Document:

<PAGE>
                                                                    Exhibit 10.2

This instrument prepared by
and upon recording return to:

Dawn Helms Sharff, Esq.
Walston, Wells, Anderson & Bains, LLP
505 20th Street North, Suite 500
Birmingham, AL 35203
205-251-9600

STATE OF GEORGIA  )

FULTON COUNTY              )

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

                  This First Amendment to Deed to Secure Debt, Security
Agreement and Assignment of Rents and Leases ( this "First Amendment") is
executed as of this 21st day of December, 2002, by and between ROBERTS
PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (the "Grantor"), and
AMSOUTH BANK, a state banking corporation (the "Bank").

                                    Recitals

                  A.       The Grantor executed in favor of the Bank that
certain Deed to Secure Debt, Security Agreement and Assignment of Rents and
Leases dated as of August 31, 2001, recorded in the Office of the Clerk of
Superior Court of Fulton County, Georgia, in Deed Book 30956, at page 194 (the
"Agreement"). Unless otherwise defined herein, capitalized terms shall have the
meaning assigned to them in the Agreement.

                  B.       The parties desire to increase the amount of the loan
evidenced by the Note and to extend the maturity date described therein, and
have agreed to execute this First Amendment to reflect such increase and
extension.

                                    Agreement

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

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

                  A.       The Grantor is justly indebted to the Bank in the
principal sum of $3,700,000, as evidenced by an increased, amended and restated
promissory note executed by the Grantor, which note is payable in full on April
30, 2002, and bears interest as provided therein (the "Note").

         2.       The third paragraph of page 4 of the Agreement is hereby
                  deleted in its entirety and replaced with the following:

                  THIS INSTRUMENT is a deed passing the title to the Property to
the Bank and is made under the laws of the State of Georgia relating to deeds to
secure debt, and is not a mortgage, and is given to secure the payment of the
Debt, as described above, which includes, without limitation: (a) the debt
evidenced by the Note dated December 21, 2001, made by Grantor to the order of
the Bank in the principal amount of $3,700,000, with the final payment being due
on or before April 30, 2002, together with any and all renewals, modifications,
consolidations, replacements and extensions thereof; and (b) any and all
additional advances made or costs or expenses incurred by the Bank to protect or
preserve the Property or the security interest created hereby, or for taxes,
assessments or insurance premiums as hereinafter provided, or for performance of
any Grantor's obligations

<PAGE>

hereunder, or for any other purpose provided herein (whether or not the original
Grantor remains the owner of the Property at the time such advances are made or
costs or expenses incurred).

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

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

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

                                       2
<PAGE>

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

<TABLE>
<S>                                             <C>
Signed, sealed and                              ROBERTS PROPERTIES RESIDENTIAL, L.P., delivered
in the                                          a Georgia limited partnership
presence of:
                                                By:      RobertsRealty Investors, Inc., a Georgia
                                                         corporation, sole general partner
/s/ Alvin H. Tanner
----------------------------------
Unofficial Witness                                   By: /s/ Charles R. Elliott
                                                         -------------------------------------------
                                                         Charles R. Elliott, Secretary and Treasurer

/s/ Joanne M. Roberts                                    (CORPORATE SEAL)
----------------------------------
Notary Public

AFFIX SEAL

My Commission expires:

             8/16/02
----------------------------------

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

/s/ Tina St. John                               By:  /s/ Lawrence Clark
----------------------------------                   ---------------------------------------------
Unofficial Witness                                       Its Vice President

/s/ Diann S. Smith
----------------------------------
Notary Public

AFFIX SEAL

My commission expires:

       10/27/02
----------------------
</TABLE>

                                       3<PAGE>
                                                                    Exhibit 10.3

                       SECOND AMENDMENT TO PROMISSORY NOTE
                                (Extending Term)

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

                                    Recitals

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

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

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

                                    Agreement

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

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

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

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

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

<PAGE>

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

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

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

                               By /s/ Charles R. Elliott
                                  --------------------------------------
                                  Charles R. Elliot, Secretary and Treasurer

                               AMSOUTH BANK

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

                                       2<PAGE>
                                                                    Exhibit 10.4

This instrument prepared by
and upon recording return to:

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

STATE OF GEORGIA  )

FULTON COUNTY     )

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

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

                                    Recitals

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

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

                                    Agreement

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

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

                  A.       The Grantor is justly indebted to the Bank in the
principal sum of $3,700,000, as evidenced by an amended and restated promissory
note executed by the Grantor, which note is payable in full on August 30, 2002,
and bears interest as provided therein (the "Note").

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

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

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

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

                                       2
<PAGE>

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

<TABLE>
<S>                                                  <C>
Signed, sealed and                                   ROBERTS PROPERTIES RESIDENTIAL,
delivered in the                                     L.P., a Georgia limited partnership
presence of:

                                                     By: RobertsRealty Investors, Inc., a Georgia
                                                         corporation, sole general partner
/s/ Adam Corder
-------------------------------------------
Unofficial Witness                                        By:  /s/ Charles R. Elliott
                                                              -------------------------------------------
                                                              Charles R. Elliott, Secretary and Treasurer

/s/ Abigail M. Carmichael                                             (CORPORATE SEAL)
-------------------------------------------
Notary Public

AFFIX SEAL

My Commission expires:

        6/17/05
------------------------

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

/s/ Jackie Bullard                                        By /s/ Lawrence Clark
-------------------------------------------                  --------------------------------------------
Unofficial Witness                                          Its Vice President

/s/ Gina Hargrove
-------------------------------------------
Notary Public

AFFIX SEAL

My commission expires:

         6/5/04
------------------------
</TABLE>

                                       3

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