Document:

<Page>

                                                                   Exhibit 10.16

                              AMENDED AND RESTATED
                         DEFERRED COMPENSATION AGREEMENT

         THIS AMENDED AND RESTATED DEFERRED COMPENSATION AGREEMENT ("Restated
Agreement") dated as of January 21, 2002 between EQUITY RESIDENTIAL PROPERTIES
TRUST, a Maryland real estate investment trust ("ERPT"), and DOUGLAS CROCKER II,
a resident of Chicago, Illinois (the "Executive").

                                    RECITALS

         WHEREAS, ERPT and the Executive entered into a Deferred Compensation
Agreement dated January 18, 1996 as amended and restated July 1, 1999, as
amended by a First Amendment dated April 1, 2000, and as amended and restated
January 1, 2002 (the "Agreement"); and

         WHEREAS, the parties hereto desire to amend the Agreement by entering
into this Restated Agreement for deferred compensation to the Executive for
services by the Executive as President and Chief Executive Officer of ERPT, and
the Executive is willing to enter into this Restated Agreement on the terms and
conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the mutual promises and
considerations contained herein and for other good and valuable consideration,
the payment and adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

         1.       TERM. For the purposes of this Restated Agreement, the term of
the employment of the Executive shall begin on December 31, 1992 and shall
expire on the Termination Date (as defined below) (the "Term").

         2.       TERMINATION.

                  (a)      TERMINATION DATE. Unless extended by the mutual
         agreement of ERPT and the Executive, the Executive's employment shall
         end on the Termination Date. The "Termination Date" shall be the first
         to occur of: (i) the date of the Executive's resignation (whether or
         not for Good Reason (as defined below)), (ii) the date of the death or
         permanent disability or incapacity of the Executive, or (iii) the date
         ERPT terminates the Executive's employment (whether or not for Cause
         (as defined below)).

                  (b)      PERMANENT DISABILITY OR INCAPACITY. The Executive
         shall be considered to be permanently disabled or incapacitated if in
         the reasonable commercial judgment of the Board of Trustees of ERPT,
         the Executive becomes unable to satisfactorily perform his duties and
         responsibilities in the manner currently being performed during the
         Term hereof because of a mental or physical disability, or both, that
         continues or is reasonably expected to continue for a period of in
         excess of one hundred eighty (180) days. In the event the Executive
         does not agree with the Board of Trustee's determination of disability
         or incapacity, a determination shall be made by a panel of three
         doctors. The first shall be chosen by ERPT, the second shall be chosen
         by the Executive, and the third shall be chosen by the first two
         doctors. Any doctor selected by a party shall not be affiliated,
         associated or related to the party selecting the doctor in any manner
         whatsoever. The opinion of a majority of the panel of doctors shall be
         binding on the

<Page>

         parties hereto. Each party shall bear the costs of the doctor chosen by
         them and 1/2 of the costs of the third doctor.

                  (c)      CAUSE. For purposes of this Agreement, a termination
         of employment is for "Cause" if the Executive has been convicted of a
         felony involving fraud or dishonesty or the termination is evidenced by
         a resolution adopted in good faith by at least two-thirds of the Board
         of Trustees that the Executive: (i) intentionally and continually
         failed substantially to perform his reasonably assigned duties with the
         Company (other than a failure resulting from the Executive's incapacity
         due to physical or mental illness or from the Executive's assignment of
         duties that would constitute "Good Reason" as hereinafter defined)
         which failure continued for a period of at least thirty (30) days after
         a written notice of demand for substantial performance has been
         delivered to the Executive specifying the manner in which the Executive
         has failed substantially to perform or (ii) intentionally engaged in
         conduct which is demonstrably and materially injurious to the Company;
         PROVIDED, HOWEVER, that no termination of the Executive's employment
         shall be for Cause as set forth in clause (ii) above until (x) there
         shall have been delivered to the Executive a copy of a written notice
         setting forth that the Executive was guilty of the conduct set forth in
         clause (ii) and specifying the particulars thereof in detail and (y)
         the Executive shall have been provided an opportunity to be heard in
         person by the Board (with the assistance of the Executive's counsel if
         the Executive so desires). Neither an act nor a failure to act on the
         Executive's part shall be considered "intentional" unless the Executive
         has acted or failed to act with a lack of good faith and with a lack of
         reasonable belief that the Executive's action or failure to act was in
         the best interest of the Company.

                  (d)      GOOD REASON. For purposes of this Agreement, "Good
         Reason" shall mean the occurrence of any of the events or conditions
         described in subsections (i) through (vii) hereof:

                           (i)      a change in the Executive's status, position
                  or responsibilities (including reporting responsibilities)
                  which, in the Executive's reasonable judgment, represents a
                  substantial adverse change from his status, position or
                  responsibilities as in effect at any time within 180 days
                  preceding the date of a termination of employment; the
                  assignment to the Executive of any duties or responsibilities
                  which, in the Executive's reasonable judgment, are
                  inconsistent with his status, title, position or
                  responsibilities as in effect at any time within 180 days
                  preceding the date of a termination of employment; or any
                  removal of the Executive from or failure to reappoint or
                  reelect him to any of such offices or positions held prior to
                  the termination of employment, except in connection with the
                  termination of his employment for Disability, Cause, as a
                  result of his death or by the Executive other than for Good
                  Reason;

                           (ii)     a reduction in the Executive's base salary
                  or any failure to pay the Executive any compensation or
                  benefits to which he is entitled within thirty (30) days of
                  written notice thereof;

                           (iii)    the Company's requiring the Executive to be
                  based at any place outside a 30-mile radius from the
                  Executive's principal location of business prior to the
                  termination of employment, except for reasonably required
                  travel on the

<Page>

                  Company's business which is not materially greater than such
                  travel requirements prior to the termination of employment;

                           (iv)     the insolvency or the filing (by any party,
                  including the Company) of a petition for bankruptcy of the
                  Company, which petition is not dismissed within sixty (60)
                  days;

                           (v)      any material breach by the Company of any
                  provision of this Agreement;

                           (vi)     any purported termination of the Executive's
                  employment for Cause by the Company which does not comply with
                  the terms of Section 2(c); or

                           (vii)    in the event of the Executive's termination
                  of employment following a "Change in Control," the occurrence
                  of a "Good Reason" (as such terms are defined in the Change in
                  Control Agreement previously entered into by ERPT and the
                  Executive).

         3.       DEFERRED COMPENSATION.

                  (a)      TERMINATION WITHOUT CAUSE; RESIGNATION FOR GOOD
         REASON; RESIGNATION SUBSEQUENT TO 12/31/02. In the event that (i) the
         Executive's employment is terminated by ERPT without Cause, (ii) the
         Executive resigns for Good Reason, or (iii) the Executive resigns
         subsequent to December 31, 2002 (whether or not for Good Reason), the
         Executive shall be entitled to annual deferred compensation for a ten
         (10) year period commencing on the Termination Date in an annual amount
         equal to the product of ten (10) percentage points (0.10) MULTIPLIED BY
         a whole number equal to the lesser of: (i) ten (10); or (ii) the whole
         number equal to the number of years (including as a whole year any
         portion of a year in excess of nine (9) months) that the Executive was
         employed by ERPT since December 31, 1992 (which product shall in no
         event exceed 100%); MULTIPLIED BY the Annual Base Compensation (as
         defined below) for the calendar year in which the Termination Date
         occurs. Such annual compensation shall be payable in equal bi-monthly
         installments. In the event of the Executive's death during the ten (10)
         year period in which he is paid annual deferred compensation, such
         annual deferred compensation shall then be paid to the estate or any
         other designee of the Executive.

                  (b)      DEATH, PERMANENT DISABILITY OR INCAPACITY. In the
         event that the Executive's employment is terminated as a result of his
         death, permanent disability or incapacity, the Executive (or the estate
         or any other designee of the Executive, in the case of death) shall be
         entitled to annual deferred compensation for a ten (10) year period
         commencing on the Termination Date in an annual amount equal to the
         product of fifteen percentage points (0.15) MULTIPLIED BY a whole
         number equal to the lesser of: (i) ten (10); or (ii) the whole number
         equal to the number of years (including as a whole year any portion of
         a year in excess of nine (9) months) that the Executive was employed by
         ERPT since December 31, 1992 (which product shall in no event exceed
         100%) MULTIPLIED BY the Annual Base Compensation (as defined below).
         Such annual compensation shall be payable in equal bi-monthly
         installments.

<Page>

                  (c)      TERMINATION WITH CAUSE OR RESIGNATION WITHOUT GOOD
         REASON. In the event that (i) the Executive's employment hereunder is
         terminated with Cause by ERPT, or (ii) the Executive resigns without
         Good Reason on or before December 31, 2002, the Executive shall not be
         entitled to receive any deferred compensation hereunder.

                  (d)      ANNUAL BASE COMPENSATION. For purposes of this
         Restated Agreement, "Annual Base Compensation" shall mean an amount
         equal to Eight Hundred Thousand Dollars ($800,000.00) for calendar year
         2002, which sum shall be increased as of January 1, 2003 and as of the
         first day of January of each year thereafter throughout the Term to an
         amount equal to the Annual Base Compensation in effect for the
         immediately preceding calendar year increased by a percentage equal to
         the percentage increase in the CPI (as defined below) during the
         immediately preceding calendar year over the prior calendar year.

                  (e)      CPI. The term "CPI" shall mean the Revised Consumer
         Price Index for All Urban Consumers published by the Bureau of Labor
         Statistics of the United States Department of Labor, for United States
         City Average, All Items (1982-84 = 100). If the manner in which the CPI
         is calculated shall be substantially revised ERPT and the Executive
         shall select a means to adjust such revised Index, which would produce
         results equivalent, as practicable, to those, which would have been
         obtained if the CPI has not been so revised. If the 1982-84 average
         shall no longer be used as an index of 100, such change shall
         constitute a substantial revision. If the CPI shall become unavailable
         to the public because publication is discontinued, or otherwise, ERPT
         and the Executive shall select a comparable substitute index based upon
         changes in the cost of living or purchasing power of the consumer
         dollar published by any other governmental agency, or, if no such index
         shall then be available, a comparable index published by a major bank
         or other financial institution or by a university or a recognized
         financial publication. In the event that the U.S. Department of Labor,
         Bureau of Labor Statistics, changes the publication frequency of the
         CPI so that a CPI is not available to make an adjustment for the period
         in question, the adjustment shall be based on the percentage increase
         in the CPI for the twelve (12) month period beginning with the closest
         month preceding the period in question for which a CPI is available.

         4.       ARBITRATION. Except as otherwise specifically provided herein,
any controversy or claim arising out of, or relating to this Restated Agreement,
or the breach thereof, shall be settled by arbitration in Chicago, Illinois in
accordance with the rules of the American Arbitration Association, and judgment
upon any award so rendered may be entered in any court having jurisdiction
thereof.

         5.       NOTICES. Any notice or other communication required or
permitted to be transmitted under this Restated Agreement shall be in writing,
and personally delivered or mailed, return receipt requested, postage prepaid,
addressed to the parties hereto at their addresses following their signatures
below, or at such other addresses as may be hereafter designated by a party by
notice delivered in accordance herewith. Any notice delivered personally shall
be effective on the date of delivery and any notice mailed, as aforesaid, shall
be effective on the second day following posting.

<Page>

         6.       WAIVER OF BREACH. The waiver by one party of a breach of any
provision of this Restated Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach by the one party.

         7.       ASSIGNMENT. The rights and obligations of ERPT and Executive
under this Restated Agreement shall inure to the benefit of, and shall be
binding upon, ERPT and its successors and assigns and Executive and his heirs
and personal representatives.

         8.       ENTIRE AGREEMENT. This instrument contains the entire
agreement between the parties. It may not be changed orally but only by
agreement in writing signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought. This Restated Agreement supersedes
the Agreement and any other written or oral agreement between ERPT and the
Executive concerning the subject matter of this Restated Agreement.

         9.       GOVERNING LAW; SEVERABILITY. This Restated Agreement shall be
construed and enforced, and all questions concerning compliance by any person
with its terms shall be determined under the laws of the State of Illinois. All
provisions of this Restated Agreement are severable and this Restated Agreement
shall be interpreted and enforced as if all completely invalid or unenforceable
provisions were not contained herein, and partially valid and enforceable
provisions shall be enforced to the extent valid and enforceable.

         IN WITNESS WHEREOF, the parties have executed this Restated Agreement
as of the day and year first above written.

                            ERPT:

                            EQUITY RESIDENTIAL PROPERTIES TRUST, a
                            Maryland real estate investment trust

                            By:  /s/ Bruce C. Strohm
                                 -----------------------------------------------
                                     Bruce C. Strohm, Executive Vice President
                                     & General Counsel

                             Address:

                             Two North Riverside Plaza
                             Chicago, Illinois 60606

                             THE EXECUTIVE

                             /s/ Douglas Crocker II
                             ---------------------------------------------------
                             DOUGLAS CROCKER II

                             Address:

                             Two North Riverside Plaza
                             Chicago, Illinois  60606<Page>

                                                                   Exhibit 10.17

                              AMENDED AND RESTATED
                         DEFERRED COMPENSATION AGREEMENT

         THIS AMENDED AND RESTATED DEFERRED COMPENSATION AGREEMENT ("Restated
Agreement") dated as of January 1, 2002 between EQUITY RESIDENTIAL PROPERTIES
TRUST, a Maryland real estate investment trust ("ERPT"), and GERALD A. SPECTOR,
a resident of Chicago, Illinois ("the Executive").

                                    RECITALS

         WHEREAS, ERPT and the Executive entered into a Deferred Compensation
Agreement dated January 18, 1996 ("Agreement") as amended by a First Amendment
dated April 1, 2000; and

         WHEREAS, the parties hereto desire to amend the Agreement by entering
into this Restated Agreement for deferred compensation to the Executive for
services by the Executive as Executive Vice President and Chief Operating
Officer of ERPT, and the Executive is willing to enter into this Restated
Agreement on the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the mutual promises and
considerations contained herein and for other good and valuable consideration,
the payment and adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

         1.       TERM. For the purposes of this Restated Agreement, the term of
the employment of the Executive shall begin on December 31, 1993 and shall
expire on the Termination Date (as defined below) (the "Term").

         2.       TERMINATION.

                  (a)      TERMINATION DATE. Unless extended by the mutual
         agreement of ERPT and the Executive, the Executive's employment shall
         end on the Termination Date. The "Termination Date" shall be the first
         to occur of: (i) the date of the Executive's resignation (whether or
         not for Good Reason (as defined below)), (ii) the date of the death or
         permanent disability or incapacity of the Executive, or (iii) the date
         ERPT terminates the Executive's employment (whether or not for Cause
         (as defined below)).

                  (b)      PERMANENT DISABILITY OR INCAPACITY. The Executive
         shall be considered to be permanently disabled or incapacitated if in
         the reasonable commercial judgment of the Board of Trustees of ERPT,
         the Executive becomes unable to satisfactorily perform his duties and
         responsibilities as Executive Vice President and Chief Operating
         Officer of ERPT in the manner currently being performed during the Term
         hereof because of a mental or physical disability, or both, that
         continues or is reasonably expected to continue for a period of in
         excess of one hundred eighty (180) days. In the event the Executive
         does not agree with the Board of Trustee's determination of disability
         or incapacity, a determination shall be made by a panel of three
         doctors. The first shall be chosen by ERPT, the second shall be chosen
         by the Executive, and the third shall be chosen by the first two
         doctors. Any doctor selected by a party shall not be affiliated,
         associated or related to the party selecting the doctor in any manner
         whatsoever. The opinion of a majority of the panel of doctors shall be
         binding on the parties hereto. Each

<Page>

         party shall bear the costs of the doctor chosen by them and 1/2 of the
         costs of the third doctor.

                  (c)      CAUSE. For purposes of this Agreement, a termination
         of employment is for "Cause" if the Executive has been convicted of a
         felony involving fraud or dishonesty or the termination is evidenced by
         a resolution adopted in good faith by at least two-thirds of the Board
         of Trustees that the Executive: (i) intentionally and continually
         failed substantially to perform his reasonably assigned duties with the
         Company (other than a failure resulting from the Executive's incapacity
         due to physical or mental illness or from the Executive's assignment of
         duties that would constitute "Good Reason" as hereinafter defined)
         which failure continued for a period of at least thirty (30) days after
         a written notice of demand for substantial performance has been
         delivered to the Executive specifying the manner in which the Executive
         has failed substantially to perform or (ii) intentionally engaged in
         conduct which is demonstrably and materially injurious to the Company;
         PROVIDED, HOWEVER, that no termination of the Executive's employment
         shall be for Cause as set forth in clause (ii) above until (x) there
         shall have been delivered to the Executive a copy of a written notice
         setting forth that the Executive was guilty of the conduct set forth in
         clause (ii) and specifying the particulars thereof in detail and (y)
         the Executive shall have been provided an opportunity to be heard in
         person by the Board (with the assistance of the Executive's counsel if
         the Executive so desires). Neither an act nor a failure to act, on the
         Executive's part shall be considered "intentional" unless the Executive
         has acted or failed to act with a lack of good faith and with a lack of
         reasonable belief that the Executive's action or failure to act was in
         the best interest of the Company.

                  (d)      GOOD REASON. For purposes of this Agreement, "Good
         Reason" shall mean the occurrence of any of the events or conditions
         described in subsections (i) through (vii) hereof:

                           (i)      a change in the Executive's status, position
                  or responsibilities (including reporting responsibilities)
                  which, in the Executive's reasonable judgment, represents a
                  substantial adverse change from his status, position or
                  responsibilities as in effect at any time within 180 days
                  preceding the date of a termination of employment; the
                  assignment to the Executive of any duties or responsibilities
                  which, in the Executive's reasonable judgment, are
                  inconsistent with his status, title, position or
                  responsibilities as in effect at any time within 180 days
                  preceding the date of a termination of employment; or any
                  removal of the Executive from or failure to reappoint or
                  reelect him to any of such offices or positions held prior to
                  the termination of employment, except in connection with the
                  termination of his employment for Disability, Cause, as a
                  result of his death or by the Executive other than for Good
                  Reason;

                           (ii)     a reduction in the Executive's base salary
                  or any failure to pay the Executive any compensation or
                  benefits to which he is entitled within thirty (30) days of
                  written notice thereof;

                           (iii)    the Company's requiring the Executive to be
                  based at any place outside a 30-mile radius from the
                  Executive's principal location of business prior to the
                  termination of employment, except for reasonably required
                  travel on the

                                       2
<Page>

                  Company's business which is not materially greater than such
                  travel requirements prior to the termination of employment;

                           (iv)     the insolvency or the filing (by any party,
                  including the Company) of a petition for bankruptcy of the
                  Company, which petition is not dismissed within sixty (60)
                  days;

                           (v)      any material breach by the Company of any
                  provision of this Agreement;

                           (vi)     any purported termination of the Executive's
                  employment for Cause by the Company which does not comply with
                  the terms of Section 2(c); or

                           (vii)    in the event of the Executive's termination
                  of employment following a "Change in Control," the occurrence
                  of a "Good Reason" (as such terms are defined in the Change in
                  Control Agreement previously entered into by ERPT and the
                  Executive).

         3.       DEFERRED COMPENSATION.

                  (a)      TERMINATION WITHOUT CAUSE; RESIGNATION FOR GOOD
         REASON; RESIGNATION SUBSEQUENT TO 12/31/08. In the event that (i) the
         Executive's employment is terminated by ERPT without Cause; (ii) the
         Executive resigns for Good Reason; or (iii) the Executive resigns
         subsequent to December 31, 2008 (whether or not for Good Reason); the
         Executive shall be entitled to annual deferred compensation for a ten
         (10) year period commencing on the Termination Date in an annual amount
         equal to the product of six and 67/100 percentage points (0.0667)
         MULTIPLIED BY a whole number equal to the lesser of: (i) fifteen (15);
         or (ii) the whole number equal to the number of years (including as a
         whole year any portion of a year in excess of nine (9) months) that the
         Executive was employed by ERPT since December 31, 1993 (which product
         shall in no event exceed 100%); MULTIPLIED BY the Annual Base
         Compensation (as defined below) for the calendar year in which the
         Termination Date occurs. Such annual compensation shall be payable in
         equal bi-monthly installments. In the event of the Executive's death
         during the ten (10) year period in which he is paid annual deferred
         compensation, such annual deferred compensation shall then be paid to
         the estate or any other designee of the Executive.

                  (b)      DEATH, PERMANENT DISABILITY OR INCAPACITY. In the
         event that the Executive's employment is terminated as a result of his
         death, permanent disability or incapacity, the Executive (or the estate
         or any other designee of the Executive, in the case of death) shall be
         entitled to annual deferred compensation for a ten (10) year period
         commencing on the Termination Date in an annual amount equal to the
         product of ten percentage points (0.10) MULTIPLIED BY a whole number
         equal to the lesser of: (i) ten (10); or (ii) the whole number equal to
         the number of years (including as a whole year any portion of a year in
         excess of nine (9) months) that the Executive was employed by ERPT
         since December 31, 1993 (which product shall in no event exceed 100%)
         MULTIPLIED BY the Annual Base Compensation (as defined below). Such
         annual compensation shall be payable in equal bi-monthly installments.

                                       3
<Page>

                  (c)      TERMINATION WITH CAUSE OR RESIGNATION WITHOUT GOOD
         REASON. In the event that (i) the Executive's employment hereunder is
         terminated with Cause by ERPT, or (ii) the Executive resigns without
         Good Reason on or before December 31, 2008, the Executive shall not be
         entitled to receive any deferred compensation hereunder.

                  (d)      ANNUAL BASE COMPENSATION. For purposes of this
         Restated Agreement, "Annual Base Compensation" shall mean an amount
         equal to Five Hundred Fifty Thousand Dollars ($550,000.00) for calendar
         year 2002, which sum shall be increased as of January 1, 2003 and as of
         the first day of January of each year thereafter throughout the Term to
         an amount equal to the Annual Base Compensation in effect for the
         immediately preceding calendar year increased by a percentage equal to
         the percentage increase in the CPI (as defined below) during the
         immediately preceding calendar year over the prior calendar year.

                  (e)      CPI. The term "CPI" shall mean the Revised Consumer
         Price Index for All Urban Consumers published by the Bureau of Labor
         Statistics of the United States Department of Labor, for United States
         City Average, All Items (1982-84 = 100). If the manner in which the CPI
         is calculated shall be substantially revised ERPT and the Executive
         shall select a means to adjust such revised Index, which would produce
         results equivalent, as practicable, to those, which would have been
         obtained if the CPI has not been so revised. If the 1982-84 average
         shall no longer be used as an index of 100, such change shall
         constitute a substantial revision. If the CPI shall become unavailable
         to the public because publication is discontinued, or otherwise, ERPT
         and the Executive shall select a comparable substitute index based upon
         changes in the cost of living or purchasing power of the consumer
         dollar published by any other governmental agency, or, if no such index
         shall then be available, a comparable index published by a major bank
         or other financial institution or by a university or a recognized
         financial publication. In the event that the U.S. Department of Labor,
         Bureau of Labor Statistics, changes the publication frequency of the
         CPI so that a CPI is not available to make an adjustment for the period
         in question, the adjustment shall be based on the percentage increase
         in the CPI for the twelve (12) month period beginning with the closest
         month preceding the period in question for which a CPI is available.

         4.       ARBITRATION. Except as otherwise specifically provided herein,
any controversy or claim arising out of, or relating to this Restated Agreement,
or the breach thereof, shall be settled by arbitration in Chicago, Illinois in
accordance with the rules of the American Arbitration Association, and judgment
upon any award so rendered may be entered in any court having jurisdiction
thereof.

         5.       NOTICES. Any notice or other communication required or
permitted to be transmitted under this Restated Agreement shall be in writing,
and personally delivered or mailed, return receipt requested, postage prepaid,
addressed to the parties hereto at their addresses following their signatures
below, or at such other addresses as may be hereafter designated by a party by
notice delivered in accordance herewith. Any notice delivered personally shall
be effective on the date of delivery and any notice mailed, as aforesaid, shall
be effective on the second day following posting.

                                       4
<Page>

         6.       WAIVER OF BREACH. The waiver by one party of a breach of any
provision of this Restated Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach by the one party.

         7.       ASSIGNMENT. The rights and obligations of ERPT and Executive
under this Restated Agreement shall inure to the benefit of, and shall be
binding upon, ERPT and its successors and assigns and Executive and his heirs
and personal representatives.

         8.       ENTIRE AGREEMENT. This instrument contains the entire
agreement between the parties. It may not be changed orally but only by
agreement in writing signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought. This Restated Agreement supersedes
the Agreement and any other written or oral agreement between ERPT and the
Executive concerning the subject matter of this Restated Agreement.

         9.       GOVERNING LAW; SEVERABILITY. This Restated Agreement shall be
construed and enforced, and all questions concerning compliance by any person
with its terms shall be determined under the laws of the State of Illinois. All
provisions of this Restated Agreement are severable and this Restated Agreement
shall be interpreted and enforced as if all completely invalid or unenforceable
provisions were not contained herein, and partially valid and enforceable
provisions shall be enforced to the extent valid and enforceable.

         IN WITNESS WHEREOF, the parties have executed this Restated Agreement
as of the day and year first above written.

                                   ERPT:

                                   EQUITY RESIDENTIAL PROPERTIES TRUST, a
                                   Maryland real estate investment trust

                                   By:  /s/ Douglas Crocker II
                                        ----------------------------------------
                                        Douglas Crocker II, President & CEO

                                   Address:

                                   Two North Riverside Plaza
                                   Chicago, Illinois 60606

                                   THE EXECUTIVE

                                   /s/ Gerald A. Spector
                                   ---------------------------------------------
                                   GERALD A. SPECTOR

                                   Address:

                                   Two North Riverside Plaza
                                   Chicago, Illinois  60606

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]