Document:

<PAGE>

                                                                    Exhibit 10.2

                      Form of Lock-Up And Voting Agreement

     This Lock-up and Voting Agreement, dated as of February 24, 2003, (this
"Agreement"), is by and among Corvas International, Inc., a Delaware corporation
("Charger"), and the stockholder of Dendreon Corporation, a Delaware corporation
("Dendreon") whose signature appears on the signature pages hereof (a "Dendreon
Stockholder"). All capitalized terms used herein without definition having the
respective meanings ascribed to them in the Merger Agreement (as defined below).

                                   WITNESSETH:

     WHEREAS, contemporaneous with the execution and delivery of this Agreement,
Charger, Dendreon Acquisition, Inc., a Delaware corporation ("Sub"), Charger
Project LLC ("Merger LLC") and Dendreon have entered into an Agreement and Plan
of Merger, of even date herewith (the "Merger Agreement"), which provides
(subject to the conditions set forth therein) for the merger of Sub into
Corvas (the "Merger"); and

     WHEREAS, as a condition and inducement to Corvas entering into the Merger
Agreement and incurring the obligations set forth therein, certain Dendreon
Stockholders have agreed to vote and to cause to be voted all shares of Dendreon
Common Stock now owned or hereafter acquired by them in favor of the Share
Issuance, and have agreed to the other terms and provisions contained herein;

     NOW, THEREFORE, in consideration of the premises and the respective
covenants and agreements set forth herein and in the Merger Agreement, the
parties hereto, intending to be legally bound hereby, agree as follows:

     1. Definitions. Each term used herein with its initial letter capitalized
and not otherwise defined shall have the meaning assigned to such term in the
Merger Agreement. The following terms shall have the respective meanings set
forth below:

          a. "Disposition" shall mean any sale, exchange, assignment, gift,
pledge, mortgage, hypothecation, transfer or other disposition or encumbrance of
all or any part of the rights and incidents of ownership of Dendreon Shares,
including the right to vote, and the right to possession of Dendreon Shares as
collateral for indebtedness, whether such transfer is outright or conditional,
or for or without consideration, or the agreement to do any of the foregoing.

          b. "Dendreon Shares: shall mean: (i) all securities of Dendreon
(including all shares of Dendreon Common Stock and all options, warrants and
other rights to acquire shares of Dendreon Common Stock) owned, beneficially or
of record by the Dendreon Stockholder as of the date of this Agreement; and (ii)
all additional securities of Dendreon (including all additional shares of
Dendreon Common Stock and all additional options, warrants and other rights to
acquire shares of Dendreon Common Stock) of which the Dendreon Stockholder
acquires ownership (beneficially or of record) during the Term.

<PAGE>

          c. "Term" shall mean the period commencing on the date hereof and
continuing until the first to occur of (i) the Effective Time of the Merger, or
(c) the termination of the Merger Agreement in accordance with its terms.

          d. "it" or "its", when used with reference to a Person, includes
references to such Persons, regardless of gender or whether such Persons are
natural or corporate.

     2. Voting of Dendreon Common Stock.

          a. Dendreon Stockholder hereby agrees that, during the Term, at any
meeting (whether annual or special and whether or not an adjourned or postponed
meeting) of the holders of Dendreon Common Stock, however called, or in
connection with any written consent of the holders of Dendreon Common Stock, the
Dendreon Stockholder will appear at the meeting (in person or by proxy) or
otherwise cause the shares of Dendreon Common Stock now owned or hereafter
acquired by the Dendreon Stockholder to be counted as present thereat for
purposes of establishing a quorum and vote or consent (or cause to be voted or
consented) the Dendreon Shares (a) in favor of the Share Issuance and the
approval of all other actions contemplated by the Merger Agreement and this
Agreement and any actions required in furtherance thereof and hereof, (b)
against any action or agreement that would result in a breach in any respect of
any covenant or any other obligation or agreement of Dendreon under the Merger
Agreement, and (c) against any action involving Dendreon which is intended, or
could reasonably be expected, to impede, interfere with, delay, postpone, or
materially adversely affect the transactions contemplated by the Merger
Agreement.

          b. Contemporaneously with the execution of this Agreement: (i) the
Dendreon Stockholder shall deliver to Parent a proxy in the form attached to
this Agreement as Exhibit A, which shall be irrevocable to the fullest extent
permitted by law (with respect to the shares referred to therein (the "Proxy");
and (ii) the Dendreon Stockholder shall cause to be delivered to Parent an
additional proxy (in the form attached hereto as Exhibit A) executed on behalf
of the record owner of any outstanding shares of Dendreon Common Stock that are
owned beneficially (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934), but not of record, by Dendreon Stockholder.

     3. Restriction on Disposition of Dendreon Shares. The Dendreon Stockholder
hereby agrees that, during the Term and, if the Merger is consummated, until
5:00 p.m., Pacific time on the day that is 90 days after the date on which the
Effective Time occurs, Dendreon Stockholder will not make, offer to make, agree
to make, or suffer any Disposition of its Dendreon Shares or, after the
Effective Time, any shares of capital stock into which the Dendreon Shares have
been converted ("Converted Shares"), or any interest therein. The restrictions
contained in this Section 3 shall not apply to (a) a Disposition under a
Dendreon Stockholder's will or pursuant to the laws of descent and distribution,
or (b) a gift by a Dendreon Stockholder to an immediate family member (i.e., a
spouse, child, parent, grandparent or sibling) or a family trust for the benefit
of immediate family member(s), so long as, in each case, the transferee(s)
deliver to Corvasan executed written instrument agreeing to be bound by the
terms of this Agreement as if such transferee(s) were a Dendreon Stockholder.

                                       2

<PAGE>

     4. Restriction on Proxies and Non-Interference. The Dendreon Stockholder
hereby agrees that, during the Term, Dendreon Stockholder will not (i) grant any
proxies or powers of attorney that would permit any such proxy or
attorney-in-fact to take any action inconsistent herewith, (ii) deposit its
Dendreon Shares, as the case may be, into a voting trust or enter into a voting
agreement with respect to such Dendreon Shares in either case providing for the
voting or consenting of such shares in a manner inconsistent herewith; or (iii)
take any action that would make any representation or warranty of the Dendreon
Stockholder contained herein untrue or incorrect or would result in a breach by
Dendreon Stockholder of its obligations under this Agreement. The Dendreon
Stockholder further agrees not to enter into any agreement or understanding with
any Person, the effect of which would be inconsistent with or violative of any
provision contained in this Agreement.

     5. Termination. This Agreement will terminate at 5:00, Pacific time upon
the earlier of (a) the date that is 90 days after the date on which the
Effective Time occurs, or (b) the termination of the Merger Agreement in
accordance with its terms (the earlier of (a) and (b), the "Termination Date").

     6. Miscellaneous.

          a. Entire Agreement. This Agreement and the Proxy constitute the
entire agreement among the parties with respect to the subject matter hereof and
supersedes all other prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof.

          b. Certain Events. The Dendreon Stockholder agrees that this Agreement
and the Proxy and the obligations hereunder shall attach to its Dendreon Shares
and shall be binding upon any Person to which legal or beneficial ownership of
such Dendreon Shares shall pass, whether by operation of law or otherwise,
including, without limitation, Dendreon Stockholder's heirs, guardians,
administrators or successors. Notwithstanding any such transfer of Dendreon
Shares, the transferor shall remain liable for the performance of all
obligations under this Agreement of the transferor.

          c. Stock Dividends or Distributions. In the event of a stock dividend
or distribution, or any change in the Dendreon Common Stock or, after the
Effective Time, the Converted Shares by reason of any stock dividend, split-up,
recapitalization, combination, exchange of shares or the like, (i) the terms
"Dendreon Shares" and "Converted Shares" shall be deemed to refer to and include
the Dendreon Shares or Converted Shares, as the case may be, as well as all such
stock dividends and distributions and any shares into which or for which any or
all of the Dendreon Shares or Converted Shares, as the case may be, may be
changed or exchanged.

          d. Acquisition of Additional Shares. The Dendreon Stockholder agrees
to promptly notify Corvasof the number of shares of Dendreon Common Stock (or,
after the Effective Time, CorvasCommon Stock) acquired by the Dendreon
Stockholder, if any, after the date of this Agreement. Any such shares of
CorvasCommon Stock shall, after their acquisition

                                       3

<PAGE>

by the Dendreon Stockholder, be subject to the restrictions on transfer
applicable to the Converted Shares.

          e. Waiver of Appraisal Rights. The Dendreon Stockholder hereby waives,
releases and discharges any rights of appraisal or rights to dissent from the
Merger that Dendreon Stockholder may have.

          f. Assignments: Rights of Assignees; Third Party Beneficiaries. This
Agreement shall not be assignable by the Dendreon Stockholder without the prior
written consent of Charger. This Agreement shall be binding upon, inure to the
benefit of, and be enforceable by, the parties hereto and their respective
heirs, executors, administrators, legal representatives, successors and
permitted assigns. Nothing expressed or referred to in this Agreement is
intended or shall be construed to give any Person other than the parties to this
Agreement or their respective heirs, executors, administrators, legal
representatives, successors or permitted assigns any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision contained
herein.

          g. Specific Performance. The parties hereto acknowledge that money
damages are an inadequate remedy for breach of this Agreement or the Proxy
because of the difficulty of ascertaining the amount of damage that will be
suffered by the non-breaching party or parties in the event that this Agreement
or the Proxy is breached. Therefore, each of the parties agrees that the
non-breaching party or parties may obtain specific performance of this Agreement
or the Proxy and injunctive and other equitable relief against any breach
hereof, without the necessity of establishing irreparable harm or posting any
bond, in addition to any other remedy to which such party may be entitled at law
or in equity.

          h. Waiver. No waiver of any provision of this Agreement shall be
effective unless it is in writing signed by the party granting the waiver, and a
waiver by any party hereto of any one or more defaults shall not operate as a
waiver of any future default or defaults, whether of a like or of a different
character. No waiver of any of the provisions of this Agreement shall constitute
a waiver of any other provisions (whether or not similar), nor shall such a
waiver constitute a continuing waiver, unless otherwise expressly provided.

          i. Section Headings. Headings contained in this Agreement are inserted
only as a matter of convenience and in no way define, limit, or extend the scope
or intent of this Agreement or any provisions thereof.

          j. Choice of Law; Jurisdiction and Venue. This Agreement and the Proxy
will be governed by and construed and enforced in accordance with the laws of
the State of Delaware (without regard to the principles of conflicts of law)
applicable to a contract executed and to be performed in such State. Each party
hereto (i) agrees to submit to personal jurisdiction and to waive any objection
as to venue in the state or federal courts located in New Castle County,
Delaware, (ii) agrees that any action or proceeding shall be brought exclusively
in such courts, unless subject matter jurisdiction or personal jurisdiction
cannot be obtained, and (iii) agrees that service of process on any party in any
such action shall be effective if made by registered or certified mail addressed
to such party at the address specified herein, or to any

                                       4

<PAGE>

parties hereto at such other addresses as he, she or it may from time to time
specify to the other parties in writing for such purpose. The exclusive choice
of forum set forth in this paragraph shall not be deemed to preclude the
enforcement of any judgment obtained in such forum or the taking of any action
under this Agreement to enforce such judgment in any appropriate jurisdiction.

          k. Notices. All notices, requests and other communications to any
party hereunder shall be in writing and will be deemed to have been duly given
only if delivered personally or by facsimile transmission or mailed (first class
mail postage prepaid), or by overnight express courier (charges prepaid or
billed to the account of the sender) to the parties at the following addresses
or facsimile numbers:

          If to Corvas Internations, to:

          Corvas International
          3030 Science Park Road
          San Diego, CA 92121
          Attention: Chief Executive Officer

          If to the Dendreon Stockholder: At its address set forth on the
     signature page hereto or to such other address or fax number as any party
     may have furnished to the others in writing in accordance herewith.

          l. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same document.

          m. Severability of Provisions. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, (i) such term, provision, covenant or
restriction shall, unless no such amended provision would be valid or
enforceable, be deemed amended to the minimum extent necessary to cause it, as
so amended, to be valid and enforceable, and (ii) the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall not in any way be affected, impaired or invalidated.

     7. Effectiveness. This Agreement shall become effective simultaneously with
the execution and delivery of the Merger Agreement.

                                       5

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first set forth above.

                                       CORVAS INTERNATIONAL, INC.

                                       By:
                                          --------------------------------------

                                       STOCKHOLDER

                                       -----------------------------------------
                                       Name:

                                       Address:
                                                  ------------------------------

                                                  ------------------------------

                                       Facsimile:
                                                  ------------------------------

<TABLE>
<S>                          <C>                              <C>
Shares Held of Record        Options and Other Rights         Additional Securities Beneficially Owned
---------------------        ------------------------         ----------------------------------------
</TABLE>

                                       6

<PAGE>

                                IRREVOCABLE PROXY

     The undersigned stockholder (the "Stockholder") of DENDREON CORPORATION, a
Delaware corporation (the "Company"), hereby irrevocably (to the fullest extent
permitted by law) appoints and constitutes RANDALL WOODS, STEPHEN KEANE and
CORVAS INTERNATIONAL, INC., a Delaware corporation ("Parent"), and each of them,
the attorneys and proxies of the Stockholder with full power of substitution and
resubstitution, to the full extent of the Stockholder's rights with respect to
(i) the outstanding shares of capital stock of the Company owned of record by
the Stockholder as of the date of this proxy, which shares are specified on the
final page of this proxy, and (ii) any and all other shares of capital stock of
the Company which the Stockholder may acquire on or after the date hereof. (The
shares of the capital stock of the Company referred to in clauses "(i)" and
"(ii)" of the immediately preceding sentence are collectively referred to as the
"Shares.") Upon the execution hereof, all prior proxies given by the Stockholder
with respect to any of the Shares are hereby revoked, and the Stockholder agrees
that no subsequent proxies will be given with respect to any of the Shares.

     This proxy is irrevocable, is coupled with an interest and is granted in
connection with the Voting Agreement, dated as of the date hereof, between
Parent and the Stockholder (the "Voting Agreement"), and is granted in
consideration of Parent entering into the Agreement and Plan of Merger, dated as
of the date hereof, among Parent, Seahawk Acquisition, Inc., Charger Project LLC
and the Company (the "Merger Agreement"). This proxy will terminate on the
Termination Date (as defined in the Voting Agreement).

     The attorneys and proxies named above will be empowered, and may exercise
this proxy, to vote the Shares at any time until the earlier to occur of the
valid termination of the Merger Agreement or the effective time of the merger
contemplated thereby (the "Merger") at any meeting of the stockholders of the
Company, however called, and in connection with any written action by consent of
stockholders of the Company:

               (i)   in favor of the issuance of shares of Dendreon Common Stock
          in connection with the Merger, in favor of each of the other actions
          contemplated by the Merger Agreement and in favor of any action in
          furtherance of any of the foregoing; and

               (ii)  against any action or agreement that would result in a
          breach of any covenant or obligation of the Company in the Merger
          Agreement; and

               (iii) against any other action which is intended, or could
          reasonably be expected to impede, interfere with, delay, postpone,
          discourage or adversely affect the Merger or any of the other
          transactions contemplated by the Merger Agreement.

     The Stockholder may vote the Shares on all other matters not referred to in
this proxy, and the attorneys and proxies named above may not exercise this
proxy with respect to such other matters.

                                       7

<PAGE>

     This proxy shall be binding upon the heirs, estate, executors, personal
representatives, successors and assigns of the Stockholder (including any
transferee of any of the Shares).

     If any provision of this proxy or any part of any such provision is held
under any circumstances to be invalid or unenforceable in any jurisdiction, then
(a) such provision or part thereof shall, with respect to such circumstances and
in such jurisdiction, be deemed amended to conform to applicable laws so as to
be valid and enforceable to the fullest possible extent, (b) the invalidity or
unenforceability of such provision or part thereof under such circumstances and
in such jurisdiction shall not affect the validity or enforceability of such
provision or part thereof under any other circumstances or in any other
jurisdiction, and (c) the invalidity or unenforceability of such provision or
part thereof shall not affect the validity or enforceability of the remainder of
such provision or the validity or enforceability of any other provision of this
proxy. Each provision of this proxy is separable from every other provision of
this proxy, and each part of each provision of this proxy is separable from
every other part of such provision.

Dated:  February __, 2003

                                       -----------------------------------------
                                       Name:

                                       Number of shares of common stock of the
                                       Company owned of record as of the date
                                       of this proxy:

                                       -----------------------------------------

                                       8<PAGE>
                                                                    EXHIBIT 4.01

                                 [FACE OF NOTE]

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (THE "DEPOSITARY") (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER HEREOF OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.](1)

[IF THIS NOTE IS AN ORIGINAL ISSUE DISCOUNT NOTE, INSERT-FOR PURPOSES OF
SECTIONS 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF
ORIGINAL ISSUE DISCOUNT ON THIS NOTE IS % OF ITS PRINCIPAL AMOUNT, THE ISSUE
DATE IS [AND] THE YIELD TO MATURITY IS %. [THE METHOD USED TO DETERMINE THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD
OF      , 20   TO     , 20  , IS % OF THE PRINCIPAL AMOUNT OF THIS NOTE.]]

[IF THIS NOTE IS SUBJECT TO THE CONTINGENT PAYMENT DEBT REGULATIONS, ALSO INSERT
THE FOLLOWING LANGUAGE: IN ADDITION, THIS NOTE IS SUBJECT TO UNITED STATES
FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS.
FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE UNITED STATES INTERNAL
REVENUE CODE, THE ISSUE PRICE OF EACH NOTE IS $[ ] PER $1,000 OF PRINCIPAL
AMOUNT AND THE COMPARABLE YIELD IS [ ]%, COMPOUNDED SEMI-ANNUALLY (WHICH WILL BE
TREATED AS THE YIELD FOR UNITED STATES FEDERAL INCOME TAX PURPOSES). THE COMPANY
AGREES TO PROVIDE PROMPTLY TO THE HOLDER OF THIS NOTE, UPON WRITTEN REQUEST, THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE
YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO
THE COMPANY AT THE FOLLOWING ADDRESS: [ ].]

REGISTERED                   CUSIP No.:                   PRINCIPAL AMOUNT:
No. FXR-

----------------------       ----------------------       ----------------------

----------

(1) This paragraph applies to global Notes only.

<PAGE>

                       UNITED DOMINION REALTY TRUST, INC.

                                MEDIUM-TERM NOTE
                                  (FIXED RATE)

ORIGINAL ISSUE DATE:       INTEREST RATE:    %          STATED MATURITY DATE:

INTEREST PAYMENT DATE(S)   [ ] CHECK IF DISCOUNT NOTE
[ ] _______ and ______             Issue Price: %
[ ] Other:

INITIAL REDEMPTION         INITIAL REDEMPTION           ANNUAL REDEMPTION
DATE:                      PERCENTAGE:    %             PERCENTAGE
                                                        REDUCTION:   %

OPTIONAL REPAYMENT
DATE(S):

SPECIFIED CURRENCY:        AUTHORIZED DENOMINATION:     EXCHANGE RATE
[ ] United States dollars  [ ] $1,000 and integral      AGENT:
[ ] Other:                     multiples thereof
                           [ ] Other:

ADDENDUM ATTACHED          DEFAULT INTEREST RATE:       OTHER/ADDITIONAL
[ ] Yes                                                 PROVISIONS:
[ ] No

                                       2
<PAGE>
         UNITED DOMINION REALTY TRUST, INC., a Virginia corporation (the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay
to                  , or registered assigns, the Principal Amount of          ,
on the Stated Maturity Date specified above (or any Redemption Date or Repayment
Date, each as defined on the reverse hereof, or any earlier date of acceleration
of maturity) (each such date being hereinafter referred to as the "Maturity
Date" with respect to the principal repayable on such date) and to pay interest
thereon (and on any overdue principal, premium and/or interest to the extent
legally enforceable) at the Interest Rate per annum specified above, until the
principal hereof is paid or duly made available for payment. The Company will
pay interest in arrears on each Interest Payment Date, if any, specified above
(each, an "Interest Payment Date"), commencing with the first Interest Payment
Date next succeeding the Original Issue Date specified above, and on the
Maturity Date; provided, however, that if the Original Issue Date occurs between
a Record Date (as defined below) and the next succeeding Interest Payment Date,
interest payments will commence on the second Interest Payment Date next
succeeding the Original Issue Date to the registered holder (the "Holder") of
this Note on the Record Date with respect to such second Interest Payment Date.
Interest on this Note will be computed on the basis of a 360-day year of twelve
30-day months.

         Interest on this Note will accrue from, and including, the immediately
preceding Interest Payment Date to which interest has been paid or duly provided
for (or from, and including, the Original Issue Date if no interest has been
paid or duly provided for) to, but excluding, the applicable Interest Payment
Date or the Maturity Date, as the case may be (each, an "Interest Period"). The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, subject to certain exceptions described herein, be paid to
the person in whose name this Note (or one or more predecessor Notes, as defined
on the reverse hereof) is registered at the close of business on the fifteenth
calendar day (whether or not a Business Day, as defined below) immediately
preceding such Interest Payment Date (the "Record Date"); provided, however,
that interest payable on the Maturity Date will be payable to the person to whom
the principal hereof and premium, if any, hereon shall be payable. Any such
interest not so punctually paid or duly provided for on any Interest Payment
Date other than the Maturity Date ("Defaulted Interest") shall forthwith cease
to be payable to the Holder on the close of business on any Record Date and,
instead, shall be paid to the person in whose name this Note is registered at
the close of business on a special record date (the "Special Record Date") for
the payment of such Defaulted Interest to be fixed by the Trustee hereinafter
referred to, notice whereof shall be given to the Holder of this Note by the
Trustee not less than 10 calendar days prior to such Special Record Date or may
be paid at any time in any other lawful manner, all as more fully provided for
in the Indenture.

         Payment of principal, premium, if any, and interest in respect of this
Note due on the Maturity Date will be made in immediately available funds upon
presentation and surrender of this Note (and, with respect to any applicable
repayment of this Note, upon delivery of [a duly completed election form](2)
[instructions](3) as contemplated on the reverse hereof) at the office or

----------

(2) This text applies to certificated Notes only.

(3) This text applies to global Notes only.

                                       3
<PAGE>

agency maintained by the Company for that purpose in the Borough of Manhattan,
The City of New York, currently the office of the Trustee located at 40 Broad
Street, 5th Floor, New York, New York 10004, or at such other paying agency in
the Borough of Manhattan, The City of New York, as the Company may determine;
provided, however, that if the Specified Currency (as defined below) is other
than United States dollars and such payment is to be made in the Specified
Currency in accordance with the provisions set forth below, such payment will be
made by wire transfer of immediately available funds to an account with a bank
designated by the Holder hereof at least 15 calendar days prior to the Maturity
Date, provided that such bank has appropriate facilities therefor and that this
Note is presented and surrendered and, if applicable, [a duly completed
repayment election form is](4) [instructions are](5) delivered at the
aforementioned office or agency maintained by the Company in time for the
Trustee to make such payment in such funds in accordance with its normal
procedures. Payment of interest due on any Interest Payment Date other than the
Maturity Date will be made at the aforementioned office or agency maintained by
the Company or, at the option of the Company, by check mailed to the address of
the person entitled thereto as such address shall appear in the Security
Register maintained by the Trustee; provided, however, that a Holder of
U.S.$10,000,000 (or, if the Specified Currency is other than United States
dollars, the equivalent thereof in the Specified Currency) or more in aggregate
principal amount of Notes (whether having identical or different terms and
provisions) will be entitled to receive interest payments on such Interest
Payment Date by wire transfer of immediately available funds if such Holder has
delivered appropriate wire transfer instructions in writing to the Trustee not
less than 15 calendar days prior to such Interest Payment Date. Any such wire
transfer instructions received by the Trustee shall remain in effect until
revoked by such Holder.

         If any Interest Payment Date or the Maturity Date falls on a day that
is not a Business Day, the required payment of principal, premium, if any,
and/or interest shall be made on the next succeeding Business Day with the same
force and effect as if made on the date such payment was due, and no interest
shall accrue with respect to such payment for the period from and after such
Interest Payment Date or the Maturity Date, as the case may be, to the date of
such payment on the next succeeding Business Day.

         As used herein, "Business Day" means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in The
City of New York; provided, however, that if the Specified Currency is other
than United States dollars, such day must not be a day on which commercial banks
are authorized or required by law, regulation or executive order to close in the
Principal Financial Center (as defined below) of the country issuing the
Specified Currency (or, if the Specified Currency is Euro, such day must be a
day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open). "Principal Financial Center" means the
capital city of the country issuing the Specified Currency, except that with
respect to United States dollars, Australian dollars, Canadian dollars, Euros,

----------

(4)  This text applies to certificated Note only.

(5)  This text applies to global Notes only.

                                       4
<PAGE>

South African rands and Swiss francs, the "Principal Financial Center" shall be
The City of New York, Sydney, Toronto, Johannesburg and Zurich, respectively.

         The Company is obligated to make payment of principal, premium, if any,
and interest in respect of this Note in the Specified Currency specified above
(or, if such Specified Currency is not at the time of such payment legal tender
for the payment of public and private debts in the country issuing such
Specified Currency or, if such Specified Currency is Euro, in the member states
of the European Union that have adopted the single currency in accordance with
the Treaty establishing the European Community, as amended by the Treaty on
European Union, then in the currency which is at the time of such payment legal
tender in the related country or in the adopting member states of the European
Union) (the "Specified Currency"). If the Specified Currency is other than
United States dollars, except as otherwise provided below, any such amounts so
payable by the Company will be converted by the Exchange Rate Agent specified
above into United States dollars for payment to the Holder of this Note.

         If the Specified Currency is other than United States dollars, the
Holder of this Note may elect to receive any amounts payable hereunder in such
Specified Currency. If the Holder of this Note shall not have duly made an
election to receive all or a specified portion of any payment of principal,
premium, if any, and/or interest in respect of this Note in the Specified
Currency, any United States dollar amount to be received by the Holder of this
Note will be based on the highest bid quotation in The City of New York received
by the Exchange Rate Agent at approximately 11:00 A.M., New York City time, on
the second Business Day preceding the applicable payment date from three
recognized foreign exchange dealers (one of whom may be the Exchange Rate Agent)
selected by the Exchange Rate Agent and approved by the Company for the purchase
by the quoting dealer of the Specified Currency for United States dollars for
settlement on such payment date in the aggregate amount of the Specified
Currency payable to all Holders of Notes scheduled to receive United States
dollar payments and at which the applicable dealer commits to execute a
contract. All currency exchange costs will be borne by the Holder of this Note
by deductions from such payments. If three such bid quotations are not
available, payments on this Note will be made in the Specified Currency.

         If the Specified Currency is other than United States dollars, the
Holder of this Note may elect to receive all or a specified portion of any
payment of principal, premium, if any, and/or interest in respect of this Note
in the Specified Currency by submitting a written request for such payment to
the Trustee at its corporate trust office in The City of New York on or prior to
the applicable Record Date or at least 15 calendar days prior to the Maturity
Date, as the case may be. Such written request may be mailed or hand delivered
or sent by cable, telex or other form of facsimile transmission. The Holder of
this Note may elect to receive all or a specified portion of all future payments
in the Specified Currency in respect of such principal, premium, if any, and/or
interest and need not file a separate election for each payment. Such election
will remain in effect until revoked by written notice to the Trustee, but
written notice of any such revocation must be received by the Trustee on or
prior to the applicable Record Date or at least 15 calendar days prior to the
Maturity Date, as the case may be.

         If the Specified Currency is other than United States dollars and the
Holder of this Note shall have duly made an election to receive all or a
specified portion of any payment of principal,

                                       5
<PAGE>

premium, if any, and/or interest in respect of this Note in the Specified
Currency, but the Specified Currency is not available due to the imposition of
exchange controls or other circumstances beyond the control of the Company, the
Company will be entitled to satisfy its obligations to the Holder of this Note
by making such payment in United States dollars on the basis of the Market
Exchange Rate (as defined below) determined by the Exchange Rate Agent on the
second Business Day prior to such payment date or, if such Market Exchange Rate
is not then available, on the basis of the most recently available Market
Exchange Rate. The "Market Exchange Rate" for the Specified Currency means the
noon dollar buying rate in The City of New York for cable transfers for the
Specified Currency as certified for customs purposes (or, if not so certified,
as otherwise determined) by the Federal Reserve Bank of New York. Any payment
made in United States dollars under such circumstances shall not constitute an
Event of Default (as defined in the Indenture).

         All determinations referred to above made by the Exchange Rate Agent
shall be at its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and binding on the Holder of this Note.

         The Company agrees to indemnify the Holder of any Note against any loss
incurred by such Holder as a result of any judgment or order being given or made
against the Company for any amount due hereunder and such judgment or order
requiring payment in a currency (the "Judgment Currency") other than the
Specified Currency, and as a result of any variation between (i) the rate of
exchange at which the Specified Currency amount is converted into the Judgment
Currency for the purpose of such judgment or order, and (ii) the rate of
exchange at which such Holder, on the date of payment of such judgment or order,
is able to purchase the Specified Currency with the amount of the Judgment
Currency actually received by such Holder, as the case may be. The foregoing
indemnity constitutes a separate and independent obligation of the Company and
continues in full force and effect notwithstanding any such judgment or order as
aforesaid. The term "rate of exchange" includes any premiums and costs of
exchange payable in connection with the purchase of, or conversion into, the
relevant currency.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and, if so specified on the face hereof, in an
Addendum hereto, which further provisions shall have the same force and effect
as if set forth on the face hereof.

         Notwithstanding the foregoing, if an Addendum is attached hereto or
"Other/Additional Provisions" apply to this Note as specified above, this Note
shall be subject to the terms set forth in such Addendum or such
"Other/Additional Provisions".

         Unless the Certificate of Authentication hereon has been executed by
the Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                       6
<PAGE>
         IN WITNESS WHEREOF, United Dominion Realty Trust, Inc. has caused this
Note to be duly executed by one of its duly authorized officers.

                                            UNITED DOMINION REALTY TRUST, INC.

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

Dated:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

This is one of the Debt Securities of
the series designated therein referred
to in the within-mentioned Indenture.

WACHOVIA BANK, NATIONAL ASSOCIATION,
as Trustee

By
  ----------------------------
      Authorized Signatory

                                       7
<PAGE>

                               [REVERSE OF NOTE]

                       UNITED DOMINION REALTY TRUST, INC.

                                MEDIUM-TERM NOTE
                                  (FIXED RATE)

         This Note is one of a duly authorized series of Debt Securities (the
"Debt Securities") of the Company issued and to be issued under an Indenture,
dated as of November 1, 1995, as amended, modified or supplemented from time to
time (the "Indenture"), between the Company and Wachovia Bank, National
Association, (formerly known as First Union National Bank of Virginia) as
trustee (the "Trustee", which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Debt Securities, and of the terms upon which the Debt Securities are, and
are to be, authenticated and delivered. This Note is one of the series of Debt
Securities designated as "Medium-Term Notes Due Nine Months or More From Date of
Issue" (the "Notes"). All terms used but not defined in this Note or in an
Addendum hereto shall have the meanings assigned to such terms in the Indenture
or on the face hereof, as the case may be.

         This Note is issuable only in registered form without coupons in
minimum denominations of U.S. $1,000 and integral multiples thereof or other
Authorized Denomination specified on the face hereof.

         This Note will not be subject to any sinking fund and, unless otherwise
specified on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or repayable prior to the Stated Maturity
Date.

         This Note will be subject to redemption at the option of the Company on
any date on or after the Initial Redemption Date, if any, specified on the face
hereof, in whole or from time to time in part in increments of U.S. $1,000 or
other integral multiple of an Authorized Denomination (provided that any
remaining principal amount hereof shall be at least U.S. $1,000 or such other
minimum Authorized Denomination), at the Redemption Price (as defined below),
together with unpaid interest accrued thereon to the date fixed for redemption
(the "Redemption Date"), on written notice given to the Holder hereof (in
accordance with the provisions of the Indenture) not more than 60 nor less than
30 calendar days prior to the Redemption Date. The "Redemption Price" shall be
the Initial Redemption Percentage specified on the face hereof (as adjusted by
the Annual Redemption Percentage Reduction, if any, specified on the face hereof
as set forth below) multiplied by the unpaid principal amount of this Note to be
redeemed. The Initial Redemption Percentage shall decline at each anniversary of
the Initial Redemption Date by the Annual Redemption Percentage Reduction, if
any, until the Redemption Price is 100% of unpaid principal amount to be
redeemed. In the event of redemption of this Note in part only, a new Note of
like tenor for the unredeemed portion hereof and otherwise having the same terms
and provisions as this Note shall be issued by the Company in the name of the
Holder hereof upon the presentation and surrender hereof.

                                       8
<PAGE>
         This Note will be subject to repayment by the Company at the option of
the Holder hereof on the Optional Repayment Date(s), if any, specified on the
face hereof, in whole or in part in increments of U.S. $1,000 or other integral
multiple of an Authorized Denomination (provided that any remaining principal
amount hereof shall be at least U.S. $1,000 or such other minimum Authorized
Denomination), at a repayment price equal to 100% of the unpaid principal amount
to be repaid, together with unpaid interest accrued thereon to the date fixed
for repayment (the "Repayment Date"). For this Note to be repaid, the Trustee
must receive at its corporate trust office not more than 60 nor less than 30
calendar days prior to the Repayment Date, such Note and [the form hereon
entitled "Option to Elect Repayment" duly completed](6) [instructions to such
effect forwarded by the Holder hereof](7). Exercise of such repayment option by
the Holder hereof shall be irrevocable. In the event of repayment of this Note
in part only, a new Note of like tenor for the unrepaid portion hereof and
otherwise having the same terms and provisions as this Note shall be issued by
the Company in the name of the Holder hereof upon the presentation and surrender
hereof.

         If this Note is specified on the face hereof to be a Discount Note, the
amount payable to the Holder of this Note in the event of redemption, repayment
or acceleration of maturity will be equal to the sum of (1) the Issue Price
specified on the face hereof (increased by any accruals of the Discount, as
defined below) and, in the event of any redemption of this Note (if applicable),
multiplied by the Initial Redemption Percentage (as adjusted by the Annual
Redemption Percentage Reduction, if applicable) and (2) any unpaid interest
accrued thereon to the Redemption Date, Repayment Date or date of acceleration
of maturity, as the case may be. The difference between the Issue Price and 100%
of the principal amount of this Note is referred to herein as the "Discount".

         For purposes of determining the amount of Discount that has accrued as
of any Redemption Date, Repayment Date or date of acceleration of maturity of
this Note, such Discount will be accrued so as to cause the yield on the Note to
be constant. The constant yield will be calculated using a 30-day month, 360-day
year convention, a compounding period that, except for the Initial Period (as
defined below), corresponds to the shortest period between Interest Payment
Dates (with ratable accruals within a compounding period) and an assumption that
the maturity of this Note will not be accelerated. If the period from the
Original Issue Date to the initial Interest Payment Date (the "Initial Period")
is shorter than the compounding period for this Note, a proportionate amount of
the yield for an entire compounding period will be accrued. If the Initial
Period is longer than the compounding period, then such period will be divided
into a regular compounding period and a short period, with the short period
being treated as provided in the preceding sentence.

         In addition to the covenants set forth in the Indenture, the Company is
required to maintain Total Unencumbered Assets (as defined below) of not less
than 150% of the aggregate

----------

(6)  This text applies to certificated Notes only.

(7)  This text applies to global Notes only.

                                       9
<PAGE>

outstanding principal amount of the Company's Unsecured Debt (as defined below).
For purposes of this requirement, the following capitalized terms shall be
defined as follows:

         "Total Unencumbered Assets" means the sum of (i) those Undepreciated
Real Estate Assets (as defined below) not subject to an encumbrance and (ii) all
other assets of the Company and its Subsidiaries (as defined below) not subject
to encumbrance determined in accordance with generally accepted accounting
principles (but excluding accounts receivable and intangibles).

         "Subsidiaries" means a corporation, a limited liability company or a
partnership a majority of the outstanding voting stock, limited liability
company or partnership interests, as the case may be, of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries of
the Company. For purposes of this definition, "voting stock" means stock having
voting power for the election of directors, managing members or trustees,
whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

         "Undepreciated Real Estate Assets" as of any date means the original
cost plus capital improvements of real estate assets of the Company and its
Subsidiaries determined in accordance with generally accepted accounting
principles.

         "Unsecured Debt" means debt of the Company or any Subsidiary which is
not secured by any mortgage, lien, charge, pledge or security interest of any
kind upon any of their properties.

         If an Event of Default shall occur and be continuing, the principal of
the Notes may, and in certain cases shall, be accelerated in the manner and with
the effect provided in the Indenture.

         [The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Notes or (ii) certain covenants and Events of Default with
respect to the Notes, in each case upon compliance with certain conditions set
forth therein, which provisions apply to the Notes.](8)

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debt Securities at any time by the
Company and the Trustee with the consent of the Holders of a majority of the
aggregate principal amount of all Debt Securities at the time outstanding and
affected thereby. The Indenture also contains provisions permitting the Holders
of a majority of the aggregate principal amount of the outstanding Debt
Securities of any series, on behalf of the Holders of all such Debt Securities,
to waive compliance by the Company with certain provisions of the Indenture.
Furthermore, provisions in the Indenture permit the Holders of a majority of the
aggregate principal amount of the outstanding Debt Securities of any series, in
certain instances, to waive, on behalf of all of the Holders of Debt Securities
of such series, certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future

----------

(8)  Reference should be made to the terms of the particular series of Notes as
     to whether or not this paragraph applies.

                                       10
<PAGE>

Holders of this Note and other Notes issued upon the registration of transfer
hereof or in exchange heretofore or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay principal, premium, if any, and interest in
respect of this Note at the times, places and rate or formula, and in the coin
or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
[and herein](9) set forth, the transfer of this Note is registrable in the
Security Register of the Company upon surrender of this Note for registration of
transfer at the office or agency of the Company in any place where the principal
hereof and any premium or interest hereon are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by his
attorney duly authorized in writing, and thereupon one or more new Notes having
the same terms and provisions, of Authorized Denominations and for the same
aggregate principal amount, will be issued by the Company to the designated
transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
[and herein](10) set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different Authorized Denominations but otherwise
having the same terms and provisions, as requested by the Holder hereof
surrendering the same.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Holder as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary, except as required by law.

         THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF VIRGINIA.

----------

(9)  This text applies to global Notes only.

(10) This text applies to global Notes only.

                                       11
<PAGE>
                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                            <C>
TEN COM  - as tenants in common                UNIF GIFT MIN ACT - ________ Custodian ______
TEN ENT  - as tenants by the entireties                              (Cust)    (Minor)
JT TEN   - as joint tenants with right of                        under Uniform Gifts to Minors
           survivorship and not as tenants                        Act______________________
           in common                                                        (State)
</Table>

    Additional abbreviations may also be used though not in the above list.

                       ----------------------------------

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR
            OTHER
IDENTIFYING NUMBER OF ASSIGNEE

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee)

-------------------------------------------------------------------------------
this Note and all rights thereunder hereby irrevocably constituting and
appointing

-------------------------------------------------------------------------------
Attorney to transfer this Note on the books of the Company, with full power of
substitution in the premises.

Dated:
      -----------------------------           ---------------------------------

      -----------------------------           ---------------------------------

                                              Notice: The signature(s) on this
                                              Assignment must correspond with
                                              the name(s) as written upon the
                                              face of this Note in every
                                              particular, without alteration or
                                              enlargement or any change
                                              whatsoever.

                                       12
<PAGE>
                           [OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably request(s) and instruct(s) the
Company to repay this Note (or portion hereof specified below) pursuant to its
terms at a price equal to 100% of the principal amount to be repaid, together
with unpaid interest accrued hereon to the Repayment Date, to the undersigned,
at ____________________________________________________________________________

______________________________________________________________________________.
         (Please print or typewrite name and address of the undersigned)

         For this Note to be repaid, the Trustee must receive at its corporate
trust office in the Borough of Manhattan, The City of New York, currently
located at 40 Broad Street, 5th Floor, New York, New York 10004, not more than
60 nor less than 30 calendar days prior to the Repayment Date, this Note with
this "Option to Elect Repayment" form duly completed.

         If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be increments of U.S. $1,000 or other
integral multiple of an Authorized Denomination) (provided that any remaining
principal amount shall be at least U.S. $1,000 or such other minimum Authorized
Denomination) which the Holder elects to have repaid and specify the
denomination or denominations (which shall be U.S. $1,000 or such other minimum
Authorized Denomination) of the Notes to be issued to the Holder for the portion
of this Note not being repaid (in the absence of any such specification, one
such Note will be issued for the portion not being repaid).

Principal Amount
to be Repaid:    $
                     --------          ----------------------------------------
                                       Notice:  The signature(s) on this Option
                                       to Elect Repayment must correspond with
                                       the name(s) as written upon the face of
                                       this Note in every particular, without
                                       alteration or enlargement or any change
                                       whatsoever.](11)
Dated:
            -----------------

            -----------------

----------

(11) This form applies to certificated Notes only.

                                       13

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