Document:

EXHIBIT 10.1
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                          FIFTH AMENDMENT TO
                   AMLI RESIDENTIAL PROPERTIES, L.P.
                         AMENDED AND RESTATED
                   AGREEMENT OF LIMITED PARTNERSHIP

     This Amendment, dated as of October 31, 2001, amends the Amended and
Restated Agreement of Limited Partnership, dated as of February 15, 1994,
as amended by the First Amendment thereto, dated as of July 3, 1995, the
Second Amendment thereto, dated as of January 30, 1996, the Third Amendment
thereto, dated as of July 31, 1996, and the Fourth Amendment thereto, dated
as of March 9, 1998 (as so amended the "Partnership Agreement"), of Amli
Residential Properties, L.P., a Delaware limited partnership (the
"Partnership"), by and among Amli Residential Properties Trust, a Maryland
real estate investment trust, as the general partner (the "General
Partner"), and the Persons whose names are set forth on Exhibit A to the
Partnership Agreement, as the Limited Partners (the "Limited Partners"),
together with any other Persons who become Partners in the Partnership as
provided in the Partnership Agreement.

                          W I T N E S E T H:
                          -----------------

     WHEREAS, the Partnership is a Delaware limited partnership existing
under the Delaware Revised Uniform Limited Partnership Act (the "Act")
pursuant to the Partnership Agreement;

     WHEREAS, the General Partner is issuing Series D Preferred Shares (as
defined below);

     WHEREAS, the General Partner will contribute the net proceeds of the
issuance of Series D Preferred Shares as a Capital Contribution to the
Partnership;

     WHEREAS, Section 4.2(b) of the Partnership Agreement provides as
follows:

     "The Partnership also may from time to time issue to the General
Partner additional Partnership Units or other Partnership Interests in one
or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other
special rights, powers and duties, including rights, powers and duties
senior to Limited Partnership Interests, all as shall be determined by the
General Partner, subject to Delaware law, including, without limitation,
with respect to (i) the allocations of items of Partnership income, gain,
loss, deduction and credit to each such class or series of Partnership
Interests, (ii) the right of each such class or series of Partnership
Interests to share in Partnership distributions, and (iii) the rights of
each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership; provided that (x) the additional
Partnership Interests are issued in connection with an issuance of shares
of the General Partner, which shares have designations, preferences and
other rights, all such that the economic interests are substantially
similar to the designations, preferences and other rights of the additional
Partnership Interests issued to the General Partner in accordance with this
Section 4.2(b), and (y) the General Partner shall make a Capital
Contribution to the Partnership in an amount equal to the net proceeds
raised in connection with the issuance of such shares of the General
Partner."

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     WHEREAS, Section 14.1(b)(3) of the Partnership Agreement provides
that the General Partner shall have the power, without the consent of the
Limited Partners, to amend the Partnership Agreement "to set forth the
rights, powers, duties, and preferences of the holders of any additional
Partnership Interests issued pursuant to Section 4.2(b)" of the Partnership
Agreement; and

     WHEREAS, the General Partner desires to amend the Partnership
Agreement to set forth the rights, powers, duties, and preferences of the
General Partner as the holder of certain Partnership Interests, and the
Partnership Units corresponding thereto, issued pursuant to Section 4.2(b).

     NOW, THEREFORE, pursuant the authority granted in Section 14.1(b)(3)
of the Partnership Agreement, the General Partner hereby amends the
Partnership Agreement as follows:

     1.    AMENDMENT.  Effective at (and subject to the occurrence of) the
Effective Time (as defined in Section 2 below), Section 4.2 of the
Partnership Agreement is hereby amended by adding the following new
subsection (h) at the end of such Section:

           "(h)  Partnership Interest and Units in Connection with Series
D Cumulative Convertible Redeemable Preferred Shares.

                 (1)  Pursuant to the provisions of, and upon the Capital
Contribution called for by, Section 4.2(b), there are hereby from time to
time issued to the General Partner an additional Partnership Interest and,
corresponding thereto, a number of Partnership Units (the "Series D
Preferred Units") equal to the number of Series D Cumulative Convertible
Redeemable Preferred Shares of Beneficial Interest of the General Partner,
as classified and designated by Articles Supplementary (the "Articles
Supplementary") filed with the Maryland Department of Assessments and
Taxation on October ___, 2001 (the "Series D Preferred Shares"), from time
to time outstanding.  The Series D Preferred Units shall have such
designations, preferences and relative, participating, optional or other
special rights, powers and duties, including rights, powers and duties
senior to Limited Partnership Interests, as further provided in Section
4.2(h)(2) and Section 4.2(h)(3) below and as shall be determined by the
General Partner, subject to Delaware law, including, without limitation,
with respect to (i) the allocations of items of Partnership income, gain,
loss, deduction and credit, (ii) the right to share in Partnership
distributions, and (iii) the rights upon dissolution and liquidation of the
Partnership, all such that the economic interests represented by the Series
D Preferred Units are substantially similar to the designations,
preferences and other rights of the Series D Preferred Shares.  To the
extent necessary to give effect to the preceding sentence, (i) the Series D
Preferred Units shall have preference over other Partnership Units with
respect to distributions of Available Cash as provided in Section 5.1(i),
and (ii) the General Partner shall, with respect to the Series D Preferred
Units, have priority over other Partners and Assignees as to profits,
losses and distributions as authorized by Section 8.4.

                 (2)  The General Partner shall be entitled to receive
preferential distributions on the Series D Preferred Units corresponding to
the distributions to which holders of the Series D Preferred Shares are
entitled.  As set forth in the Articles Supplementary, the distributions to
which holders of Series D Preferred Shares are entitled are as follows
(Capitalized terms used in the following subsections (2)(i) through (2)(iv)
and not defined in this Amendment shall have the respective meanings
assigned such terms in the in the Articles Supplementary.):

<PAGE>

                      (i)   The holders of Series D Preferred Shares
shall be entitled to receive,  when, as and if authorized and declared by
the Board of Trustees out of funds legally available for that purpose,
cumulative quarterly distributions payable in cash in an amount per share
equal to the greater of (A) the base distribution of $0.540625 per quarter,
subject to possible adjustment as provided in Section 13 of the Articles
Supplementary (the "Preferred Dividend") or (B) the cash distributions
declared on the number of Common Shares, or portion thereof, into which a
Series D Preferred Share would then be convertible.  The amount referred to
in clause (B) of this subsection (2)(i) with respect to each succeeding
Distribution Period shall be determined as of the applicable Distribution
Payment Date by multiplying the number of Common Shares, or portion
thereof, calculated to the fourth decimal point, into which a Series D
Preferred Share is convertible at the opening of business on such
Distribution Payment Date (based on the Conversion Price then in effect) by
the aggregate cash distributions payable or paid for such Distribution
Period in respect of a Common Share outstanding as of the record date for
the distributions payable on the Common Shares for such Distribution
Period.  If (X) the General Partner pays a cash distribution on the Common
Shares after the Distribution Payment Date for the corresponding
Distribution Period and (Y) the distribution on the Series D Preferred
Shares for such Distribution Period calculated pursuant to clause (B) of
this subsection (2)(i), taking into account the Common Share distribution
referenced in clause (X), exceeds the distribution previously declared on
the Series D Preferred Shares for such Distribution Period, the General
Partner shall pay an additional distribution to the holders of the Series D
Preferred Shares on the date that the Common Share distribution referenced
in clause (X) is paid, in an amount equal to the difference between the
distribution calculated pursuant to clause (Y) and the distributions
previously declared on the Series D Preferred Shares with respect to such
Distribution Period.  Such distributions shall be cumulative from each
Issue Date, whether or not in any Distribution Period or Periods such
distributions are declared or there are funds of the General Partner
legally available for the payment of such distributions, and shall be
payable quarterly in arrears on the Distribution Payment Dates, commencing
on the first Distribution Payment Date after each Issue Date.  Each such
distribution shall be payable in arrears to the holders of record of the
Series D Preferred Shares, as they appear on the share records of the
General Partner at the close of business on such record date as is fixed by
the Board of Trustees which shall be not more than sixty (60) calendar days
prior to the corresponding Distribution Payment Date and, within such sixty
(60) calendar day period, shall be the same date as the record date for the
regular quarterly distribution payable on the Common Shares for such
Distribution Period (or, if there is no such record date for the Common
Shares, then such date as the Board of Trustees may fix within such sixty
(60) calendar day period).  Accumulated, accrued and unpaid distributions
for any past Distribution Periods may be authorized or declared and paid at
any time, without reference to any regular Distribution Payment Date, to
holders of record on such record date as

<PAGE>

                 may be fixed by the Board of Trustees which shall be not
more than forty-five (45) calendar days prior to the corresponding payment
date.  Any dividend payment made on the Series D Preferred Shares shall
first be credited against the earliest accrued but unpaid dividend due with
respect to the Series D Preferred Shares that remains payable.

                      (ii)  In the case of any Series D Preferred Share
the Issue Date of which is a date other than the first day of a
Distribution Period, or any other period shorter than a full Distribution
Period, the amount of distributions payable per such Series D Preferred
Share with respect to such partial Distribution Period shall be computed
ratably on the basis of a 360-day year of twelve (12), thirty (30) day
months.  Except as provided in the immediately following sentence, holders
of Series D Preferred Shares shall not be entitled to any distributions,
whether payable in cash, property or shares, in excess of cumulative
distributions as herein provided on the Series D Preferred Shares.  In the
event that a distribution on the Series D Preferred Shares is not made on
the Distribution Payment Date on which such distribution is payable, the
unpaid distribution shall accrue interest, compounded quarterly, at a rate
equal to 8.65% per annum (9.65% per annum during the applicable time period
in the event that the Preferred Dividend has been increased pursuant to
Section 13 of the Articles Supplementary) (the "Interest") until such
distribution is paid.

                      (iii)  So long as any of the Series D Preferred
Shares is outstanding, except as described in the immediately following
sentence, (A) the General Partner shall not declare, pay or set apart for
payment any distributions (other than distributions paid in, or options,
warrants or rights to subscribe for or purchase, Junior Shares or Parity
Shares) nor declare or make any other distribution of cash or other
property, directly or indirectly, with respect to any class or series of
Parity Shares, (B) the General Partner shall not redeem, purchase or
otherwise acquire any Parity Shares for any consideration (or any moneys
paid to or made available for a sinking fund for the redemption of any
Parity Shares) directly or indirectly by the General Partner (except by
conversion into or exchange for Parity Shares), nor shall any other cash or
other property otherwise be paid or distributed to or for the benefit of
any holder of Parity Shares in respect thereof directly or indirectly by
the General Partner, (C) the General Partner shall not authorize, take or
cause or permit to be taken or caused any action in its capacity as general
partner of the Partnership, that will result in (i) the declaration or
payment by the Partnership of any distributions (other than distributions
paid in, or options, warrants or rights to subscribe for or purchase Junior
Units or Parity Units) with respect to any class or series of Parity Units
or (ii) the redemption or purchase (directly or indirectly, including
without limitation, through any subsidiaries of the Partnership), or the
setting aside of any funds or other assets for the redemption or purchase
of any Parity Units (except for the exchange or conversions of partnership
interests in the Partnership into Common Shares as permitted under the

<PAGE>

                 Partnership Agreement, or the payment of cash by the
Partnership upon the exercise by any partner of the Partnership of a right
to convert an interest in the Partnership into shares of the General
Partner, or by conversion into or exchange for Junior Shares or Parity
Shares), unless in each case (X) all distributions (including all
accumulated, accrued and unpaid distributions) have been or
contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof set apart for payment for all past Distribution
Periods with respect to the Series D Preferred Shares and all past
distribution periods with respect to any Parity Shares and (Y) a sum
sufficient for the payment thereof has been or contemporaneously is paid or
set apart for payment of the full distribution for the current Distribution
Period with respect to the Series D Preferred Shares and the current
distribution period with respect to any Parity Shares.  When distributions
are not paid in full or a sum sufficient for such payment is not set apart
for payment as provided above, all distributions declared on the Series D
Preferred Shares and all distributions declared on any other class or
series of Parity Shares shall be declared ratably in proportion to the
respective amounts of distributions accumulated, accrued and unpaid on the
Series D Preferred Shares and on such Parity Shares.

                      (iv)  So long as any of the Series D Preferred
Shares is outstanding, (A) the General Partner shall not declare, pay or
set apart for payment any distributions (other than distributions paid in,
or options, warrants or rights to subscribe for or purchase, Junior Shares)
nor declare or make any other distribution of cash or other property,
directly or indirectly, with respect to any class or series of Junior
Shares, (B) the General Partner shall not redeem, purchase or otherwise
acquire any Junior Shares (other than a redemption, purchase or other
acquisition of Common Shares made for purposes of an employee incentive or
benefit plan of the General Partner or any subsidiary) for any
consideration (or any moneys paid to or made available for a sinking fund
for the redemption of any Junior Shares) directly or indirectly by the
General Partner (except by conversion into or exchange for Junior Shares),
nor shall any other cash or other property otherwise be paid or distributed
to or for the benefit of any holder of Junior Shares in respect thereof
directly or indirectly by the General Partner, (C) the General Partner
shall not authorize, take or cause or permit to be taken or caused any
action in its capacity as general partner of the Partnership, that will
result in (i) the declaration or payment by the Partnership of any
distributions (other than distributions paid in, or options, warrants or
rights to subscribe for or purchase Junior Units) with respect to any class
or series of Junior Units or (ii) the redemption or purchase (directly or
indirectly, including without limitation, through any subsidiaries of the
Partnership),  or the setting aside of any funds or other assets for the
redemption or purchase of any Junior Units (except for the exchange or
conversions of partnership interests in the Partnership into Common Shares
as permitted under the Partnership Agreement, or the payment

<PAGE>

                 of cash by the Partnership upon the exercise by any
partner of the Partnership of a right to convert an interest in the
Partnership into shares of the General Partner, or by conversion into or
exchange for Junior Shares), unless in each case (X) all distributions
(including all accumulated, accrued and unpaid distributions) have been or
contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof set apart for payment for all past Distribution
Periods with respect to the Series D Preferred Shares and all past
distribution periods with respect to any Parity Shares and (Y) a sum
sufficient for the payment thereof has been or contemporaneously is paid or
set apart for payment of the full distribution for the current Distribution
Period with respect to the Series D Preferred Shares and the current
distribution period with respect to any Parity Shares.

                 (3)  In the event of any liquidation, dissolution or
winding up of the Partnership, whether voluntary or involuntary, the
General Partner shall be entitled to receive preferential distributions
with respect to the Series D Preferred Units corresponding to the
liquidation preference to which holders of the Series D Preferred Shares
are entitled in the event of the liquidation, dissolution or winding up of
the General Partner.  As set forth in the Articles Supplementary, the
liquidation preference to which holders of Series D Preferred Shares are
entitled is as follows (Capitalized terms used in the following subsections
(3)(i) through (3)(iii) and not defined in this Amendment shall have the
respective meanings assigned such terms in the in the Articles
Supplementary.):

                      (i)   Upon any liquidation, dissolution or winding
up of the General Partner, whether voluntary or involuntary, before any
payment or distribution of the assets of the General Partner (whether
capital or surplus) shall be made to or set apart for the holders of Junior
Shares, the holders of Series D Preferred Shares shall be entitled to
receive a liquidation preference (the "Liquidation Preference") in an
amount equal to the greater of (A) the Base Amount plus cumulative unpaid
distributions which were earned but not declared, including Interest, if
applicable, plus a Redemption Premium, if applicable, and (B) the amount
that would be received if the Series D Preferred Shares were converted into
Common Shares immediately prior to liquidation.  Until the holders of the
Series D Preferred Shares have been paid the Liquidation Preference in
full, plus an amount equal to all declared distributions accumulated,
accrued and unpaid thereon, plus Interest, to the date of final
distribution to such holders, no payment may be made to any holder of
Junior Shares upon any liquidation, dissolution or winding up of the
General Partner.  If, upon any liquidation, dissolution or winding up of
the General Partner, the assets of the General Partner, or the proceeds
thereof, distributable among the holders of Series D Preferred Shares are
insufficient to pay in full such preferential amount and liquidating
payments on any other class or series of Parity Shares, then such assets,
or the proceeds thereof, shall be distributed among the holders of Series D
Preferred Shares and any such other Parity Shares ratably in proportion to
the respective amounts which would be payable on such Series D Preferred
Shares and any such other Parity Shares if all amounts payable thereon were
paid in full.

<PAGE>

                      (ii)  If the Liquidation Preference is payable
prior to the second anniversary of the Issue Date, the redemption premium
(the "Redemption Premium") that shall be included in the Liquidation
Preference shall equal 2% of the Base Amount.  If the Liquidation
Preference is payable on or after the second anniversary of the Issue Date
and prior to the fifth anniversary of the Issue Date, the Redemption
Premium that shall be included in the Liquidation Preference shall equal 1%
of the Base Amount.  No Redemption Premium shall be included in a
Liquidation Preference payable on or after the fifth anniversary of the
Issue Date.

                      (iii) Upon any liquidation, dissolution or winding
up of the General Partner, after payment has been made in full to the
holders of Series D Preferred Shares and any Parity Shares as provided in
this Section 4.2(h)(3), any other series or class of Junior Shares shall,
subject to the respective terms thereof, be entitled to receive any and all
assets remaining to be paid or distributed, and the holders of the Series D
Preferred Shares and any Parity Shares shall not be entitled to share
therein.

                      (iv)  For purposes of this Section 4.2 (h)(3), (A)
a consolidation or merger of the General Partner with or into one or more
corporations, (B) a sale or transfer of all or substantially all of the
General Partner's assets or (C) a statutory share exchange shall not be
deemed to be a liquidation, dissolution or winding up, voluntary or
involuntary, of the General Partner.

                 (4)  Upon conversion of any Series D Preferred Shares
into, or redemption of any Series D Preferred Shares for, Common Shares as
provided in the Articles Supplementary, a corresponding number of Series D
Preferred Units will be converted into Partnership Units having such
designations, preferences and relative, participating, optional or other
special rights, powers and duties, including, without limitation, with
respect to (i) the allocations of items of Partnership income, gain, loss,
deduction and credit, (ii) the right to share in Partnership distributions,
and (iii) the rights upon dissolution and liquidation of the Partnership,
all such that the economic interests represented by such Partnership Units
are substantially similar to the designations, preferences and other rights
of the Common Shares."

                 (5)  Any class or series of Partnership Interests shall
be deemed to rank:  (A) senior to the Series D Preferred Units, as to the
payment of distributions and as to the distribution of assets upon
liquidation, dissolution or winding up, if the holders of such class or
series are entitled to the receipt of distributions or amounts
distributable upon liquidation, dissolution or winding up, as the case may
be, in preference or priority to the holders of Series D Preferred Units
("Senior Units"); (B) on a parity with the Series D Preferred Units, as to
the payment of distributions and as to the distribution of assets upon
liquidation, dissolution or winding up, whether or

<PAGE>

           not the distribution rates, distribution payment dates or
redemption or liquidation prices per share thereof are different from those
of the Series D Preferred Units, if the holders of such class or series and
the Series D Preferred Units are entitled to the receipt of distributions
and amounts distributable upon liquidation, dissolution or winding up in
proportion to their respective amounts of accrued and unpaid distributions
per share or liquidation preferences, without preference or priority one
over the other ("Parity Units"); and (C) junior to the Series D Preferred
Units, as to the payment of distributions or as to the distribution of
assets upon liquidation, dissolution or winding up, if such class or series
is Partnership Units or if the holders of Series D Preferred Units are
entitled to the receipt of distributions or amounts distributable upon
liquidation, dissolution or winding up, as the case may be, in preference
or priority to the holders of such class or series ("Junior Units").

                 The Series D Preferred Units (i) are Parity Units with
respect to the Series B Preferred Units, (ii) are Junior Units with respect
to the Series A Preferred Units, (iii) must be at least on parity with any
future preferred units of the General Partner, and (iv) are Senior Units
with respect to the Partnership Units.

     2.    EFFECTIVENESS.  The amendment set forth in Section 1 shall
become effective at the time of the first issuance of Series D Preferred
Shares (the "Effective Time").

     3.    CONTINUING EFFECTIVENESS.  As herein amended, the Partnership
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects.

     4.    GOVERNING LAW.  This Amendment shall be governed by the
internal laws of the State of Delaware.

     5.    DEFINED TERMS.  Except as otherwise specified herein,
capitalized terms used and not defined herein shall have the respective
meanings assigned such terms in the Partnership Agreement.

<PAGE>

     IN WITNESS WHEREOF, the undersigned, the General Partner of the
Partnership, has executed this Amendment to the Partnership Agreement as of
the date first above written.

                            AMLI RESIDENTIAL PROPERTIES TRUST

                            By:    /s/ Allan J. Sweet
                                   ------------------------------
                            Name:  Allan J. Sweet
                            Title: PresidentEXHIBIT 10.2
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                     REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into
as of the 31st day of October 2001 by and between AMLI Residential
Properties Trust, a Maryland real estate investment trust (the "Company"),
and The Equitable Life Assurance Society of the United States (the
"Investor").

     WHEREAS, pursuant to that certain Stock Purchase Agreement dated as
of October 31, 2001 (the "Purchase Agreement") among the Company and the
Investor, the Investor has agreed to purchase 800,000 Series D Cumulative
Convertible Redeemable Preferred Shares of Beneficial Interest, par value
$0.01 per share, of the Company (the "Preferred Shares"), all of which
Preferred Shares may be converted into the Company's common shares of
beneficial interest, par value $0.01 per share (the "Common Shares"),
pursuant to the terms of such Preferred Shares; and

     WHEREAS, in connection with the Purchase Agreement, the Company has
agreed to register for sale by the Investor and certain transferees, the
Common Shares issued or issuable upon conversion of the Preferred Shares
(collectively, "Conversion Shares" or the "Registrable Shares"); and

     WHEREAS, the parties hereto desire to enter into this Agreement to
evidence the foregoing agreement of the Company and the mutual covenants of
the parties relating thereto.

     NOW, THEREFORE, in consideration of the foregoing and the covenants,
agreements and warranties herein contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

     SECTION 1.  CERTAIN DEFINITIONS.  In this Agreement, the following
terms shall have the following respective meanings:

           "Accredited Investor" shall have the meaning set forth in Rule
501 under the Securities Act.

           "Affiliate" shall mean, when used with respect to any Person,
another Person which directly, or indirectly through one or more
intermediaries, controls or is controlled by or is under common control
with the Person specified.

           "Commission" shall mean the Securities and Exchange Commission
or any other federal agency at the time administering the Securities Act.

           "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission thereunder, all
as the same are in effect at the relevant time.

           "Holders" shall mean (a) the Investor and (b) each Person
holding Registrable Shares as a result of a transfer or assignment to that
Person of Registrable Shares other than pursuant to an effective
registration statement or Rule 144.

           "Indemnified Party" shall have the meaning ascribed to it in
Section 5(c) of this Agreement.

<PAGE>

           "Indemnifying Party" shall have the meaning ascribed to it in
Section 5(c) of this Agreement.

           "Other Securities" shall have the meaning ascribed to it in
Section 3(a) of this Agreement.

           "Person" shall mean an individual, corporation, partnership,
limited liability company, estate, trust, association, private foundation,
joint stock company or other entity.

           "Preferred Shares" shall have the meaning ascribed to it in the
recitals to this Agreement.

           "Register," "Registered" and "Registration" refer to a
registration described in Section 2 hereof effected by preparing and filing
a registration statement in compliance with the Securities Act providing
for the sale by the Holders of Registrable Shares in accordance with the
method or methods of distribution designated by the Holders, and the
declaration or ordering of the effectiveness of such registration statement
by the Commission.

           "Registrable Shares" shall have the meaning ascribed to it in
the recitals to this Agreement.

           "Registration Expenses" shall mean all out-of-pocket expenses
(excluding Selling Expenses) incurred by the Company in complying with
Section 2 or Section 3, including, without limitation, the following:  (a)
all registration, filing and listing fees; (b) fees and expenses of
compliance with federal and state securities or real estate syndication
laws (including, without limitation, reasonable fees and disbursements of
counsel in connection with state securities and real estate syndication
qualifications of the Registrable Shares under the laws of such
jurisdictions as the Holders may reasonably designate); (c) printing
(including, without limitation, expenses of printing or engraving
certificates for the Registrable Shares in a form eligible for deposit with
The Depository Trust Company and otherwise meeting the requirements of any
securities exchange on which they are listed and of printing registration
statements and prospectuses), messenger, telephone, shipping and delivery
expenses; (d) fees and disbursements of counsel for the Company; (e) fees
and disbursements of all independent public accountants of the Company
(including, without limitation, the expenses of any annual or special audit
and "cold comfort" letters required by the managing underwriter); (f) fees
and expenses incurred in connection with the listing of the Registrable
Shares on each securities exchange on which securities of the same class
are then listed; and (g) fees and expenses associated with any filing with
the National Association of Securities Dealers, Inc. required to be made in
connection with the registration statement.

           "Registration Request" shall have the meaning ascribed to it in
Section 2(a) of this Agreement.

           "Rule 144" shall mean Rule 144 under the Securities Act.

           "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the Commission thereunder, all as
the same are in effect at the relevant time.

           "Selling Expenses" shall mean all underwriting discounts,
selling commissions and share transfer taxes applicable to any sale of
Registrable Shares and, if neither the Company nor any Person not a Holder
shall include securities within the subject Registration, shall include
travel and other expenses of members of the management of the Company and
its affiliates in connection with the matters described in Section 7 (and
if the Company or any such Person shall so include securities, Selling
Expenses shall include a pro rata portion of such travel and other
expenses).

<PAGE>

     SECTION 2.  SHELF REGISTRATION.

             (a) The Company shall prepare and file with the Commission a
resale shelf registration statement for the purpose of effecting a
Registration of the sale of Registrable Shares by the Holders thereof and
shall use its best efforts to have such registration statement declared
effective by the Commission as soon as practicable but not later than
ninety (90) days after the date of the Closing (as defined in the Purchase
Agreement), (including, without limitation, the execution of an undertaking
to file post-effective amendments and appropriate qualification under
applicable state securities and real estate syndication laws); and shall
keep such Registration continuously effective until the date on which all
Registrable Shares have been sold pursuant to such registration statement
or Rule 144; PROVIDED, HOWEVER, that the Company may terminate such
Registration if all Registrable Shares may be sold pursuant to Rule 144 and
if the Commission institutes a fee to keep such Registration effective;
provided FURTHER, however, that the Company shall not be obligated to take
any action to effect any such Registration, qualification or compliance
pursuant to this Section 2 in any particular jurisdiction in which the
Company would be required to execute a general consent to service of
process in effecting such Registration, qualification or compliance unless
the Company is already subject to service in such jurisdiction.

           Notwithstanding the foregoing, the Company shall have the right
(the "Suspension Right") to defer such filing (or suspend sales under any
filed registration statement or defer the updating of any filed
registration statement and suspend sales thereunder) for a single period
during any consecutive twelve (12) month period, such period being the
shorter of (i) the period during which it would be detrimental to the
Company and its shareholders to file such registration statement or
amendment thereto at such time (or to continue sales under a filed
registration statement) and (ii) ninety (90) days, if the Company furnishes
to the Holders a certificate signed by the President or any other executive
officer or any trustee of the Company stating that, in the good faith
judgment of the Company, it would be detrimental to the Company and its
shareholders to file such registration statement or amendment thereto at
such time (or to continue sales under a filed registration statement) and
therefore the Company has elected to defer the filing of such registration
statement (or to suspend sales under a filed registration statement).

             (b) The Company shall promptly notify the Holders of the
occurrence of the following events:

     (i)   when any registration statement relating to the Registrable
Shares or post-effective amendment thereto filed with the Commission has
become effective;

     (ii)  the issuance by the Commission of any stop order suspending the
effectiveness of any registration statement relating to the Registrable
Shares;

     (iii) the suspension of an effective registration statement by the
Company in accordance with the last paragraph of Section 2(a);

     (iv)  the Company's receipt of any notification of the suspension of
the qualification of any Registrable Shares covered by a registration
statement for sale in any jurisdiction; and

     (v)   the existence of any event, fact or circumstance which results
in a registration statement or prospectus relating to Registrable Shares or
any document incorporated therein by reference containing an untrue
statement of a material fact or omitting to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading during the distribution of securities.

<PAGE>

The Company agrees to use its reasonable best efforts to obtain the
withdrawal of any order suspending the effectiveness of any such
registration statement or any state qualification as promptly as possible.

             (c) The Company shall provide to the Holders, at no cost to
the Holders, a copy of the registration statement and any amendment thereto
used to effect the Registration of the Registrable Shares, each prospectus
contained in such registration statement or post-effective amendment and
any amendment or supplement thereto and such other documents as the
requesting Holders may reasonably request in order to facilitate the
disposition of the Registrable Shares covered by such registration
statement.  The Company consents to the use of each such prospectus and any
supplement thereto by the Holders in connection with the offering and sale
of the Registrable Shares covered by such registration statement or any
amendment thereto.  The Company shall also file a sufficient number of
copies of the prospectus and any post-effective amendment or supplement
thereto with the New York Stock Exchange (or, if the Common Shares are no
longer listed thereon, with such other securities exchange or market on
which the Common Shares are then listed) so as to enable the Holders to
have the benefits of the prospectus delivery provisions of Rule 153 under
the Securities Act.

             (d) The Company agrees to use its best efforts to cause the
Registrable Shares covered by a registration statement to be registered
with or approved by such state securities authorities as may be necessary
to enable the Holders to consummate the disposition of such shares pursuant
to the plan of distribution set forth in the registration statement.

             (e) Subject to the Company's Suspension Right, if any event,
fact or circumstance exists requiring an amendment to a registration
statement relating to the Registrable Shares or supplement to a prospectus
relating to the Registrable Shares, immediately upon becoming aware thereof
the Company agrees to notify the Holders and prepare and furnish to the
Holders a post-effective amendment to the registration statement or
supplement to the prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Shares, the prospectus will
not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the
statements therein not misleading.

             (f) The Company agrees to use its reasonable best efforts
(including the payment of any listing fees) to obtain the listing of all
Registrable Shares covered by the registration statement on each securities
exchange on which securities of the same class are then listed.

             (g) The Company agrees to use its best efforts to comply with
the Securities Act and the Exchange Act and, as soon as reasonably
practicable following the end of any fiscal year during which a
registration statement effecting a Registration of the Registrable Shares
was effective, to make available to its security holders an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act.

             (h) The Company agrees to cooperate with the selling Holders
to facilitate the timely preparation and delivery of certificates
representing Registrable Shares to be sold pursuant to a Registration and
not bearing any Securities Act legend; and enable certificates for such
Registrable Shares to be issued for such numbers of shares and registered
in such names as the Holders may reasonably request at least two (2)
business days prior to any sale of Registrable Shares; PROVIDED, HOWEVER,
that such certificates shall be issued no later than ten (10) business days
following the receipt of such request.

<PAGE>

     SECTION 3.  PIGGYBACK REGISTRATION.

             (a) In the event that the Company proposes to file a
registration statement permitting the sale of any class of equity
securities ("Other Securities") under the Securities Act, in a manner that
would permit registration of Registrable Shares for sale for cash to the
public under the Securities Act, it shall give prompt written notice to
each Holder of its intention to do so and of the rights of such Holder
under this Section 3 PROVIDED, HOWEVER, that the Company shall be obligated
to provide such notice and the rights described in this Section 3 only if,
at the time of filing the registration statement referred to in this
sentence, there is not a current effective Registration.  Subject to the
terms and conditions hereof, such notice shall offer each such Holder the
opportunity to include in such registration statement such number of
Registrable Shares as such Holder may request.  Upon the written request of
any such Holder made within fifteen (15) days after the receipt of the
Company's notice (which request shall specify the number of Registrable
Shares intended to be disposed of and the intended method of disposition
thereof), the Company shall use its reasonable best efforts to effect, in
connection with the registration of the Other Securities, the registration
under the Securities Act of all Registrable Shares which the Company has
been so requested to register, to the extent required to permit the
disposition (in accordance with such intended methods thereof) of the
Registrable Shares so requested to be registered.

             (b) If, at any time after giving a written notice of its
intention to register any Other Securities and prior to the effective date
of the registration statement filed in connection with such registration,
the Company shall determine for any reason not to register the Other
Securities, the Company may, at its election, give written notice of such
determination to such Holders and thereupon the Company shall be relieved
of its obligation to register such Registrable Shares in connection with
the registration of such Other Securities.

             (c) If the registration referred to in the first sentence of
Section 3(a) is to be an underwritten registration on behalf of the
Company, and a nationally recognized investment banking firm selected by
the Company advises the Company in writing that, in such firm's good faith
view, the inclusion of all or a part of such Registrable Shares in such
registration would be likely to have an adverse effect upon the price,
timing or distribution of the offering and sale of the Other Securities
then contemplated, the Company shall include in such registration: (i)
first, all Other Securities the Company proposes to sell ("Company
Securities"), and (ii) second, up to the full number of Registrable Shares
(including the Holders) held by Holders of Registrable Shares and by
holders of other Registrable Shares of the Company which have been granted
piggyback registration rights that are requested to be included in such
registration in excess of the number of Company Securities to be sold in
such offering which, in the good faith view of such investment banking
firm, can be so sold without so adversely affecting such offering in the
manner described above; PROVIDED that if such number is less than the full
number of such Registrable Shares, such number shall be allocated pro rata
among such holders (including the Holders) on the basis of the relative
number of Registrable Shares (including Registrable Shares) then held by
each such holder (with any number in excess of a holder's request being
reallocated among the requesting holders in a like manner); and PROVIDED
FURTHER that if such investment banking firm advises the Company in writing
that less than all of such Registrable Shares should be included in such
offering, such Holders may withdraw their request for registration of their
Registrable Shares under Section 3(a) \1.

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

1/   It being understood that the rights in this Section 3 are subject to
prior piggyback registration rights of certain holders to the extent
provided in Section 1.2(b) of the registration rights agreements listed as
numbers 2, 4, and 5 in Section 4.15(c) of the Purchase Agreement.

<PAGE>

             (d) The Company shall not be required to effect any
registration of Registrable Shares under this Section 3 incidental to the
registration of any of its securities in connection with mergers,
acquisitions, exchange offers, dividend reinvestment plans or stock option
or other executive or employee benefit or compensation plans.

     SECTION 4.  EXPENSES OF REGISTRATION.  The Company shall pay all
Registration Expenses incurred in connection with the Registration,
qualification or compliance pursuant to Section 2 and Section 3.  All
Selling Expenses incurred in connection with the sale of Registrable Shares
by any of the Holders shall be borne by the Holder selling such Registrable
Shares.  Each Holder shall pay the expenses of its own counsel.

     SECTION 5.  INDEMNIFICATION.

             (a) The Company shall indemnify each Holder, each Holder's
officers and directors, and each person controlling such Holder within the
meaning of Section 15 of the Securities Act, against all expenses, claims,
losses, damages and liabilities (including reasonable legal expenses),
arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any registration statement or
prospectus relating to the Registrable Shares, or any amendment or
supplement thereto, or based on any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make
the statements therein not misleading; provided, however, that the Company
shall not be liable in any such case to the extent that any such claim,
loss, damage or liability arises out of or is based on any untrue statement
or omission or alleged untrue statement or omission made in reliance upon
and in conformity with information furnished in writing to the Company by
such Holder for inclusion therein.

             (b) Each Holder shall indemnify the Company, each of its
trustees and each of its officers who sign the registration statement, each
underwriter, if any, of the Company's securities covered by such
registration statement, and each person who controls the Company or such
underwriter within the meaning of Section 15 of the Securities Act, each
other Holder with Registrable Shares covered by such registration
statement, and each officer, director and controlling person of each such
other Holder, against all expenses, claims, losses, damages and liabilities
(including reasonable legal fees and expenses) arising out of or based on
any untrue statement (or alleged untrue statement) of a material fact
contained in any such registration statement or prospectus, or any
amendment or supplement thereto, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to
the extent, but only to the extent, that such untrue statement (or alleged
untrue statement) or omission (or alleged omission) is made in such
registration statement or prospectus in reliance upon and in conformity
with information furnished in writing to the Company or such underwriter by
such Holder for inclusion therein.

             (c) Each party entitled to indemnification under this
Section 5 (the "Indemnified Party") shall give notice to the party required
to provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity
may be sought, but the omission to so notify the Indemnifying Party shall
not relieve it from any liability which it may have to the Indemnified
Party pursuant to the provisions of this Section 5 except to the extent of
the actual damages suffered by such delay in notification.  The
Indemnifying Party shall assume the defense of such action, including the
employment of counsel to be chosen by the Indemnifying Party to be
reasonably satisfactory to the Indemnified Party, and payment of expenses.
The Indemnified Party shall have the right to employ its own counsel in any

<PAGE>

such case, but the legal fees and expenses of such counsel shall be at the
expense of the Indemnified Party, unless the employment of such counsel was
authorized in writing by the Indemnifying Party in connection with the
defense of such action, or the Indemnifying Party did not employ counsel to
take charge of the defense of such action or the Indemnified Party
reasonably concluded that there may be defenses available to it or them
which are different from or additional to those available to the
Indemnifying Party (in which case the Indemnifying Party shall not have the
right to direct the defense of such action on behalf of the Indemnified
Party), in any of which events such fees and expenses shall be borne by the
Indemnifying Party.  No Indemnifying Party, in the defense of any such
claim or litigation, shall, except with the consent of each Indemnified
Party, consent to the entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all
liability in respect of such claim or litigation.

             (d) If the indemnification provided for in this Section 5 is
unavailable to a party which would have been an Indemnified Party under
this Section 5 in respect of any expenses, claims, losses, damages and
liabilities referred to herein, then each party which would have been an
Indemnifying Party hereunder shall, in lieu of indemnifying such
Indemnified Party, contribute to the amount paid or payable by such
Indemnified Party as a result of such expenses, claims, losses, damages and
liabilities in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party on the one hand and such Indemnified Party
on the other in connection with the statement or omission which resulted in
such expenses, claims, losses, damages and liabilities, as well as any
other relevant equitable considerations.  The relative fault shall be
determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
Indemnifying Party or such Indemnified Party and the parties' relative
intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.  The Company and each holder of
Registrable Shares agrees that it would not be just and equitable if
contribution pursuant to this Section were determined by pro rata
allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 5(d).

             (e) No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

             (f) In no event shall any Holder be liable for any expenses,
claims, losses, damages or liabilities pursuant to this Section 5 in excess
of the net proceeds to such Holder of any Registrable Shares sold by such
Holder.

     SECTION 6.  INFORMATION TO BE FURNISHED BY HOLDERS.  Each Holder shall
furnish to the Company such information as the Company may reasonably
request and as is required in connection with the Registration and related
proceedings referred to in Section 2 and Section 3.  If any Holder fails to
provide the Company with such information within three weeks of the
Company's request, the Company's obligations under Section 2 and Section 3
with respect to such Holder or the Registrable Shares owned by such Holder
shall be suspended until such Holder provides such information.

<PAGE>

     SECTION 7.  UNDERTAKING TO PARTICIPATE IN UNDERWRITING.  If the
Holders of at least $10 million of the Registrable Shares propose to sell
Registrable Shares in an underwritten public offering, the Company shall
make available members of the management of the Company and its affiliates
for reasonable assistance in selling efforts relating to such offering, to
the extent customary for a public offering (including, without limitation,
to the extent customary, senior management attendance at due diligence
meetings with underwriters and their counsel and road shows) and shall
enter into underwriting agreements containing usual and customary terms and
conditions reasonably acceptable to the Company for such types of
offerings.

     SECTION 8.  RULE 144 SALES.

             (a) The Company covenants that it shall file the reports
required to be filed by the Company under the Exchange Act, so as to enable
any Holder to sell Registrable Shares pursuant to Rule 144.

             (b) In connection with any sale, transfer or other
disposition by any Holder of any Registrable Shares pursuant to Rule 144,
the Company shall cooperate with such Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Shares to
be sold and not bearing any Securities Act legend, and enable certificates
for such Registrable Shares to be issued for such number of shares and
registered in such names as the selling Holder may reasonably request at
least two (2) business days prior to any sale of Registrable Shares;
PROVIDED, HOWEVER that such certificates shall be issued no later than ten
(10) business days following the receipt of such request.

     SECTION 9.  MISCELLANEOUS.

             (a) GOVERNING LAW.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland, without
giving effect to the conflict of law provisions thereof.

             (b) ENTIRE AGREEMENT.  This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof.

             (c) AMENDMENT.  No amendment, supplement, modification,
waiver or termination of this Agreement shall be binding unless executed in
writing by the party sought to be bound thereby.

             (d) NOTICES, ETC.  Unless otherwise provided herein, any
notice required or permitted under this Agreement shall be given in
writing, and shall be deemed effectively given (a) upon personal delivery
to the party to be notified, (b) on the fifth business day after deposit
with the United States Post Office, by registered or certified mail,
postage prepaid, (c) on the next business day after dispatch via nationally
recognized overnight courier or (d) upon confirmation of transmission by
facsimile, all addressed to the party to be notified.  Notices shall be
addressed as follows:  (i) if to the Investor, at the Investor's address or
fax number set forth below its signature hereto, or at such other address
or fax number as the Investor furnished to the Company in writing, or (ii)
if to any assignee or transferee of an Investor, at such address or fax
number as such assignee or transferee furnished to the Company in writing,
or (iii) if to the Company, at the address of its principal executive
offices and addressed to the attention of the President, or at such other
address or fax number as the Company furnished to the Investor or any
assignee or transferee.  Any notice or other communication required to be
given hereunder to a Holder in connection with a registration may instead
be given to the designated representative of such Holder.

<PAGE>

             (e) COUNTERPARTS.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

             (f) SEVERABILITY.  If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of this Agreement
shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

             (g) TITLES AND SUBTITLES.  The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

             (h) SUCCESSORS AND ASSIGNS.  Except as otherwise provided
herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding on the respective successors and assigns of the
parties hereto.

             (i) REMEDIES.  The Company and the Investor acknowledge that
there would be no adequate remedy at law if any party fails to perform any
of its obligations hereunder, and accordingly agree that the Company and
each Holder, in addition to any other remedy to which it may be entitled at
law or in equity, shall be entitled to compel specific performance of the
obligations of another party under this Agreement in accordance with the
terms and conditions of this Agreement in any court of the United States or
any State thereof having jurisdiction.

             (j) ATTORNEYS' FEES.  If the Company or any Holder brings an
action to enforce its rights under this Agreement, the prevailing party in
the action shall be entitled to recover its costs and expenses, including,
without limitation, reasonable attorneys' fees, incurred in connection with
such action, including any appeal of such action.

                             *  *  *  *  *

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this
Registration Rights Agreement as of the date first above written.

                            AMLI RESIDENTIAL PROPERTIES TRUST

                            By:    /s/ Allan J. Sweet
                                   ------------------------------
                            Name:  Allan J. Sweet
                            Title: President

                            THE EQUITABLE LIFE ASSURANCE SOCIETY
                            OF THE UNITED STATES

                            By:    /s/ Nicki Livanos
                                   ------------------------------
                            Name:  Nicki Livanos
                            Title: Vice President

                            Address:   1290 Avenue of the Americas
                                       New York, New York  10104

                            Attn:      Lydia M. Pitts
                            Fax:       (212) 707-7981

                            with a copies to:

                            Lend Lease Rosen Real Estate Securities, LLC

                            Address:   P.O. Box 1285
                                       Berkley, California  94701-1285

                            Attn:      Private Transactions Officer

                            Goodwin Procter LLP

                            Address:   Exchange Place
                                       Boston, Massachusetts  02109

                            Attn:      David W. Watson, P.C.
                            Fax:       (617) 570-1231

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