 17. Section 2.6(5) is hereby deleted in its entirety and replaced with the following: 
  
 “Section 2.6(5) Compliance with REIT’s Net Worth
Test. The REIT shall at all times maintain its Net Worth so that it is not less than the highest Net Worth covenant required by any other financial institution where the REIT maintains a bank line (whether secured or unsecured), but in no
event $550,000,000 plus 65% of proceeds (less all reasonable and customary expenses and costs) of equity offerings, net of redemptions, consummated by the REIT after the date of this Agreement.” 
  
 18. The last sentence of Section 3.3(1) is hereby amended by changing the
date “June 15, 2002” to the date “October 24, 2003”. 
  
 19. The last sentence of Section 3.3(4) is hereby deleted in its entirety and replaced with the following sentence: 
  
 “No Termination Fee shall be payable on account of a prepayment of the Loan for any of the following: 
  
 (a) a prepayment to the extent made from insurance proceeds
or condemnation awards or proceeds under any Mortgage; 
  
 (b) a prepayment by reason of a transfer from any Principal Reserve Fund associated with a mandatory redemption of any Bonds to the extent that the amount transferred from any Principal Reserve Fund does not exceed (i) the deposits
scheduled to have been made to any Principal Reserve Fund to the date of bond redemption according to Section 3.4 of this Agreement, less (ii) all amounts previously withdrawn from any Principal Reserve Fund associated with the mandatory redemption
of any Bonds on any prior dates; and 
  
 (c) a
termination of Fannie Mae’s credit enhancement and liquidity support for the Bonds pursuant to Section 2.2(26).” 
  
 20. Section 3.13(1) is hereby amended by adding the following sentences after the last sentence of Section 3.13(1): 
  
 “Notwithstanding that the obligations under each Note
and Bond Mortgage relating to the Four Additional Mortgaged Properties are not generally personal obligations of the Borrower and notwithstanding that Fannie Mae is a holder of such Notes, each Borrower agrees and acknowledges that the intent of the
parties to this Agreement is that each Borrower is and shall remain, except as provided in Section 3.13(2), jointly and severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this
Agreement. Consequently, in the event that Fannie Mae becomes the sole holder of such Notes and Bond Mortgages, by its rights of subrogation or otherwise, any amounts owing to Fannie Mae under such Notes or Bond Mortgages shall be joint and several
personal obligations of each Borrower. In addition, it is the intent of the parties that the non-recourse liability of the 

  

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Borrowers under such Notes shall not in any manner or under any circumstances be interpreted or understood to contradict, undermine, negate or nullify that
each Borrower is and shall remain, except as provided in Section 3.13(2), jointly and severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this Agreement.” 
  
 21. The second sentence of Section 5.2(c) is hereby amended by changing the
date “June 15, 2002” to the date “October 24, 2003”. 
  
 22. Section 5.3(c) is hereby amended by adding the following as the last sentence: 
  
 “Notwithstanding the above, if an Additional Mortgaged Property is added to the Collateral Pool prior to October 1, 2005 (the “Exception
Period”) the Bonds relating to such Additional Mortgaged Property may mature up to 30 years from the Closing Date relating to such Additional Mortgaged Property. If during the Exception Period, Bonds are issued which mature after the
Initial Bond Maturity Date, the Credit Enhancement Instrument supporting such Bonds shall have an Expiration Date which is the same as the Expiration Date of the Credit Enhancement Instrument supporting the Initial Bonds. The Principal Reserve Fund
schedule, if the Bonds bear interest at the Weekly Variable Rate, or the amortization schedule of the Note, if the Bonds bear interest at the Fixed Rate or Reset Rate, shall be over a time period equal to the term of the Credit Enhancement
Instrument or the maturity date of the Bonds if such maturity date is later than the term of the Credit Enhancement Instrument.” 
  
 23. Section 5.3(g) is hereby amended by deleting the period at the end of such section, adding a semicolon and adding the following new subsection (h):

  
 “(h) The Mortgaged Properties in the Collateral Pool
after the proposed addition shall satisfy the then-existing Geographic Diversification Requirements and the addition shall not adversely affect the geographic diversity of the Collateral Pool.” 
  
 24. Section 6.1 is hereby amended by adding the following sentence at the end
of Section 6.1: 
  
 “Notwithstanding anything herein to the
contrary, the Additional Mortgaged Property known as Paddock Park Apartments I may not be released from the Collateral Pool unless the multifamily property known as Paddock Park Apartments II is simultaneously released from the collateral pool of
the master taxable credit facility between Fannie Mae and the Borrower.” 
  
 25. Section 6.3(c) is hereby amended by adding at the end of Section 6.3(c) subclause (i) the following words: 
  
 “and the release shall not adversely affect the geographic diversity of the Collateral Pool.” 
  

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 26. Section 6.2(c)(ii)(2) is hereby amended by deleting the word “of” after the word
“principal” and adding the word “and.” 
  
 27.
Section 6.4(c) is amended by deleting the period at the end of such section, adding a semicolon and adding the following new subsection (xii): 
  
 “(xii) the Mortgaged Properties in the Collateral Pool after the proposed substitution shall satisfy the then-existing Geographical Diversification
Requirements and the substitution shall not adversely affect the geographic diversity of the Collateral Pool.” 
  
 28. Section 6.4(c)(v) is hereby amended by changing the date “June 1, 2004” to the date “October 1, 2005”. 
  
 29. The definitions of “Appraisal”, “Rent Roll”, and
“Tie-In Endorsement” and Sections 6.2(b), 6.2(c), 6.3(f), 6.4(c)(iv), 6.4(c)(vi) and 6.4(d) are hereby amended by deleting the words “the Lender” or the word “Lender”, as applicable, and replacing such words or word
with “Fannie Mae”. 
  
 30. Section 3.15 is hereby
amended by deleting the word “Lender” and replacing such word with “Loan Servicer”. 
  
 31. Schedules 2, 3, 4, 5 and 9 are hereby amended and restated in their entirety as set forth in Annex 1 attached hereto. 
  
 32. By execution and delivery of this Amendment No. 1 by Fannie Mae, Fannie
Mae hereby consents to the addition of the Four Additional Mortgaged Properties to the Fannie Mae Credit Facility as Additional Mortgaged Properties effective as of October 24, 2002 (the “Effective Date”). 
  
 33. In connection with the addition of the Four Additional Mortgaged
Properties to the Fannie Mae Credit Facility as Additional Mortgaged Properties, Borrower and Fannie Mae acknowledge and agree as follows in relation to such Additional Mortgaged Properties: 
  
 (a) The Facility Fee shall be as follows: 
  
 (i) Credit Enhancement Rate shall be 57 basis points per
annum. 
  
 (ii) Principal Reserve Fund Rate shall
be 15 basis points per annum. 
  
 (iii) Loan
Servicer’s Rate shall be 10 basis points. 
  
 (iv) Liquidity Rate shall be 12.5 basis points. 
  
 (v) Swap Credit Enhancement Rate shall be 13 basis points for the initial five-year Swap purchased in connection with the Additional Mortgaged Property known as The Anatole Apartments and the initial five-year Swap
purchased in connection with the Additional Mortgaged Property known as Township Apartments and otherwise to be determined at the time of the purchase of a Swap. 
  

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 (vi) Standby Fee shall be 15 basis points on any unused capacity of the Fannie Mae Credit
Facility and/or the Fannie Mae Credit Facility expansion capacity. 
  
 (vii) Substitution Fee shall be 65 basis points. 
  
 (viii) Collateral Addition Fee shall be 75 basis points. 
  
 (ix) Release Fee shall be $15,000 per Collateral Release Property. 
  
 (b) The Strike Rate shall be 5%. 
  
 (c) The Hedge Rate shall be 6%. 
  
 (d) The Underwriting Rate shall be 6.258%. 
  
 34. The Cash Management Agreement is hereby terminated and all references in
the Agreement to the Cash Management Agreement, Central Account and Cash Collateral are hereby deleted. 
  
 35. This Amendment No. 1 shall be construed, interpreted and enforced in accordance with, and the rights and remedies of the parties hereto shall be
governed pursuant to, the provisions of Section 9.3 of the Master Reimbursement Agreement (entitled “Governing Law; Choice of Law; Consent to Jurisdiction; Waivers of Jury Trial”), which provisions are hereby incorporated into this
Amendment No. 1 by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
  
 36. The Borrower and Fannie Mae acknowledge and agree that the Additional Mortgaged Property known as Post House Jackson Apartments does not meet the
Coverage and LTV Tests as set forth in Section 5.3 of the Master Reimbursement Agreement and Fannie Mae is waiving the requirement of the Coverage and LTV Tests. 
  
 37. Except as herein expressly modified or amended, all terms and covenants, and provisions of the Master Reimbursement
Agreement are hereby ratified and confirmed by the Borrower and Fannie Mae and remain in full force and effect. 
  
 38. The Borrower represents and warrants to Fannie Mae as follows: 
  
 (a) All representations and warranties set forth in the Master Reimbursement Agreement are true and correct
as of October 24, 2002. 
  
 (b) There exists no
Event of Default or Potential Event of Default as of October 24, 2002. 
  
 39. This Amendment No. 1 may be executed in any number of counterparts, each of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for
the same effect as if all parties hereto had signed the same signature page. 
  
 [The Remainder of This Page Has Been Intentionally Left Blank.] 
  

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 IN WITNESS WHEREOF, the parties hereto have duly signed, sealed, and delivered this Amendment No. 1
effective as of the date on which this Amendment No. 1 shall have been fully executed by Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. as indicated by the date appearing below. 
  

					
	 MID-AMERICA APARTMENTS, L.P.
 a Tennessee limited partnership

		
	By:	 	Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner
			
	 	 	 By:
	 	 /s/    SIMON R.C. WADSWORTH

	 	 	 	 	 Simon R. C. Wadsworth

	 	 	 	 	 Executive Vice President

	
	 Date: October 24, 2002

  
  

					
	 MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation

		
	By:	 	 /s/    SIMON R.C. WADSWORTH

  

	 	 	 Simon R. C. Wadsworth
 Executive Vice President

	
	 Date: October 24, 2002

  

 S-1 
 Amendment No. 1 to Master Reimbursement Agreement 
 Mid-America Apartments 

					
	FANNIE MAE
		
	 By:
	 	 /s/    BARBARA ANN
FROUMAN

	 	 	 Name:
	 	 Barbara Ann Frouman

	 	 	 Title:
	 	 Vice President

	
	 Date: October 24, 2002

  

 S-2 
 Amendment No. 1 to Master Reimbursement Agreement 
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 SCHEDULE 2 
  

BONDS, ISSUERS AND MORTGAGED PROPERTIES 
  

					
	 Bonds

	  	 Issuer

	  	 Mortgaged Property

	$5,880,000 City of Flowood, Mississippi Variable Rate Multi-Family Housing Refunding Revenue Bonds, Series 2001 (Reflection Pointe Apartments Project)	  	City of Flowood, Mississippi	  	Reflection Pointe Apartments
			
	$7,735,000 South Carolina State Housing Finance and Development Authority Multifamily Rental Housing Revenue Refunding Bonds (Fairway Apartments Project), Series 2001 A	  	South Carolina State Housing Finance and Development Authority	  	Fairways Apartments
			
	$3,375,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2001 (Post House North Apartments)	  	The Health, Educational and Housing Facility Board of the City of Jackson	  	Post House North Apartments
			
	$7,000,000 Housing Finance Authority of Volusia County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (The Anatole Apartments)	  	Housing Finance Authority of Volusia County, Florida	  	The Anatole Apartments
			
	$5,095,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2002 (Post House Jackson Apartments)	  	The Health, Educational and Housing Facility Board of the City of Jackson	  	Post House Jackson Apartments
			
	$6,805,000 Housing Finance Authority of Marion County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (Paddock Park Apartments)	  	Housing Finance Authority of Marion County, Florida	  	Paddock Park Apartments I
			
	$10,800,000 Hampton Redevelopment and Housing Authority Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Township Apartments Project) Series 1998	  	Hampton Redevelopment and Housing Authority	  	Township Apartments

  

 Schedule 2-1 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 3 
  

FEE COMPONENT AND ONGOING FEES 
  

							
	 I. INITIAL MORTGAGED PROPERTIES
 (Fairways Apartments, Post House North Apartments, and Reflection Pointe Apartments)

				
	 TYPE OF FEE1

	  	 FEE

	  	 DOCUMENT
 REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	(i) 0.25% of the principal amount of the Bonds Outstanding or (ii) $8,400	  	See definition of Issuer’s Fee in Indenture	  	Annually in monthly installments in advance
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	3.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually

	1	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the three Initial Mortgaged Properties. 

  

 Schedule 3-1 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	6.2 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	4.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears on each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500 per year	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 3.3(1) of Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 3.3(1)(a) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 3.3(1)(b) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-2 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (e)    Swap Credit Enhancement Rate
	  	5 basis points for each initial Swap purchased in connection with the Initial Mortgaged Properties and otherwise to be determined at the time of the purchase of a Swap	  	See Section 3.3(1)(e) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

							
	 II. ADDITIONAL MORTGAGED PROPERTIES
 (The Anatole Apartments, Paddock Park Apartments I, Post House Jackson
 Apartments, and
Township Apartments)

				
	 TYPE OF FEE2

	  	 FEE

	  	 DOCUMENT
 REFERENCE

	  	 TIMING

				
	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	0.10% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each January 15, commencing January 15, 2003
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	None	  	Not applicable	  	Not applicable

	2	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the three Initial Mortgaged Properties. 

  

 Schedule 3-3 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	0.20% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each October 1 commencing October 1, 2003,
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	None	  	Not applicable	  	Not applicable

  

 Schedule 3-4 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-5 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	13 basis points for the five-year Swap purchased in connection with the Additional Mortgaged Property known as The Anatole Apartments and the five-year Swap purchased in connection with the
Additional Mortgaged Property known as Township Apartments and otherwise to be determined at the time of the purchase of a Swap	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-6 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 4 
 MORTGAGED PROPERTIES 
  
 INITIAL MORTGAGED PROPERTIES: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	Fairways Apartments	  	Columbia, South Carolina
	Post House North Apartments	  	Jackson, Tennessee
	Reflection Pointe Apartments	  	Flowood, Mississippi
	Poplar Trace Apartments	  	Jackson, Tennessee

  
 ADDITIONAL MORTGAGED PROPERTIES: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	The Anatole Apartments	  	Daytona Beach, Florida
	Post House Jackson Apartments	  	Jackson, Tennessee
	Paddock Park Apartments I	  	Ocala, Florida
	Township Apartments	  	Hampton, Virginia

  
 SUBSTITUTED MORTGAGED PROPERTIES: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	None	  	 

  

 Schedule 4-1 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 5 
  

TERMINATION FEE 
  
 Any Termination Fee payable under Section 3.3(4) of the Master Reimbursement Agreement shall be equal to the following percentage of the unpaid principal
balance of each Loan being prepaid as indicated below, or, in the case of a substitution of an Alternate Credit Facility for the Credit Enhancement Instrument, the unpaid principal balance of each Loan: 
  

			
	 Fairways (Loan Originated June 15, 2001)
	  	 
	 First Loan Year
	  	5.904%
	 Second Loan Year
	  	5.479%
	 Third Loan Year
	  	5.024%
	 Fourth Loan Year
	  	4.536%
	 Fifth Loan Year
	  	4.014%
	 Sixth Loan Year
	  	3.454%
	 Seventh Loan Year
	  	2.855%
	 Eighth Loan Year
	  	2.213%
	 Ninth Loan Year
	  	1.525%
	 Tenth Loan Year
	  	0.789%
		
	 Post House North (Loan Originated June 15, 2001)
	  	 
	 First Loan Year
	  	5.965%
	 Second Loan Year
	  	5.531%
	 Third Loan Year
	  	5.067%
	 Fourth Loan Year
	  	4.571%
	 Fifth Loan Year
	  	4.041%
	 Sixth Loan Year
	  	3.475%
	 Seventh Loan Year
	  	2.869%
	 Eighth Loan Year
	  	2.222%
	 Ninth Loan Year
	  	1.530%
	 Tenth Loan Year
	  	0.791%
		
	 Reflection Pointe (Loan Originated June 15, 2001)
	  	 
	 First Loan Year
	  	5.970%
	 Second Loan Year
	  	5.535%
	 Third Loan Year
	  	5.071%
	 Fourth Loan Year
	  	4.574%
	 Fifth Loan Year
	  	4.044%
	 Sixth Loan Year
	  	3.476%
	 Seventh Loan Year
	  	2.870%
	 Eighth Loan Year
	  	2.223%
	 Ninth Loan Year
	  	1.530%
	 Tenth Loan Year
	  	0.791%

  

 Schedule 5-1 
 Master Reimbursement Agreement 
 Mid-America Apartments 

			
	 The Anatole (Loan Originated October 24, 2002)
	  	 
	 First Loan Year
	  	6.700%
	 Second Loan Year
	  	6.200%
	 Third Loan Year
	  	5.668%
	 Fourth Loan Year
	  	5.102%
	 Fifth Loan Year
	  	4.500%
	 Sixth Loan Year
	  	3.861%
	 Seventh Loan Year
	  	3.180%
	 Eighth Loan Year
	  	2.457%
	 Ninth Loan Year
	  	1.688%
	 Tenth Loan Year
	  	0.870%
		
	 Paddock Park (Loan Originated October 24, 2002)
	  	 
	 First Loan Year
	  	5.766%
	 Second Loan Year
	  	5.335%
	 Third Loan Year
	  	4.877%
	 Fourth Loan Year
	  	4.389%
	 Fifth Loan Year
	  	3.871%
	 Sixth Loan Year
	  	3.321%
	 Seventh Loan Year
	  	2.735%
	 Eighth Loan Year
	  	2.113%
	 Ninth Loan Year
	  	1.451%
	 Tenth Loan Year
	  	0.748%
		
	 Post House Jackson (Loan Originated October 24, 2002)
	  	 
	 First Loan Year
	  	5.815%
	 Second Loan Year
	  	5.377%
	 Third Loan Year
	  	4.911%
	 Fourth Loan Year
	  	4.417%
	 Fifth Loan Year
	  	3.893%
	 Sixth Loan Year
	  	3.337%
	 Seventh Loan Year
	  	2.747%
	 Eighth Loan Year
	  	2.120%
	 Ninth Loan Year
	  	1.455%
	 Tenth Loan Year
	  	0.749%

  

 Schedule 5-2 
 Master Reimbursement Agreement 
 Mid-America Apartments 

			
	 Township (Loan Originated October 24, 2002)
	  	 
	 First Loan Year
	  	6.734%
	 Second Loan Year
	  	6.228%
	 Third Loan Year
	  	5.691%
	 Fourth Loan Year
	  	5.121%
	 Fifth Loan Year
	  	4.515%
	 Sixth Loan Year
	  	3.872%
	 Seventh Loan Year
	  	3.188%
	 Eighth Loan Year
	  	2.462%
	 Ninth Loan Year
	  	1.690%
	 Tenth Loan Year
	  	0.871%

  
 SEE PARAGRAPH 11 OF THE NOTE FOR ALL
TERMS AND CONDITIONS APPLICABLE TO PREPAYMENT OF THE LOAN. The Borrower may not have the right to prepay the Loan during certain periods. The Borrower may be required to pay more than the principal amount being prepaid, accrued interest and the
Termination Fee. Special timing considerations may also apply. 
  
 Each Loan Year
is a 12 month period ending on the day before an anniversary date of the Loan. 
  

 Schedule 5-3 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 9 
  

SCHEDULE OF DEPOSITS TO EACH PRINCIPAL RESERVE FUND 
  
 See attached schedules. 
  

 Schedule 9-1 
 Master Reimbursement Agreement 
 Mid-America ApartmentsAmendment No. 2 to Master Reimbursement Agreement

 Exhibit 10.19 
  
 AMENDMENT NO. 2 TO MASTER REIMBURSEMENT AGREEMENT 
  
 THIS AMENDMENT NO. 2 TO MASTER REIMBURSEMENT AGREEMENT (this “Amendment No. 2”) amends that certain Master
Reimbursement Agreement made and entered into as of June 1, 2001, by and among Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia, L.P. (as amended, the “Master Reimbursement Agreement”) and is made and entered into on May 30,
2003 by and among Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Master Reimbursement Agreement. 

 
 RECITALS 
  
 WHEREAS, Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia, L.P.
executed and delivered the Master Reimbursement Agreement; 
  
 WHEREAS, Fairways-Columbia, L.P. merged into Mid-America Apartments, L.P. and Mid-America Apartments, L.P. assumed all obligations of Fairways-Columbia, L.P. under the Master Reimbursement Agreement and other related documents; 

 
 WHEREAS, Mid-America Apartment Communities, Inc. owns the Mortgaged
Property known as The Anatole Apartments, which Mortgaged Property was added to the Collateral Pool pursuant to that certain Amendment No. 1 to Master Reimbursement Agreement, dated October 24, 2002 (“Amendment No. 1”), made and entered
into by Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc.; 
  
 WHEREAS, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. have requested and Fannie Mae has agreed to add two Additional Mortgaged Properties to the Collateral Pool; 
  
 WHEREAS, Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment
Communities, Inc. desire to amend the Master Reimbursement Agreement to change certain provisions and to add the following two Additional Mortgaged Properties to the Collateral Pool: (a) Westbury Creek in Augusta, Georgia and (b) Windridge in
Chattanooga, Tennessee (the “Two Additional Mortgaged Properties”); 
  
 WHEREAS, Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. intend these Recitals to be a material part of this Amendment No. 2. 
  
 NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00), the mutual
covenants and agreements set forth herein, and other good and valuable consideration, all of 

  

 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
which each party agrees constitutes sufficient consideration received at and before the execution hereof, the parties agree as follows: 
  
 AGREEMENTS 
  
 1. Section 1.2 is hereby amended by adding the following defined terms:

  
 “Debt Service” means, at any time,
the scheduled debt service for any Loan for the applicable period, assuming that the scheduled debt service on such Loan is equal to interest at the applicable Underwriting Rate plus principal payments required to be made to the applicable principal
reserve fund relating to such Loan; provided, however, if the interest rate on any Note has been converted to a Fixed Rate, then the assumed scheduled debt service for such Loan shall be equal to interest at such actual Fixed Rate with
respect to such Loan plus the Fee Component plus principal payments and all payments required to be made to each of the principal reserve funds relating to such Loan. 
  
 “Debt Service Coverage Ratio” means the ratio of Net Operating Income for any Mortgaged Property
for the applicable period to Debt Service for such Mortgaged Property. 
  
 “Four Additional Mortgaged Properties” means: (a) The Anatole Apartments in Daytona Beach, Florida; (b) Paddock Park Apartments I in Ocala, Florida; (c) Post House Jackson Apartments in Jackson, Tennessee;
and (d) Township Apartments in Hampton Virginia. 
  
 “LIBOR” means the London interbank offered rate for one month U.S. dollar deposits, as such rate is reported on Telerate Page 3750 as of 11:00 a.m., London time, on the date that is two London banking days preceding the
calculation date, i.e., “USD LIBOR BBA,” and if not reported on Telerate Page 3750, on the Reuters Screen ISDA Page as of 11:00 a.m., London time, on the day that is two London banking days preceding the calculation date, i.e., “USD
LIBOR ISDA.” 
  
 “Taxable Bonds”
means any series of Bonds paying interest that is not excludable from gross income for federal income tax purposes. 
  
 “Tax-Exempt Bonds” means any series of Bonds paying interest that is excludable from gross income for federal income tax
purposes. 
  
 “Two Additional Mortgaged
Properties” means: (a) Westbury Creek in Augusta, Georgia; and (b) Windridge in Chattanooga, Tennessee.” 
  

 2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 2. Section 1.2 is hereby amended by deleting the definition of “Underwriting Rate” in its
entirety and replacing such definition with the following definition: 
  
 “Underwriting Rate” means 6.9861% for the Mortgaged Property known as Fairways Apartments, 6.9861% for the Mortgaged Property known as Post House North Apartments, 6.9861% for the Mortgaged Property known as
Reflection Pointe Apartments, 6.258% for each of the Four Additional Mortgaged Properties, 6.22% for the Mortgaged Property known as Westbury Creek Apartments and 6.1746% for the Mortgaged Property known as Windridge Apartments. 
  
 3. The additional provision added to Section 3.13(1) pursuant to Amendment
No. 1 is hereby amended by deleting such provision in its entirety and replacing it with the following: 
  
 “Notwithstanding that the obligations under each Note and Bond Mortgage relating to the Four Additional Mortgaged Properties and Two
Additional Properties are not generally personal obligations of the Borrower and notwithstanding that Fannie Mae is a holder of such Notes, each Borrower agrees and acknowledges that the intent of the parties to this Agreement is that each Borrower
is and shall remain, except as provided in Section 3.13(2), jointly and severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this Agreement. Consequently, in the event that Fannie Mae
becomes the sole holder of such Notes and Bond Mortgages, by its rights of subrogation or otherwise, any amounts owing to Fannie Mae under such Notes or Bond Mortgages shall be joint and several personal obligations of each Borrower. In addition, it
is the intent of the parties that the non-recourse liability of the Borrowers under such Notes shall not in any manner or under any circumstances be interpreted or understood to contradict, undermine, negate or nullify that each Borrower is and
shall remain, except as provided in Section 3.13(2), jointly and severally personally liable to Fannie Mae for the payment and performance of all Obligations throughout the term of this Agreement.” 
  
 4. Section 5.3(c) is hereby amended by deleting such Section in its entirety
and replacing it with the following: 
  
 “(c) Reserved;” 
  
 5. Section 6.4(c)(v) is
hereby amended by deleting such Section in its entirety and replacing it with the following: 
  
 “(v) Reserved;” 
  
 6. A new Section 6.6 is hereby added to Article VI: 
  
 “6.6 Requirements Upon Expiration of Existing Credit Enhancement Instruments. Except as otherwise waived in writing by Fannie
Mae in its sole discretion, as of May 20, 2031: 
  
 (a) The Loan Servicer must determine that each Mortgaged Property remaining in the Collateral Pool must have a Debt Service Coverage Ratio for the 

  

 3 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
Trailing 12 Month Period of not less than 145% and a Loan to Value Ratio of not more than 70%; and 
  
 (b) The Borrower must certify that there shall exist no
Default or Event of Default.” 
  
 7. Section 7.2(1) is hereby
amended by deleting such Section in its entirety and replacing it with the following: 
  
 “7.2(1) Cap or Swap Payment Terms. Under each Cap arrangement for Tax-Exempt Bonds, the Counterparty shall pay a floating
amount, computed in accordance with the Hedge Documents, to the extent that the Bond Market Association Municipal Swap Index (as defined below) exceeds the Hedge Rate, in each case based on the notional amount of the Cap. Under each Cap arrangement
for Taxable Bonds, the Counterparty shall pay a floating amount, computed in accordance with the Hedge Documents, to the extent that LIBOR (as defined in Section 1.2) exceeds the Hedge Rate, in each case based on the notional amount of the Cap.
Under each Swap arrangement for Tax-Exempt Bonds, the Counterparty shall pay a floating rate computed in accordance with the Hedge Documents based on the Bond Market Association Municipal Swap Index and the Borrower shall pay a fixed rate to the
Counterparty equal to or less than the Strike Rate, in each case based on the notional amount of the Swap. Under each Swap arrangement for Taxable Bonds, the Counterparty shall pay a floating rate computed in accordance with the Hedge Documents
based on LIBOR and the Borrower shall pay a fixed rate to the Counterparty equal to or less than the Strike Rate, in each case based on the notional amount of the Swap. Each Hedge must provide for monthly settlement on the fifteenth (15th) day of each month. The Bond Market Association Municipal Swap Index is the rate determined on the basis of an index based
upon the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established by the Bond Market Association. With respect to Tax-Exempt Bonds, if the Bond
Market Association Municipal Swap Index is not published on any reset date under the Hedge, the Counterparty must determine an appropriate index as a substitute for the Bond Market Association Municipal Swap Index on each such reset date. The index
so determined shall provide a rate of interest that is equivalent to the prevailing rate of interest borne by bonds that are rated in the highest short-term rating category by Moody’s and S&P in respect of issuers of not less than five
“high grade” component issuers selected by the Counterparty which shall include, without limitation, issuers of general obligation bonds, and that are subject to tender by holders thereof for purchase on not more than seven (7) days notice
and the interest on which is (a) variable, determined on a weekly basis, (b) excludable from gross income for federal income tax purposes, and (c) not subject to a “minimum tax” or similar tax unless all tax-exempt bonds are subject to
such tax. With respect to Taxable Bonds, if LIBOR is no longer published, the Counterparty must determine an appropriate index as a substitute for LIBOR, which substitute index must be approved in writing by Fannie Mae. 

  

 4 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 
Each Counterparty must meet the minimum requirements for hedge counterparties set out in the DUS Guide and must be approved by Fannie Mae in advance in
writing. Each Hedge must be provided by a Counterparty, evidenced and secured by Hedge Documents and written on such terms and conditions as are acceptable to Fannie Mae. Before seeking bids for a Hedge, the Borrower shall obtain Fannie Mae’s
written approval of the potential Counterparties, the terms and conditions on which bids for the Hedge will be solicited and the Hedge Documents to be entered into.” 
  
 8. Section 8.1(c) is hereby amended by changing the language “and Section 2.5” in the third line to “,
Section 2.5 and Section 6.6.” 
  
 9. Schedules 2, 3, 4, 5 and
9 are hereby amended and restated in their entirety as set forth in Annex 1 attached hereto. 
  
 10. By execution and delivery of this Amendment No. 2 by Fannie Mae, Fannie Mae hereby consents to the addition of the Two Additional Mortgaged Properties to the Fannie Mae Credit Facility as Additional Mortgaged
Properties effective as of May 30, 2003 (the “Effective Date”). 
  
 11. In connection with the addition of the Two Additional Mortgaged Properties to the Fannie Mae Credit Facility as Additional Mortgaged Properties, Borrower and Fannie Mae acknowledge and agree as follows in relation
to such Additional Mortgaged Properties: 
  
 (a)
The Facility Fee shall be as follows: 
  
 (i)
Credit Enhancement Rate shall be 57 basis points per annum. 
  
 (ii) Principal Reserve Fund Rate shall be 15 basis points per annum. 
  
 (iii) Loan Servicer’s Rate shall be 10 basis points. 
  
 (iv) Liquidity Rate shall be 12.5 basis points. 
  
 (v) Swap Credit Enhancement Rate shall be 13 basis points
for the initial five-year Swap purchased in connection with the Additional Mortgaged Property known as Windridge Apartments and the initial five-year Swap purchased in connection with the Additional Mortgaged Property known as Westbury Creek
Apartments and otherwise to be determined at the time of the purchase of a Swap. 
  
 (b) Standby Fee shall be 15 basis points on any unused capacity of the Fannie Mae Credit Facility and/or the Fannie Mae Credit Facility
expansion capacity. 
  
 (c) Substitution Fee
shall be 75 basis points. 
  
 (d) Collateral
Addition Fee shall be 75 basis points. 
  
 (e)
Release Fee shall be $15,000 per Collateral Release Property. 
  
 (f) The Strike Rate shall be 5% for the Tax-Exempt Bonds. No Hedge shall be required for the Taxable Bonds. 
  

 5 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 (g) The Hedge Rate shall be 6% for the Tax-Exempt Bonds. 
  
 (h) The Underwriting Rate shall be 6.2025% for the Mortgaged
Property known as Westbury Creek Apartments and 6.1651% for the Mortgaged Property known as Windridge Apartments. 
  
 12. This Amendment No. 2 shall be construed, interpreted and enforced in accordance with, and the rights and remedies of the parties hereto shall be
governed pursuant to, the provisions of Section 9.3 of the Master Reimbursement Agreement (entitled “Governing Law; Choice of Law; Consent to Jurisdiction; Waivers of Jury Trial”), which provisions are hereby incorporated into this
Amendment No. 2 by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein. 
  
 13. Except as herein expressly modified or amended, all terms and covenants, and provisions of the Master Reimbursement Agreement are hereby ratified and
confirmed by the Borrower and Fannie Mae and remain in full force and effect. 
  
 14. The Borrower represents and warrants to Fannie Mae as follows: 
  
 (a) All representations and warranties set forth in the Master Reimbursement Agreement are true and correct as of May 30, 2003.

  
 (b) There exists no Event of Default or
Potential Event of Default as of May 30, 2003. 
  
 (c) The statements and information contained in the letter dated May 2nd, 2003 from Mid-America Apartments, L.P. to David Dubrow, Esq., relating to the Windridge Apartments, Chattanooga, Tennessee, a copy of which is annexed hereto as
Exhibit A, are true and correct. The rezoning application referred to therein (the “Re-zoning Application”) was filed with the City of Chattanooga, Tennessee (the “City of Chattanooga”) on April 22, 2003. Upon approval of
such Re-Zoning Application, the present use of the Mortgaged Property will comply with the zoning ordinance of the City of Chattanooga. 
  
 15. The Borrower shall promptly and diligently take all steps necessary to obtain the approval by the City of Chattanooga of the Re-Zoning Application.
The Borrower shall provide Fannie Mae (i) a copy of such Re-Zoning Application, as filed, (ii) copies of all correspondence with the City of Chattanooga relating to such Re-Zoning Application and (iii) not later than December 1, 2003, evidence of
the approval by the City of Chattanooga of such Re-Zoning Application. The failure by Borrower to comply with its agreements set forth in this Section shall constitute an Event of Default under the Master Reimbursement Agreement. 
  
 16. This Amendment No. 2 may be executed in any number of counterparts, each
of which shall be effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to be one and the same instrument, for the same effect as if all parties hereto had signed the same signature page.

  
 [The Remainder of This Page Has Been Intentionally Left
Blank.] 
  

 6 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 IN WITNESS WHEREOF, the parties hereto have duly signed, sealed, and delivered this Amendment No. 2
effective as of the date on which this Amendment No. 2 shall have been fully executed by Fannie Mae, Mid-America Apartments, L.P. and Mid-America Apartment Communities, Inc. as indicated by the date appearing below. 
  

					
	 MID-AMERICA APARTMENTS, L.P.
 a
Tennessee limited partnership

			
	By:	 	 	 	Mid-America Apartment Communities, Inc., a Tennessee corporation, its sole General Partner
			
	 	 	By:	 	 /s/    SIMON R. C. WADSWORTH

	 	 	 	 	 Simon R. C. Wadsworth

	 	 	 	 	 Executive Vice President

	
	 Date: May 30, 2003

  

					
	MID-AMERICA APARTMENT COMMUNITIES, INC., a Tennessee corporation
		
	 By:
	 	 /s/    SIMON R. C. WADSWORTH

	 	 	 Simon R. C. Wadsworth

	 	 	 Executive Vice President

	
	 Date: May 30, 2003

  

 S-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

			
	FANNIE MAE
		
	By:	 	/s/    JOHN BRINKER
	 	 	

	 	 	 Name: John Brinker

	 	 	 Title: Vice President

	
	 Date: May 30, 2003

  

 S-2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 EXHIBIT A 
  

 A-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 2 
  

BONDS, ISSUERS AND MORTGAGED PROPERTIES 
  

					
	 Bonds

	  	 Issuer

	  	 Mortgaged Property

	$5,880,000 City of Flowood, Mississippi Variable Rate Multi -Family Housing Refunding Revenue Bonds, Series 2001 (Reflection Pointe Apartments Project)	  	City of Flowood, Mississippi	  	Reflection Pointe Apartments
			
	$7,735,000 South Carolina State Housing Finance and Development Authority Multifamily Rental Housing Revenue Refunding Bonds (Fairway Apartments Project), Series 2001 A	  	South Carolina State Housing
Finance and Development
Authority	  	Fairways Apartments
			
	$3,375,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2001 (Post House North Apartments)	  	The Health, Educational and
Housing Facility Board of the
City of Jackson	  	Post House North Apartments
			
	$7,000,000 Housing Finance Authority of Volusia County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (The Anatole Apartments)	  	Housing Finance Authority of
Volusia County, Florida	  	The Anatole Apartments
			
	$5,095,000 The Health, Educational and Housing Facility Board of the City of Jackson Multifamily Housing Revenue Refunding Bonds, Series 2002 (Post House Jackson Apartments)	  	The Health, Educational and
Housing Facility Board of the
City of Jackson	  	Post House Jackson Apartments
			
	$6,805,000 Housing Finance Authority of Marion County, Florida Multifamily Housing Revenue Refunding Bonds, Series 2002 (Paddock Park Apartments)	  	Housing Finance Authority of
Marion County, Florida	  	Paddock Park Apartments I
			
	$10,800,000 Hampton Redevelopment and Housing Authority Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Township Apartments Project) Series 1998	  	Hampton Redevelopment and
Housing Authority	  	Township Apartments

  

 Schedule 2-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

					
	$2,980,000 The Housing Authority of the City of Augusta, Georgia Variable Rate Demand Multifamily Housing Revenue Refunding Bonds, Series 2003A (Westbury Creek Apartments) and $500,000 Taxable
Variable Rate Demand Multifamily Housing Revenue Bonds, Series 2003B (Westbury Creek Apartments)	  	The Housing Authority of the
City of Augusta, Georgia	  	Westbury Creek Apartments
			
	$4,965,000 The Health, Educational and Housing Facility Board of the City of Chattanooga, Tennessee Multifamily Housing Revenue Refunding Bonds, Series 2003A (Windridge Apartments) and $500,000
Taxable Multifamily Housing Revenue Refunding Bonds, Series 2003B (Windridge Apartments)	  	The Health, Educational and
Housing Facility Board of the
City of Chattanooga, Tennessee	  	Windridge Apartments

  

 Schedule 2-2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 3 
  

FEE COMPONENT AND ONGOING FEES 
  

							
	 I. INITIAL MORTGAGED PROPERTIES
 (Fairways Apartments, Post House North Apartments, and Reflection Pointe Apartments)

				
	 TYPE OF FEE1

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	(i) 0.25% of the principal amount of the Bonds Outstanding or (ii) $8,400	  	See definition of Issuer’s Fee in Indenture	  	Annually in monthly installments in advance
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    South Carolina State Housing Finance and Development Authority (Fairways Apartments)
	  	3.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually

	1	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the three Initial Mortgaged Properties. 

  

 Schedule 3-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House North
Apartments)
	  	6.2 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 (c)    City of Flowood, Mississippi (Reflection Pointe Apartments)
	  	4.3 basis points	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears on each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500 per year	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 3.3(1) of Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 3.3(1)(a) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 3.3(1)(b) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 3.3(1)(d) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	5 basis points for each initial Swap purchased in connection with the Initial Mortgaged Properties and otherwise to be determined at the time of the purchase of a
Swap	  	See Section 3.3(1)(e) of Master Reimbursement Agreement	  	Payable prior to the 15th of each month
	
	 II. ADDITIONAL MORTGAGED PROPERTIES
 (October 24, 2002 Closing)
 (The Anatole Apartments, Paddock Park Apartments I, Post
House Jackson
Apartments, and Township Apartments)

				
	 TYPE OF FEE2

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	0.10% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each January 15, commencing January 15, 2003
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	None	  	Not applicable	  	Not applicable

	2	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for each of the three Initial Mortgaged Properties. 

 

 Schedule 3-3 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	0.20% of the principal amount of the Bonds Outstanding	  	See definition of Issuer’s Fee in Indenture	  	Annually in arrears on each October 1 commencing October 1, 2003,
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    Housing Finance Authority of Volusia County, Florida (The Anatole Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Jackson (Post House Jackson
Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (c)    Housing Finance Authority of Marion County, Florida (Paddock Park Apartments I)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 (d)    Hampton Redevelopment and Housing Authority (Township Apartments)
	  	$3,500	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each April 15 and October 15
				
	 3.      REMARKETING AGENT FEE
	  	12.5 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually

  

 Schedule 3-4 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 5.      FACILITY FEE
	  	 	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	13 basis points for the five-year Swap purchased in connection with the Additional Mortgaged Property known as The Anatole Apartments and the five year Swap purchased in
connection with the Additional Mortgaged Property known as Township Apartments and otherwise to be determined at the time of the purchase of a Swap	  	See Section 33 of Amendment No. 1 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-5 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 III. ADDITIONAL MORTGAGED PROPERTIES
 (May 30, 2003 Closing)
 (Westbury Creek Apartments and Windridge)
  

	 TYPE OF FEE3

	  	 FEE

	  	 DOCUMENT
REFERENCE

	  	 TIMING

	 1.      ISSUER FEE
	  	 	  	 	  	 
				
	 (a)    The Housing Authority of the City of Augusta, Georgia (The Westbury Creek Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 (b)    The Health, Educational and Housing Facility Board of the City of Chattanooga, Tennessee (Windridge
Apartments)
	  	None	  	Not applicable	  	Not applicable
				
	 2.      TRUSTEE FEE
	  	 	  	 	  	 
				
	 (a)    The Housing Authority of the City of Augusta, Georgia (The Westbury Creek Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15

	3	With the exception of the Issuer Fee and Trustee Fee, all indicated fees are the same for
each of the three Initial Mortgaged Properties. 

  

 Schedule 3-6 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (b)    The Health Educational and Housing Facility Board of the City of Chattanooga, Tennessee (Windridge
Apartments)
	  	$4,000	  	See definition of Trustee’s Annual Fee in Indenture	  	Semi-annually payable in advance on each May 15 and November 15
				
	 3.      REMARKETING AGENT FEE
	  	12 basis points	  	See Section 7 of the Remarketing Agreement	  	Annually, payable quarterly in arrears in each March 1, June 1, September 1 and December 1
				
	 4.      REBATE ANALYST FEE
	  	$500	  	See Section 2.5 of the Financing Agreement	  	Annually
				
	 5.      FACILITY FEE
	  	 	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	 
				
	 (a)    Credit Enhancement Rate
	  	57 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (b)    Principal Reserve Fund Rate
	  	15 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (c)    Loan Servicer’s Rate
	  	10 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-7 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

							
	 (d)    Liquidity Rate
	  	12.5 basis points	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month
				
	 (e)    Swap Credit Enhancement Rate
	  	13 basis points for the five-year Swap purchased in connection with the Additional Mortgaged Property known as Windridge Apartments and the five year Swap purchased in connection with the
Additional Mortgaged Property known as Westbury Creek and otherwise to be determined at the time of the purchase of a Swap	  	See Section 11 of Amendment No. 2 to Master Reimbursement Agreement	  	Payable prior to the 15th of each month

  

 Schedule 3-8 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 4 
 MORTGAGED PROPERTIES 
  
 INITIAL MORTGAGED
PROPERTIES: 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	 Fairways Apartments
	  	Columbia, South Carolina
	 Post House North Apartments
	  	Jackson, Tennessee
	 Reflection Pointe Apartments
	  	Flowood, Mississippi
	 Poplar Trace Apartments
	  	Jackson, Tennessee

  
 ADDITIONAL MORTGAGED PROPERTIES
(October 24, 2002 Closing): 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	 The Anatole Apartments
	  	Daytona Beach, Florida
	 Post House Jackson Apartments
	  	Jackson, Tennessee
	 Paddock Park Apartments I
	  	Ocala, Florida
	 Township Apartments
	  	Hampton, Virginia

  
 ADDITIONAL MORTGAGED PROPERTIES (May
30, 2003 Closing): 
  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	 Westbury Creek Apartments
	  	Augusta, Georgia
	 Windridge Apartments
	  	Chattanooga, Tennessee

  
 SUBSTITUTED MORTGAGED PROPERTIES:

  

			
	 PROPERTY NAME

	  	 PROPERTY ADDRESS

	 None
	  	 

  

 Schedule 4-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 5 
  

TERMINATION FEE 
  
 Any Termination Fee payable under Section 3.3(4) of the Master Reimbursement Agreement shall be equal to the following percentage of the unpaid principal
balance of each Loan being prepaid as indicated below, or, in the case of a substitution of an Alternate Credit Facility for the Credit Enhancement Instrument, the unpaid principal balance of each Loan: 
  

				
	 Fairways (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.904	%
	 Second Loan Year
	  	5.479	%
	 Third Loan Year
	  	5.024	%
	 Fourth Loan Year
	  	4.536	%
	 Fifth Loan Year
	  	4.014	%
	 Sixth Loan Year
	  	3.454	%
	 Seventh Loan Year
	  	2.855	%
	 Eighth Loan Year
	  	2.213	%
	 Ninth Loan Year
	  	1.525	%
	 Tenth Loan Year
	  	0.789	%
		
	 Post House North (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.965	%
	 Second Loan Year
	  	5.531	%
	 Third Loan Year
	  	5.067	%
	 Fourth Loan Year
	  	4.571	%
	 Fifth Loan Year
	  	4.041	%
	 Sixth Loan Year
	  	3.475	%
	 Seventh Loan Year
	  	2.869	%
	 Eighth Loan Year
	  	2.222	%
	 Ninth Loan Year
	  	1.530	%
	 Tenth Loan Year
	  	0.791	%
		
	 Reflection Pointe (Loan Originated June 15, 2001)
	  	 	 
	 First Loan Year
	  	5.970	%
	 Second Loan Year
	  	5.535	%
	 Third Loan Year
	  	5.071	%
	 Fourth Loan Year
	  	4.574	%
	 Fifth Loan Year
	  	4.044	%
	 Sixth Loan Year
	  	3.476	%
	 Seventh Loan Year
	  	2.870	%
	 Eighth Loan Year
	  	2.223	%
	 Ninth Loan Year
	  	1.530	%
	 Tenth Loan Year
	  	0.791	%

  

 Schedule 5-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

				
	 The Anatole (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	6.700	%
	 Second Loan Year
	  	6.200	%
	 Third Loan Year
	  	5.668	%
	 Fourth Loan Year
	  	5.102	%
	 Fifth Loan Year
	  	4.500	%
	 Sixth Loan Year
	  	3.861	%
	 Seventh Loan Year
	  	3.180	%
	 Eighth Loan Year
	  	2.457	%
	 Ninth Loan Year
	  	1.688	%
	 Tenth Loan Year
	  	0.870	%
		
	 Paddock Park (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	5.766	%
	 Second Loan Year
	  	5.335	%
	 Third Loan Year
	  	4.877	%
	 Fourth Loan Year
	  	4.389	%
	 Fifth Loan Year
	  	3.871	%
	 Sixth Loan Year
	  	3.321	%
	 Seventh Loan Year
	  	2.735	%
	 Eighth Loan Year
	  	2.113	%
	 Ninth Loan Year
	  	1.451	%
	 Tenth Loan Year
	  	0.748	%
		
	 Post House Jackson (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	5.815	%
	 Second Loan Year
	  	5.377	%
	 Third Loan Year
	  	4.911	%
	 Fourth Loan Year
	  	4.417	%
	 Fifth Loan Year
	  	3.893	%
	 Sixth Loan Year
	  	3.337	%
	 Seventh Loan Year
	  	2.747	%
	 Eighth Loan Year
	  	2.120	%
	 Ninth Loan Year
	  	1.455	%
	 Tenth Loan Year
	  	0.749	%
		
	 Township (Loan Originated October 24, 2002)
	  	 	 
	 First Loan Year
	  	6.734	%
	 Second Loan Year
	  	6.228	%
	 Third Loan Year
	  	5.691	%
	 Fourth Loan Year
	  	5.121	%
	 Fifth Loan Year
	  	4.515	%
	 Sixth Loan Year
	  	3.872	%
	 Seventh Loan Year
	  	3.188	%
	 Eighth Loan Year
	  	2.462	%
	 Ninth Loan Year
	  	1.690	%
	 Tenth Loan Year
	  	0.871	%

  

 Schedule 5-2 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

				
	 Westbury Creek (Loan Originated May 30, 2003)
	  	 	 
	 First Loan Year
	  	6.557	%
	 Second Loan Year
	  	6.068	%
	 Third Loan Year
	  	5.548	%
	 Fourth Loan Year
	  	4.994	%
	 Fifth Loan Year
	  	4.406	%
	 Sixth Loan Year
	  	3.780	%
	 Seventh Loan Year
	  	3.114	%
	 Eighth Loan Year
	  	2.406	%
	 Ninth Loan Year
	  	1.653	%
	 Tenth Loan Year
	  	0.852	%
		
	 Windridge (Loan Originated May 30, 2003)
	  	 	 
	 First Loan Year
	  	6.636	%
	 Second Loan Year
	  	6.139	%
	 Third Loan Year
	  	5.610	%
	 Fourth Loan Year
	  	5.049	%
	 Fifth Loan Year
	  	4.452	%
	 Sixth Loan Year
	  	3.818	%
	 Seventh Loan Year
	  	3.144	%
	 Eighth Loan Year
	  	2.429	%
	 Ninth Loan Year
	  	1.668	%
	 Tenth Loan Year
	  	0.859	%

  
 SEE PARAGRAPH 11 OF THE NOTE FOR ALL
TERMS AND CONDITIONS APPLICABLE TO PREPAYMENT OF THE LOAN. The Borrower may not have the right to prepay the Loan during certain periods. The Borrower may be required to pay more than the principal amount being prepaid, accrued interest and the
Termination Fee. Special timing considerations may also apply. 
  
 Each Loan Year
is a 12 month period ending on the day before an anniversary date of the Loan. 
  

 Schedule 5-3 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments 

 SCHEDULE 9 
  

SCHEDULE OF DEPOSITS TO EACH PRINCIPAL RESERVE FUND 
  
 See attached schedules. 
  

 Schedule 9-1 
 Amendment No. 2 to 
 Master Reimbursement Agreement 
 Mid-America Apartments

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