Document:

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                                      NOTE

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

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED NO.:                                        PRINCIPAL AMOUNT
                                                          $50,000,000
CUSIP NO.: 737415AE9

                           POST APARTMENT HOMES, L.P.
                               6.71% NOTE DUE 2006

         POST APARTMENT HOMES, L.P., a Georgia limited partnership (the
"Issuer," which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or its
registered assigns (the "Holder"), upon presentation, the principal sum of FIFTY
MILLION DOLLARS ($50,000,000) on March 13, 2006 (the "Maturity Date"), and to
pay interest on the outstanding principal amount thereon from March 12, 2001, or
from the most recent interest payment date to which interest has been paid or
duly provided for, semi-annually in arrears on March 13 and September 13 of each
year (each an "Interest Payment Date"), commencing September 13, 2001, and at
the Stated Maturity, at the rate of 6.71% per annum, computed on the basis of a
360-day year comprised of twelve 30-day months, until the entire principal
amount hereof is paid or duly provided for. The interest so payable, and
punctually paid or duly provided for on any Interest Payment Date will, as
provided in the Indenture (hereinafter defined), be paid to the person in whose
name this Note (the "Note") (or one or more predecessor Notes) is registered at
the close of business on February 27 of each year (regardless of whether such
day is a Business day) for the March 13 Interest Payment Date and August 30 of
each year (regardless of whether such day is a Business Day) for the September
13 Interest Payment Date (each a "Regular Record Date"). Any such

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interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such Regular Record Date, and may either be paid to the
Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not more than 15 days and not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture. Payments of the principal and interest on,
this Note will be made at the office or agency of the Trustee (hereinafter
defined) maintained for that purpose at c/o Harris Trust Bank of New York, Wall
Street Plaza, 88 Pine Street, 19th Floor, New York, New York 10005, or elsewhere
as provided in the Indenture, in United States Dollars; provided, however, that
at the option of the Issuer payment of interest may be made by (i) check mailed
to the address of the Person entitled thereto as such address shall appear in
the Security Register kept for the Notes pursuant to Section 305 of the
Indenture (the "Note Register") or (ii) transfer to an account of the Person
entitled thereto located inside the United States. Payments of principal and
interest in respect of this Note will be made by wire transfer of immediately
available funds, in such coin or currency as at the time of payment is legal
tender for the payment of public and private debts, so long as this Note is in
global form as described in Section 203 of the Indenture. If this Note is not in
global form, all such payments will be made by wire transfer of immediately
available funds if the Holder hereof at the applicable record date shall have
provided wire transfer instructions to the Trustee, received by the Trustee no
later than 15 days prior to the applicable payment date, and otherwise payment
shall be made in accordance with Section 307 of the Indenture. Such wire
transfer instructions shall remain in effect until revoked in a writing received
by the Trustee from the Holder hereof.

         This Note is one of a fully authorized issue of securities of the
Issuer issued under an Indenture, dated as of September 15, 2000 (the
"Indenture"), as supplemented by the First Supplemental Indenture among the
Issuer and Sun Trust Bank, (the "Trustee," which term includes any successor
trustee under the Indenture with respect to the Notes), 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 Issuer, the Trustee and Holders of the Notes, and of the terms upon which
the Notes are, and are to be, authenticated and delivered. This Note is one of
the series designated as the "6.71% Notes due 2006," limited in the aggregate
principal amount to $50,000,000.

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Issuer on this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Issuer, in each case, upon compliance by the Issuer with certain conditions set
forth in the Indenture, which provisions apply to this Note.

         In addition to the covenants of the Issuer contained in the Indenture,
the Issuer makes the following covenants with respect to, and for the benefit of
the Holders of, the Notes:

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                  Limitations On Incurrence of Debt. The Issuer will not, and
         will not permit a Subsidiary to, incur any Debt (as defined below),
         other than intercompany Debt (representing Debt to which the only
         parties are Post Properties, Inc., a Georgia corporation (the
         "Company"), the Issuer and any Subsidiaries, but only so long as such
         Debt is held solely by any of the Company, the Issuer and any
         Subsidiary), if, immediately after giving effect to the incurrence of
         such additional Debt, the aggregate principal amount of all outstanding
         Debt of the Issuer and its Subsidiaries on a consolidated basis
         determined in accordance with generally accepted accounting principles
         is greater than 60% of the sum of (i) Total Assets (as defined below)
         as of the end of the fiscal quarter covered in the Issuer's Annual
         Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may
         be, most recently filed with the Securities and Exchange Commission
         (or, if such filing is not permitted under the Securities Exchange Act
         of 1934, as amended, with the Trustee) prior to the incurrence of such
         additional Debt and (ii) the increase in Total Assets from the end of
         such quarter including, without limitation, any increase in Total
         Assets resulting from the incurrence of such additional Debt (such
         increase together with the Issuer's Total Assets is referred to as the
         "Adjusted Total Assets").

                  In addition to the foregoing limitation on the incurrence of
         Debt, the Issuer will not, and will not permit any Subsidiary to, incur
         any Secured Debt other than intercompany Debt if, immediately after
         giving effect to the incurrence of such additional Secured Debt, the
         aggregate principal amount of all outstanding Secured Debt of the
         Issuer and its Subsidiaries on a consolidated basis is greater than 40%
         of Adjusted Total Assets. Debt shall be deemed to be "incurred" by the
         Issuer and its Subsidiaries on a consolidated basis whenever the Issuer
         and its Subsidiaries on a consolidated basis shall create, assume,
         guarantee or otherwise become liable in respect thereof.

                  In addition to the foregoing limitations on the incurrence of
         Debt, the Issuer will not, and will not permit any Subsidiary to, incur
         any Debt, other than intercompany Debt, if the ratio of Consolidated
         Income Available for Debt Service to the Annual Debt Service Charge (in
         each case as defined below) for the period consisting of the four
         consecutive fiscal quarters most recently ended prior to the date on
         which such additional Debt is to be incurred shall have been less than
         1.5 to 1, on a pro forma basis after giving effect to the incurrence of
         such Debt and to the application of the proceeds therefrom, and
         calculated on the assumption that (i) the incurrence of such Debt and
         any other Debt by the Issuer or its Subsidiaries since the first day of
         such four-quarter period and the application of the proceeds therefrom,
         including to refinance other Debt, had occurred at the beginning of
         such period, (ii) the repayment or retirement of any other Debt by the
         Issuer or its Subsidiaries since the first day of such four-quarter
         period had been repaid or retired at the beginning of such period
         (except that, in making such computation, the amount of Debt under any
         revolving credit facility shall be computed based upon the average
         daily balance of such Debt during such period), and (iii) in the case
         of any increase or decrease in Total Assets, or any other acquisition
         or disposition by the Issuer or any Subsidiary of any asset or group of
         assets, since the first day of such four-quarter period, including,
         without limitation, by merger, stock purchase or sale, or asset
         purchase

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         or sale, such increase, decrease or other acquisition or disposition or
         any related repayment of Debt had occurred as of the first day of such
         period with the appropriate adjustments to net income and Debt levels
         with respect to such increase, decrease or other acquisition or
         disposition being included in such pro forma calculation. For purposes
         of the adjustments referred to in clause (iii) of the preceding
         sentence, any income earned (or loss incurred) as a result of any such
         increase, decrease or other acquisition or disposition referred to in
         clause (iii) for a period less than such four-quarter period shall be
         annualized for such four-quarter period.

                  Maintenance of Total Unencumbered Assets. The Issuer is
         required to maintain Total Unencumbered Assets of not less than 150% of
         the aggregate outstanding principal amount of the outstanding Unsecured
         Debt of the Issuer.

                  As used herein:

                  "Annual Debt Service Charge" as of any date means the amount
         which is expensed in any 12-month period for interest on Debt of the
         Issuer and its Subsidiaries.

                  "Consolidated Income Available for Debt Service" for any
         period means Consolidated Net Income plus amounts which have been
         deducted in determining Consolidated Net Income during such period for
         (i) Consolidated Interest Expense, (ii) provision for taxes of the
         Issuer and its Subsidiaries based on income, (iii) amortization (other
         than amortization of debt discount) and depreciation, (iv) provisions
         for losses from sales or joint ventures, (v) increases in deferred
         taxes and other non-cash items, (vi) charges resulting from a change in
         accounting principles, and (vii) charges for early extinguishment of
         debt, and less amounts which have been added in determining
         Consolidated Net Income during such period for (a) provisions for gains
         from sales or joint ventures, and (b) decreases in deferred taxes and
         other non-cash items.

                  "Consolidated Interest Expense" means, for any period, and
         without duplication, all interest (including the interest component of
         rentals on capitalized leases, letter of credit fees, commitment fees
         and other like financial charges) and all amortization of debt discount
         on all Debt (including, without limitation, payment-in-kind, zero
         coupon and other like securities) of the Issuer and its Subsidiaries,
         but excluding legal fees, title insurance charges and other
         out-of-pocket fees and expenses incurred in connection with the
         issuance of Debt, all determined in accordance with generally accepted
         accounting principles.

                  "Consolidated Net Income" for any period means the amount of
         consolidated net income (or loss) of the Issuer and its Subsidiaries
         for such period determined on a consolidated basis in accordance with
         generally accepted accounting principles.

                  "Debt" of the Issuer or any Subsidiary means any indebtedness
         of the Issuer and its Subsidiaries, whether or not contingent, in
         respect of (i) borrowed money evidenced by bonds, notes, debentures or
         similar instruments, (ii) indebtedness secured by a

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         mortgage, pledge, lien, charge, encumbrance or any security interest
         existing on property owned by the Issuer and its Subsidiaries, (iii)
         the reimbursement obligations, contingent or otherwise, in connection
         with any letters of credit actually issued or amounts representing the
         balance deferred and unpaid of the purchase price of any property
         except any such balance that constitutes an accrued expense or trade
         payable or (iv) any lease of property by the Issuer and its
         Subsidiaries as lessee which is reflected in the Issuer's consolidated
         balance sheet as a capitalized lease in accordance with generally
         accepted accounting principles, in the case of items of indebtedness
         under (i) through (iii) above to the extent that any such items (other
         than letters of credit) would appear as a liability on the Issuer's
         consolidated balance sheet in accordance with generally accepted
         accounting principles, and also includes, to the extent not otherwise
         included, any obligation by the Issuer or any Subsidiary to be liable
         for, or to pay, as obligor, guarantor or otherwise (other than for
         purposes of collection in the ordinary course of business),
         indebtedness of another person (other than the Issuer or any
         Subsidiary) (it being understood that Debt shall be deemed to be
         incurred by the Issuer and its Subsidiaries on a consolidated basis
         whenever the Issuer and its Subsidiaries on a consolidated basis shall
         create, assume, guarantee or otherwise become liable in respect
         thereof); provided, however, that the term Debt shall not include any
         such indebtedness that has been the subject of an "in substance"
         defeasance in accordance with generally accepted accounting principles.

                  "Secured Debt" means Debt secured by any mortgage, trust deed,
         deed of trust, deed to secure debt, security agreement, pledge,
         conditional sale or other title retention agreement, capitalized lease,
         or other like agreement granting or conveying security title to or a
         security interest in real property or other tangible assets.

                  "Senior Executive Group" shall mean, collectively, those
         individuals holding the offices of Chairman, Vice Chairman, President,
         Chief Executive Officer, Chief Operating Officer, or any Executive Vice
         President of the Company.

                  "Subsidiary" means (i) any corporation or other entity the
         majority of the shares of the non-voting capital stock or other
         equivalent ownership interests of which (except directors' qualifying
         shares) are at the time directly or indirectly owned by the Issuer or
         Post GP Holdings, Inc, a Georgia corporation and the Issuer's general
         partner ("Post GP Holdings") and the majority of the shares of the
         voting capital stock or other equivalent ownership interests of which
         (except directors' qualifying shares) are at the time directly or
         indirectly owned by the Issuer, Post GP Holdings, any other Subsidiary,
         and/or one or more individuals of the Senior Executive Group (or, in
         the event of death or disability of any of such individuals, his/her
         respective legal representative(s)), or such individuals' successors in
         office as an officer of Post GP Holdings or the Secretary of such
         Subsidiary, and (ii) any other entity (other than Post GP Holdings) the
         accounts of which are consolidated with the accounts of the Issuer.

                  "Total Assets" as of any date means the sum of (i)
         Undepreciated Real Estate Assets and (ii) all other assets of the
         Issuer and its Subsidiaries on a consolidated basis

                                       5

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         determined in accordance with generally accepted accounting principles
         (but excluding intangibles and accounts receivable).

                  "Total Unencumbered Assets" means the sum of (i) those
         Undepreciated Real Estate Assets not securing any portion of Secured
         Debt, and (ii) all other assets of the Issuer and its Subsidiaries not
         securing any portion of Secured Debt determined in accordance with
         generally accepted accounting principles (but excluding accounts
         receivable and intangibles).

                  "Undepreciated Real Estate Assets" as of any date means the
         cost (original cost plus capital improvements) of real estate assets of
         the Issuer and its Subsidiaries on such date, before depreciation and
         amortization, determined on a consolidated basis in accordance with
         generally accepted accounting principles.

                  "Unsecured Debt" means Debt of the Issuer or any Subsidiary
         that is not Secured Debt.

         If an Event of Default as defined in the Indenture with respect to the
Notes shall occur and be continuing, the principal of, and premium, if any, on,
the Notes may be declared, and upon such declaration shall become, due and
payable in the manner and with the effect provided in the Indenture.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Note shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than 25% in principal amount of the Notes at the
time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee and
offered the Trustee reasonable indemnity and the Trustee shall not have received
from the Holders of a majority in principal amount of the Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or any interest on or after the respective due dates expressed herein.

         Neither the Company, Post GP Holdings nor any other partner of the
Issuer shall have any obligation or liability for payment of the Notes, and
holders of the Notes will have no claims or other recourse against the Company,
Post GP Holdings or any other partner of the Issuer, or against any assets of
the Company, Post GP Holdings or any other partner of the Issuer, in respect of
the Notes; and the holders of the Notes shall not have any right to enforce any
obligation of a partner to make a contribution to the Issuer under any provision
of the Agreement of Limited Partnership. Neither the Company, Post GP Holdings
nor any other partner of the Issuer nor any of their respective assets shall be
subject to any lien, levy, execution or any other enforcement procedure relating
directly or indirectly to the Notes or any obligations hereunder;

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<PAGE>   7

provided, however, that in the event of a dissolution of the Issuer, any assets
of the Issuer that are received by the Company or Post GP Holdings in such
dissolution shall be subject to the claims of the holders of the Notes for the
enforcement of payment thereof. The Issuer covenants that Post GP Holdings shall
not acquire any assets other than interests in the Issuer and other than such
bank accounts or similar instruments or accounts as necessary to carry out its
responsibilities under the Agreement of Limited Partnership of the Issuer
without the prior written consent of a majority in principal amount of all of
the outstanding Notes. A breach of the foregoing covenant by the Issuer, and
continuance of such breach for a period of 60 days after there has been given,
by registered or certified mail, to the Issuer by the Trustee or to the Issuer
and the Trustee by the holders of at least 25% in principal amount of the
outstanding Notes a written notice as set forth in the Indenture, shall be an
event of default under the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer and the Trustee with the consent of the Holders of not less
than a majority in principal amount of the Outstanding Notes. The Indenture also
contains provisions permitting the Holders of not less than a majority in
principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and 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 Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof 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 Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on, this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Issuer in any Place of Payment where the principal of, premium, if any, and
interest on, this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the
Security Registrar for the Notes duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereon one or more Notes of this
series, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

         The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of this series of a
different authorized denomination, as requested by the Holder surrendering the
same.

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<PAGE>   8

         No service charge shall be made for any registration of transfer or
exchange, but the Issuer 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
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or note this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

         THE INDENTURE AND THE NOTES INCLUDING THIS NOTE, SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS
MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW.

         Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused "CUSIP" numbers to be
printed on the Notes as a convenience to the Holders of the Notes. No
representation is made as to the correctness or accuracy of such CUSIP numbers
as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purposes.

                                       8

<PAGE>   9

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed under this corporate seal this 12th day of March, 2001.

                                    POST APARTMENT HOMES, L.P.

                                    By:  Post GP Holdings, Inc.
                                          as General Partner

                                         By:
                                            ------------------------------------
                                            R. Gregory Fox
                                            Executive Vice President and
                                            Chief Financial Officer

Attest:

--------------------------------------
Sherry W. Cohen
Executive Vice President and Secretary

[SEAL]

                                       9
<PAGE>   10

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

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

SUNTRUST BANK, as Trustee

By:
   --------------------------------
   Authorized Officer

By:
   --------------------------------
   Authorized Officer

                                       10
<PAGE>   11

                                 ASSIGNMENT FORM

                   FOR VALUE RECEIVED, the undersigned hereby
                         sells, assigns and transfers to

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBERS OF ASSIGNS

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

--------------------------------------------------------------------------------
(Please Print or Typewrite Name and Address Including Zip Code of Assignee

--------------------------------------------------------------------------------
the within Note of Post Apartment Homes, L.P. and
                                                  ------------------------------
hereby does irrevocably constitute and appoint

--------------------------------------------------------------------------------
Attorney to transfer said Note on the books of the within-named Trust with Full
power of substitution in the premises.

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

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

NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever.

                                       11<PAGE>   1

Exhibit 4.2.8

                                 [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.

REGISTERED                                                           $17,000,000
No. FXR-05
CUSIP:  86623XAE3

                       SUMMIT PROPERTIES PARTNERSHIP, L.P.
                                MEDIUM-TERM NOTE
                                  (Fixed Rate)

ORIGINAL ISSUE DATE:  10/20/2000     INTEREST RATE:  7.87%     STATED MATURITY
INTEREST PAYMENT                     DEFAULT RATE:  N/A        DATE:  10/20/2003
DATE(S):  4/20 and 10/20
Other:

INITIAL REDEMPTION                   INITIAL REDEMPTION        ANNUAL REDEMPTION
DATE:  N/A                           PERCENTAGE:  N/A          PERCENTAGE
                                                               REDUCTION:  N/A

OPTIONAL REPAYMENT                   [ ] CHECK IF AN
DATE(S):  N/A                            ORIGINAL ISSUE
                                         DISCOUNT NOTE
                                           Issue Price: %

<PAGE>   2

REPAYMENT PRICE:  N/A

                                       2
<PAGE>   3

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

EXCHANGE RATE:               ADDENDUM ATTACHED:                OTHER/ADDITIONAL
U.S. $1.00 = _________       [ ] Yes                           PROVISIONS:  N/A
                             [X] No

         Summit Properties Partnership, L.P., a limited partnership duly
organized and existing under the laws of Delaware (hereinafter referred to as
the "Partnership," which term includes any successor entity under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
COMPANY, or registered assigns, the principal sum of $17,000,000, on the Stated
Maturity Date specified above (or any Redemption Date or Repayment Date, each as
defined on the reverse hereof) (each such Stated Maturity Date, Redemption Date
or Repayment Date being hereinafter referred to as the "Maturity Date" with
respect to the principal repayable on such date) and to pay interest thereon, at
the Interest Rate per annum specified above, until the principal hereof is paid
or duly made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the Default Rate per annum specified
above on any overdue principal, premium and/or interest, including any overdue
sinking fund or redemption payment. The Partnership 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 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) 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 ("Defaulted Interest") will forthwith cease to be
payable to the holder on any Record Date, and 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 more than 15 days and not less
than 10 days prior to such Special Record

                                       3
<PAGE>   4

Date or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which this Note may be listed,
and upon such notice as may be required by such exchange, 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 or any prior date on which the principal or an
installment of principal of this Note becomes due and payable, whether by the
declaration of acceleration or otherwise, 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 presentation and surrender of this Note
and a duly completed election form as contemplated on the reverse hereof) at the
office or agency maintained by the Partnership for that purpose in the Borough
of Manhattan, The City of New York, currently the office of the Trustee or the
Designated Agent; provided, however, that if the Specified Currency specified
above 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 may 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 (and, if applicable, a duly completed repayment
election form) is presented and surrendered at the aforementioned office or
agency maintained by the Partnership in time for the Trustee or the Designated
Agent 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 Partnership or, at the option of the Partnership, by check mailed to the
address of the person entitled thereto as such address shall appear in the
Security Register maintained by the Trustee or the Designated Agent; 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 any Interest Payment Date other than the Maturity Date by
wire transfer of immediately available funds if appropriate wire transfer
instructions have been received in writing by the Trustee or Designated Agent
not less than 15 calendar days prior to such Interest Payment Date. Any such
wire transfer instructions received by the Trustee or the Designated Agent 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 banking institutions
are authorized or required by law, regulation or executive order to close in The
City of New York or Charlotte, North Carolina; provided, however, that if the
Specified Currency is other than United States dollars, such day is also not a
day on which banking institutions 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
European Currency Units

                                       4
<PAGE>   5

("ECU"), such day is not a day that appears as an ECU no-settlement day on the
display designated as "ISDE" on the Reuter Monitor Money Rates Service (or a day
so designated by the ECU Banking Association), or, if ECU non-settlement days do
not appear on that page (and are not so designated), is not a day on which
payments in ECU cannot be settled in the international interbank market).
Principal Financial Center means the capital city of the country issuing the
Specified Currency, except that with respect to United States dollars,
Australian dollars, Deutsche marks, Dutch guilders, Italian lire, Portuguese
escudos, South African rand and Swiss francs, the Principal Financial Center
shall be The City of New York, Sydney, Toronto, Frankfurt, Amsterdam, Milan,
London, Johannesburg and Zurich, respectively.

         The Partnership is obligated to make payments of principal, premium, if
any, and interest in respect of this Note in the Specified Currency (or, if the
Specified Currency is not at the time of such payment legal tender for the
payment of public and private debts, in such other coin or currency of the
country which issued the Specified Currency as at the time of such payment is
legal tender for the payment of such debts). If the Specified Currency is other
than United States dollars, except as provided below, any such amounts so
payable by the Partnership 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 such amounts 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., The City of New York 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 Partnership 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 such Specified
Currency payable to all holders of Foreign Currency 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 or the Designated Agent 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 or the Designated Agent, but written notice of any
such revocation must be received by the Trustee or the

                                       5
<PAGE>   6

Designated Agent 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 or a
composite currency and the holder of this Note shall 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 and if
the Specified Currency is not available due to the imposition of exchange
controls or other circumstances beyond the reasonable control of the
Partnership, the Partnership 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) 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 or as otherwise
specified on the face hereof. The "Market Exchange Rate" for the Specified
Currency means the noon dollar buying rate in The City of New York for cable
transfers for such Specified Currency as certified for customs purposes by (or
if not so certified, as otherwise determined by) the Federal Reserve Bank of New
York. Any payment made under such circumstances in United States dollars will
not constitute an Event of Default (as defined in the Indenture) with respect to
this Note.

         If the Specified Currency is a composite currency and the holder of
this Note shall 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 and if such composite currency is unavailable due
to the imposition of exchange controls or other circumstances beyond the
reasonable control of the Partnership, then the Partnership will be entitled to
satisfy its obligations to the holder of this Note by making such payment in
United States dollars. The amount of each payment in United States dollars shall
be computed by the Exchange Rate Agent on the basis of the equivalent of the
composite currency in United States dollars. The component currencies of the
composite currency for this purpose (collectively, the "Component Currencies"
and each, a "Component Currency") shall be the currency amounts that were
components of the composite currency as of the last day on which the composite
currency was used. The equivalent of the composite currency in United States
dollars shall be calculated by aggregating the United States dollar equivalents
of the Component Currencies. The United States dollar equivalent of each of the
Component Currencies shall be determined by the Exchange Rate Agent on the basis
of the most recently available Market Exchange Rate for each such Component
Currency, or as otherwise specified on the face hereof.

         If the official unit of any Component Currency is altered by way of
combination or subdivision, the number of units of the currency as a Component
Currency shall be divided or multiplied in the same proportion. If two or more
Component Currencies are consolidated into a single currency, the amounts of
those currencies as Component Currencies shall be replaced by an amount in such
single currency equal to the sum of the amounts of the consolidated Component
Currencies expressed in such single currency. If any Component Currency is
divided into two or more currencies, the amount of the original Component
Currency shall be replaced by the amounts of such two or more currencies, the
sum of which shall be equal to the amount of the original Component Currency.

                                       6
<PAGE>   7

         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.

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

         Notwithstanding any provisions to the contrary contained herein, if the
face of this Note specifies that an Addendum is attached hereto or that
"Other/Additional Provisions" apply to this Note, 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 or its Authenticating Agent by manual signature, this Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

                                       7
<PAGE>   8

         IN WITNESS WHEREOF, Summit Properties Partnership, L.P. has caused this
Note to be duly executed under its seal.

Dated:  October 20, 2000                    SUMMIT PROPERTIES PARTNERSHIP, L.P.

                                            By:      Summit Properties Inc.,
                                                     its General Partner

                                            By: /s/ Michael L. Schwarz
                                               ---------------------------------
                                                Michael L. Schwarz
                                                Executive Vice President and
                                                Chief Financial Officer

(SEAL)

Attest:

/s/ Michael G. Malone
------------------------------------
Michael G. Malone
Secretary

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

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

Dated:  October 20, 2000                FIRST UNION NATIONAL BANK,
                                        as Trustee

                                        By: /s/ Shannon Schwartz
                                           -------------------------------------
                                                   Authorized Signatory

                                       8
<PAGE>   9

                                [REVERSE OF NOTE]

                       SUMMIT PROPERTIES PARTNERSHIP, L.P.
                                MEDIUM-TERM NOTE
                                  (Fixed Rate)

         This Note is one of a duly authorized series of Securities (the
"Securities") of the Partnership issued and to be issued under an Indenture,
dated as of August 7, 1997 as supplemented by Supplemental Indenture No. 4 dated
as of April 20, 2000, as further amended, modified or supplemented from time to
time (the "Indenture"), between the Partnership and First Union National Bank,
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 Partnership, the Trustee and the holders
of the Securities, and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Note is one of the series of 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 the
minimum 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
Partnership on any date on and 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 the minimum Authorized Denomination (provided that
any remaining principal amount hereof shall be at least U.S. $1,000 or such
minimum Authorized Denomination), at the Redemption Price (as defined below),
together with unpaid interest accrued thereon to the date fixed for redemption
(each, a "Redemption Date"), on notice given not more than 60 nor less than 30
calendar days prior to the Redemption Date and in accordance with the provisions
of the Indenture. The "Redemption Price" shall initially be the Initial
Redemption Percentage specified on the face hereof 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, specified on the face hereof until the
Redemption Price is 100% of the 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 as this Note shall
be issued in the name of the holder hereof upon the presentation and surrender
hereof.

         This Note will be subject to repayment by the Partnership 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 the minimum
Authorized Denomination (provided that any remaining principal amount hereof
shall be at least U.S. $1,000 or such minimum Authorized

                                       9
<PAGE>   10

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 (each, a "Repayment Date"). For this Note to be repaid, the
Trustee or the Designated Agent must receive at its office in the Borough of
Manhattan, The City of New York, referred to on the face hereof, at least 30
days but not more than 60 days prior to the Repayment Date (i) this Note and the
form hereon entitled "Option to Elect Repayment" duly completed or (ii) a
telegram, telex, facsimile transmission, or a letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc. or a
commercial bank or trust company in the United States setting forth the name of
the holder hereof, the principal amount of this Note, the principal amount of
this Note to be repaid, the certificate number or a description of the tenor and
terms of this Note, a statement that the option to elect repayment is being
exercised thereby, and a guarantee that this Note, together with the form hereon
entitled "Option to Elect Repayment" duly completed, will be received by the
Trustee or the Designated Agent not later than the fifth Business Day after the
date of such telegram, telex, facsimile transmission or letter, provided that
such telegram, telex, facsimile transmission or letter shall only be effective
if this Note and duly completed form are received by the Trustee or the
Designated Agent by such fifth Business Day. Exercise of such repayment option
by the holder hereof will 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 as this Note shall be issued in the name of the
holder hereof upon the presentation and surrender hereof.

         If this Note is an Original Issue Discount Note as specified on the
face hereof, the amount payable to the holder of this Note in the event of
redemption, repayment or acceleration of maturity of this Note will be equal to
the sum of (i) 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
(ii) any unpaid interest on this Note accrued from the Original Issue Date 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 using a constant yield method. 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), a coupon rate equal to the initial coupon
rate applicable to this Note 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.

         If an Event of Default, as defined in the Indenture, shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

                                       10
<PAGE>   11

         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.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Partnership and the rights of the holders of the Securities at any time by the
Partnership and the Trustee with the consent of the holders of not less than a
majority of the aggregate principal amount of all Securities at the time
outstanding and affected thereby. The Indenture also contains provisions
permitting the holders of not less than a majority of the aggregate principal
amount of the outstanding Securities of any series, on behalf of the holders of
all such Securities, to waive compliance by the Partnership with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the
holders of not less than a majority of the aggregate principal amount of the
outstanding Securities of any series, in certain instances, to waive, on behalf
of all of the holders of 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 holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange hereof 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 Partnership, 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 set forth, the transfer of this Note is registrable in the Security
Register of the Partnership upon surrender of this Note for registration of
transfer at the office or agency of the Partnership 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 Partnership 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, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
and herein 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 conditions, 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 Partnership 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
Partnership, the Trustee and any agent of the Partnership or the Trustee may
treat the holder in whose name this Note is registered as the owner thereof for
all purposes, whether or not this Note be overdue, and neither the Partnership,
the Trustee nor any such agent shall be affected by notice to the contrary.

                                       11
<PAGE>   12

         This Note and all documents, agreements, understandings and
arrangements relating to any transaction contemplated hereby or thereby have
been executed or entered into by the undersigned in his/her capacity as an
officer of the sole general partner of the Partnership which has been formed as
a Delaware limited partnership, and not individually, and neither the general
partner, officers, employees or limited partners of the Partnership shall be
bound or have any personal liability hereunder or thereunder. The holder of this
Note by accepting this Note waives and releases all such liability. This waiver
and release are part of the consideration for the issue of this Note. Each party
hereto shall look solely to the assets of the Partnership for satisfaction of
any liability of the Partnership in respect of this Note and all documents,
agreements, understandings and arrangements relating to any transaction
contemplated hereby or thereby and will not seek recourse or commence any action
against any of the general partners, officers, employees or limited partners of
the Partnership or any of their personal assets for the performance or payment
of any obligation hereunder or thereunder. The foregoing shall also apply to any
future documents, agreements, understandings, arrangements and transactions
between the parties hereto.

         The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York without regard to its
principles of conflicts of laws.

                                       12
<PAGE>   13

                                  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:

         TEN COM - as tenants in common
         TEN ENT - as tenants by the entireties
         JT TEN - as joint tenants with right of survivorship and not as tenants
                  in common
         UNIF GIFT MIN ACT-_____________ Custodian ______________
                               (Cust)                  (Minor)
         Under Uniform Gifts to Minors Act ____________________________
                                                      (State)

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

                                       13
<PAGE>   14

                                   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 Trustee, 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.

                                       14
<PAGE>   15

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably request(s) and instruct(s) the
Partnership 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 or the Designated Agent must
receive at its corporate trust office in the Borough of Manhattan, The City of
New York, 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, if the
Specified Currency is other than United States dollars, the minimum Authorized
Denomination specified on the face hereof)) which the holder elects to have
repaid and specify the denomination or denominations (which shall be an
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: $

Date:                      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.

                                       15

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