Document:

<PAGE>
                                                                    Exhibit 10.5

                       THIRD AMENDMENT TO PROMISSORY NOTE
                                (Extending Term)

                  This Third Amendment to Promissory Note is executed as of this
30th day of August, 2002, by ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia
limited partnership (the "Borrower"), and AMSOUTH BANK, an Alabama banking
corporation (the "Bank").

                                    Recitals

                  A.       The Borrower executed to the order of the Bank that
certain Promissory Note, dated August 31, 2001, in the principal amount of
$2,700,000, as amended by that certain increased, amended and restated
promissory note, dated December 21, 2001, in the principal amount of $3,700,000,
as amended by that certain Second Amendment to Promissory Note, dated April 30,
2002 (the "Note").

                  B.       The Note matures on August 30, 2002, and the Borrower
has requested that the Bank renew the debt evidenced by the Note and extend the
maturity date of the Note.

                  C.       The Bank has agreed to such renewal and extension on
certain conditions, one of which is the execution of this Third Amendment by the
Borrower.

                                    Agreement

                  NOW, THEREFORE, in consideration of the above Recitals, the
Borrower and the Bank hereby amend the Note as follows:

                  1.       The Borrower acknowledges that the outstanding
                           principal balance under the Note is $3,700,000 on the
                           date hereof.

                  2.       The maturity date is hereby extended from August 30,
                           2002, until May 30, 2003.

                  Notwithstanding the execution of this Third Amendment, the
indebtedness evidenced by the Note shall remain in full force and effect, and
nothing contained herein shall be interpreted or construed as resulting in a
novation of such indebtedness. The Borrower acknowledges and agrees that there
are no offsets or defenses to payment of the obligations evidenced by the Note,
as hereby amended, and hereby waives any defense, claim or counterclaim of the
Borrower regarding the obligations of the Borrower under the Note, as hereby
amended. The Borrower represents that there are no conditions of default or
facts or consequences which will or could lead to a default under the
obligations due from the Borrower under the Note, as amended herein.

                  Except as expressly amended hereby, the Note shall remain in
full force and effect in accordance with its terms, including, without
limitation, the security and the guaranty for the Note.

<PAGE>

                  IN WITNESS WHEREOF, the Bank and the Borrower have caused this
Third Amendment to be executed by their respective duly authorized
representatives, all as of the date first set forth above.

                            ROBERTS PROPERTIES RESIDENTIAL,
                            L.P., a Georgia limited partnership

                            By:  RobertsRealty Investors, Inc., a Georgia
                                     corporation, sole general partner

                                By: /s/ Charles R. Elliott
                                    -----------------------------------
                                    Its: Senior VP
                                         ------------------------------

                            AMSOUTH BANK

                            By:      /s/ Lawrence Clark
                               ----------------------------------------
                              Its Vice President

                                       2<PAGE>
                                                                    Exhibit 10.6

This instrument prepared by
and upon recording return to:

Jeffery S. DeArman, Esq.
Walston, Wells, Anderson & Bains, LLP
505 20th Street North, Suite 500
Birmingham, AL 35203
205-251-9600

STATE OF GEORGIA  )

FULTON COUNTY     )

                     THIRD AMENDMENT TO DEED TO SECURE DEBT,
              SECURITY AGREEMENT AND ASSIGNMENT OF RENTS AND LEASES

                  This Third Amendment to Deed to Secure Debt, Security
Agreement and Assignment of Rents and Leases (this "Third Amendment") is
executed as of this 30th day of August, 2002, by and between ROBERTS PROPERTIES
RESIDENTIAL, L.P., a Georgia limited partnership (the "Grantor"), and AMSOUTH
BANK, a state banking corporation (the "Bank").

                                    Recitals

                  A.       The Grantor executed in favor of the Bank that
certain Deed to Secure Debt, Security Agreement and Assignment of Rents and
Leases dated as of August 31, 2001, recorded in the Office of the Clerk of
Superior Court of Fulton County, Georgia, in Deed Book 30956, at page 194, as
amended by that certain First Amendment dated as of December 21, 2001, recorded
in the Office of the Clerk of Superior Court of Fulton County, Georgia in Deed
Book 31534, at Page 563, and as amended further by that certain Second Amendment
dated as of April 30, 2002, recorded in the Office of the Clerk of Superior
Court of Fulton County, Georgia in Deed Book 32354, Page 322 (the "Agreement").
Unless otherwise defined herein, capitalized terms shall have the meaning
assigned to them in the Agreement.

                  B.       The parties desire to extend the maturity date
described in the Agreement, and have agreed to execute this Third Amendment to
reflect such extension.

                                    Agreement
<PAGE>

                  NOW, THEREFORE, in consideration of the Recitals, the Grantor
and the Bank hereby amend the Agreement as follows:

         1.       Recital A is hereby deleted in its entirety and replaced with
                  the following:

                  A.       The Grantor is justly indebted to the Bank in the
principal sum of $3,700,000, as evidenced by an increased, amended and restated
promissory note executed by the Grantor, which note is payable in full on May
30, 2003, and bears interest as provided therein (as amended from time to time,
the "Note").

         2.       The third paragraph of page 4 of the Agreement is hereby
                  amended by deleting the date "August 30, 2002", and replacing
                  it with the date "May 30, 2003".

                  Except as expressly amended hereby, the Agreement shall remain
in full force and effect in accordance with its terms.

                  The Grantor represents and warrants that the representations
and warranties set forth in the Agreement are as true and correct on the date
hereof as when initially made, except as such representation or warranty
expressly relates to another date.

                  The Grantor acknowledges and agrees that there are no offsets
or defenses to the obligations set forth in the Agreement, as hereby amended,
and represents that there are no Events of Default existing on the date hereof,
nor are there any facts or consequences which will or could lead to an Event of
Default under the Agreement.

                                       2
<PAGE>

                  IN WITNESS WHEREOF, the Grantor and the Bank have caused this
Third Amendment to be executed by their duly authorized respective
representatives as of the date first set forth above.

<TABLE>
<S>                                                  <C>
Signed, sealed and                                   ROBERTS PROPERTIES RESIDENTIAL,  delivered in the
L.P., a Georgia limited partnership
presence of:
                                                     By: RobertsRealty Investors, Inc., a Georgia
                                                         corporation, sole general partner

Stephen McAleer
---------------------------
/s/ Stephen McAleer
Unofficial Witness                                       By:  /s/ Charles R. Elliott
                                                              ------------------------------------------
                                                              Its: Senior VP
                                                                  --------------------------------------
/s/ Abigail M. Carmichael                                     (CORPORATE SEAL)
---------------------------
Notary Public

AFFIX SEAL

My Commission expires:   6/17/05
                      -------------

Signed, sealed                                       AMSOUTH BANK, an Alabama banking
and delivered                                        corporation
In the presence of:

/s/ Gina Hargrove                                    By:      /s/ Lawrence Clark
---------------------------                             ------------------------------------------------
Unofficial Witness                                      Its Vice President

/s/ Joanne Blaikie
---------------------------
Notary Public

AFFIX SEAL

My commission expires:   11/18/04
                      ------------
</TABLE>

                                       3<PAGE>

                                                                   EXHIBIT 10.1

                             STOCK OPTION AGREEMENT
                                   UNDER THE
                          ACCREDO HEALTH, INCORPORATED
                         2002 LONG-TERM INCENTIVE PLAN

         Optionee:                         David Stevens                       .
                  -------------------------------------------------------------

         Number Shares Subject to Option:     50,000                           .
                                         --------------------------------------

         Exercise Price per Share:            $49.30                           .
                                  ---------------------------------------------

         Date of Grant:                   September 3, 2002                    .
                       --------------------------------------------------------

         1.       Grant of Option. Accredo Health, Incorporated (the "Company")
hereby grants to the Optionee named above (the "Optionee"), under the Accredo
Health, Incorporated 2002 Long-Term Incentive Plan (the "Plan"), an Incentive
Stock Option to purchase, on the terms and conditions set forth in this
agreement (this "Option Agreement"), the number of shares indicated above of
the Company's $0.01 par value common stock (the "Stock"), at the exercise price
per share set forth above (the "Option"). To the extent that these options do
not meet the requirements for incentive stock options under Internal Revenue
Code Section 422, they shall be treated as non-qualified stock options.
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned such terms in the Plan.

         2.       Vesting of Option. Unless the exercisability of the Option
is accelerated in accordance with Article 9 of the Plan, the Option shall vest
(become exercisable) in accordance with the following schedule:

<TABLE>
<CAPTION>
                                                                     Cumulative No. of
                                        No. of Option Shares      Option Shares Vested on
                                        --------------------      -----------------------
         Vesting Date                  Vested on Vesting Date           Vesting Date
         ------------                  ----------------------     -----------------------
<S>                                    <C>                        <C>
1st anniversary of grant date                   25%                        25%
2nd anniversary of grant date                   25%                        50%
3rd anniversary of grant date                   25%                        75%
4th anniversary of grant date                   25%                       100%
</TABLE>

         3.       Period of Option and Limitations on Right to Exercise. The
Option will, to the extent not previously exercised, lapse under the earliest
of the following circumstances; provided, however, that the Committee may,
prior to the lapse of the Option under the circumstances described in
paragraphs (b) and (c) below, provide in writing that the Option will extend
until a later date, but if the Option is exercised after
<PAGE>
the dates specified in paragraphs (b) and (c) below, it will automatically
become a Non-Qualified Stock Option:

         (a)      The Option shall lapse as of 5:00 p.m., Eastern Time, on the
tenth anniversary of the date of grant (the "Expiration Date").

         (b)      The Option shall lapse three months after the Optionee's
termination of employment for any reason other than the Optionee's death or
Disability; provided, however, that if the Optionee's employment is terminated
by the Company for cause (as defined below) or by the Optionee without the
consent of the Company, the Option shall lapse immediately.

         (c)      If the Optionee's employment terminates by reason of
Disability, the Option shall lapse one year after the date of the Optionee's
termination of employment.

         (d)      If the Optionee dies while employed, or during the
three-month period described in subsection (b) above or during the one-year
period described in subsection (c) above and before the Option otherwise
lapses, the Option shall lapse one year after the date of the Optionee's death.
Upon the Optionee's death, the Option may be exercised by the Optionee's
beneficiary.

         If the Optionee or his beneficiary exercises an Option after
termination of employment, the Option may be exercised only with respect to the
shares that were otherwise vested on the Optionee's termination of employment
(including vesting by acceleration in accordance with Article 9 of the Plan).

         The term "cause" as used herein shall mean cause as defined in your
employment agreement, if any. If no agreement exists where cause is defined,
cause shall mean (i) gross neglect of duty, (ii) prolonged absence from duty
without the consent of the Company, (iii) intentionally engaging in any
activity which is in conflict with or adverse to the business or other
interests of the Company, (iv) willful misconduct, misfeasance or malfeasance
of duty which is reasonably determined to be detrimental to the Company.

         4.       Exercise of Option. The Option shall be exercised by written
notice on such forms as the Committee may approve, such as the forms provided
by the Company's stock plan administrator AST Stockplan, Inc. Unless the
exercise is a broker-assisted "cashless exercise" as described below, such
written notice shall be accompanied by full payment in cash, shares of Stock
previously acquired by the Optionee, or any combination thereof, for the number
of shares specified in such written notice; provided, however, that if shares
of Stock are used to pay the exercise price, such shares must have been held by
the Optionee for at least six months. The Fair Market Value of the surrendered
Stock as of the last trading day immediately prior to the exercise date shall
be used in valuing Stock used in payment of the exercise price. To the extent
permitted under Regulation T of the Federal Reserve Board, and subject to
applicable securities laws, the Option may be exercised through a broker in a
so-called "cashless exercise"

                                 -2-
<PAGE>
whereby the broker sells the Option shares and delivers cash sales proceeds to
the Company in payment of the exercise price. In such case, the date of
exercise shall be deemed to be the date on which notice of exercise is received
by the Company and the exercise price shall be delivered to the Company on the
settlement date.

         Subject to the terms of this Option Agreement, the Option may be
exercised at any time and without regard to any other option held by the
Optionee to purchase stock of the Company.

         5.       Limitation of Rights.  The Option does not confer to the
Optionee or the Optionee's personal representative any rights of a shareholder
of the Company unless and until shares of Stock are in fact issued to such
person in connection with the exercise of the Option. Nothing in this Option
Agreement shall interfere with or limit in any way the right of the Company or
any Subsidiary to terminate the Optionee's employment at any time, nor confer
upon the Optionee any right to continue in the employ of the Company or any
Subsidiary.

         6.       Stock Reserve.  The Company shall at all times during the
term of this Option Agreement reserve and keep available such number of shares
of Stock as will be sufficient to satisfy the requirements of this Option
Agreement.

         7.       Restrictions on Transfer and Pledge. The Option may not be
pledged, encumbered, or hypothecated to or in favor of any party other than the
Company or a Parent or Subsidiary, or be subject to any lien, obligation, or
liability of the Optionee to any other party other than the Company or a Parent
or Subsidiary. The Option is not assignable or transferable by the Optionee
other than by will or the laws of descent and distribution. The Option may be
exercised during the lifetime of the Optionee only by the Optionee.

         8.       Restrictions on Issuance of Shares.  If at any time the Board
shall determine in its discretion, that listing, registration or qualification
of the shares of Stock covered by the Option upon any securities exchange or
under any state or federal law, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition to the exercise of
the Option, the Option may not be exercised in whole or in part unless and
until such listing, registration, qualification, consent or approval shall have
been effected or obtained free of any conditions not acceptable to the Board.

         9.       Plan Controls.  The terms contained in the Plan are
incorporated into and made a part of this Option Agreement and this Option
Agreement shall be governed by and construed in accordance with the Plan. In
the event of any actual or alleged conflict between the provisions of the Plan
and the provisions of this Option Agreement, the provisions of the Plan shall
be controlling and determinative.

         10.      Successors.  This Option Agreement shall be binding upon any
successor of the Company, in accordance with the terms of this Option Agreement
and the Plan.

                                      -3-
<PAGE>
         11.      Severability.  If any one or more of the provisions contained
in this Option Agreement are invalid, illegal or unenforceable, the other
provisions of this Option Agreement will be construed and enforced as if the
invalid, illegal or unenforceable provision had never been included.

         12.      Notice.  Notices and communications under this Option
Agreement must be in writing and either personally delivered or sent by
registered or certified United States mail, return receipt requested, postage
prepaid.  Notices to the Company must be addressed to:

                  Accredo Health, Incorporated
                  1640 Century Center Pkwy, Suite 101
                  Memphis, TN  38134
                  Attn: Secretary

or any other address designated by the Company in a written notice to the
Optionee. Notices to the Optionee will be directed to the address of the
Optionee then currently on file with the Company, or at any other address given
by the Optionee in a written notice to the Company.

         13.      Interpretation. It is the intent of the parties hereto that
the Option qualify for incentive stock option treatment pursuant to, and to the
extent permitted by, Section 422 of the Code. All provisions hereof are
intended to have, and shall be construed to have, such meanings as are set
forth in applicable provisions of the Code and Treasury Regulations to allow
the Option to so qualify.

         14.      Restrictive Covenant and Confidentiality Agreement.  You
acknowledge and agree that as a condition to the grant of any options pursuant
to the Plan that you are bound by and have executed a Restrictive Covenant and
Confidentiality Agreement with Accredo Health, Inc. or one of its Subsidiaries;
receipt of a copy of which you hereby acknowledge.

         15.      Binding Effect.  The grant of the Options referenced herein is
subject to Optionee being bound by all of the terms set out in this Agreement.
The acceptance of the Options and the exercise of any right hereunder, including
but not being limited to the giving of written notice to exercise any Option,
shall constitute conclusive evidence of acceptance by the Optionee of all of the
terms and conditions set out herein, and Optionee by such actions shall be bound
by, and shall be deemed to have agreed to these terms and conditions, the same
as if Optionee had affixed his or her signature to this Incentive Stock Option
Agreement.

                                       -4-
<PAGE>
         IN WITNESS WHEREOF, Accredo Health, Incorporated, acting by and through
its duly authorized officer, has caused this Option Agreement to be executed as
of the day and year first above written.

                                           ACCREDO HEALTH, INCORPORATED

                                 By: /s/ Thomas W. Bell, Jr.
                                    -------------------------------------------
                                     Name:   Thomas W. Bell, Jr.
                                     Title:  Sr. Vice President and
                                             General Counsel

                                       -5-

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