Document:

EX-10.3

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 29th day of

August, 2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to
Apartment REIT Towne Crossing, LP, a Texas limited partnership (“Assignee”).

RECITALS

Assignor and FS Towne Crossing, Ltd., a Texas limited partnership entered into that certain
Purchase and Sale Agreement, dated February 21, 2007, as amended (as amended, the “Contract”) with
respect to certain property known as Towne Crossing Apartments, located in Tarrant County, Texas,
as more particularly described in the Contract. Assignor desires to assign all of its rights,
title and interest in and to the Contract to Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its
rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations
under the Contract.

WITNESS the following signatures:

	 	 	 	 	 	 	 	 	 	 	 
	ASSIGNOR:	 	TRIPLE NET PROPERTIES, LLC,	 	 	 	 
	 	 	a Virginia limited liability company	 	 	 	 
	 	 	By:	 	/s/ Jack Maurer	 	 	 	 
	
 
	 	 	 	Name:
	 	Jack Maurer
	 	

	 	

	 	 	 	 	Title:	 	Executive Vice President	 	 
	ASSIGNEE:	 	APARTMENT REIT TOWNE CROSSING, LP,	 	 	 	 
	 	 	a Texas limited partnership	 	 	 	 
	 	 	By:	 	Apartment REIT Towne Crossing GP, LLC,	 	 
	 	 	 	 	a Delaware limited liability company	 	 
	 	 	Its:	 	General Partner	 	 	 	 
	 	 	 	 	By:	 	NNN Apartment REIT Holdings, L.P.,
	 	 	 	 	 	 	a Virginia limited partnership	 	 
	
 
	 	 	 	Its:
	 	Manager
	 	

	 	

	 	 	 	 	 	 	By:	 	NNN Apartment REIT, Inc.,
	 	 	 	 	 	 	 	 	a Maryland corporation
	
 
	 	 	 	 	 	Its:
	 	General Partner
	 	

	
 
	 	 	 	 	 	 	 	By:

Name:

Its:
	 	/s/ Andrea R. Biller

Andrea R. Biller

Secretary

#1396050 v1 021255.04908EX-10.4

Freddie Mac Loan Number: 940963698

When Recorded Mail to:

Sameer Upadhya, Esq.

Krooth & Altman LLP

1850 M Street NW

Suite 400

Washington, DC 20036

ASSUMPTION AGREEMENT

THIS ASSUMPTION AGREEMENT is made effective as of the 24th day of August, 2007, by and among
FS TOWNE CROSSING, L.P., a Texas limited partnership (“Original Borrower”), BOWLER HOLDINGS, L.C.,
a Utah limited liability company (“Bowler”), FOUNTAIN GREEN, L.C., a Utah limited liability company
(“Fountain Green”), APARTMENT REIT TOWNE CROSSING, LP, a Texas limited partnership (“New
Borrower”), and the FEDERAL HOME LOAN MORTGAGE CORPORATION (“Noteholder”) and is acknowledged and
consented to by WENDELL A. JACOBSON (“Original Guarantor”).

RECITALS

	 	A.	 	Original Borrower obtained a mortgage loan (the “Loan”) from KeyCorp Real
Estate Capital Markets, Inc., an Ohio corporation (“Original Lender”), which loan is
secured by certain Land and Improvements (the “Property”), located in Mansfield,
Tarrant County, Texas. The Land is more particularly described in Exhibit A,
attached to this Agreement.

	 	B.	 	Original Borrower executed a promissory note evidencing the Loan, dated as of
October 31, 2005, in the original principal amount of $15,760,000.00, payable to
Original Lender (the “Note”). The Original Guarantor guaranteed payment of certain
amounts due under the Note by executing a Guaranty – Multistate dated as of October 31,
2005 (the “Original Guaranty”).

	 	C.	 	To secure repayment of the Loan, Original Borrower executed and delivered to
Original Lender a Multifamily Deed of Trust, Assignment of Rents, Security Agreement
and Fixture Filing (the “Security Instrument”) of even date with the Note, which is
recorded in the Official Records in the County of Tarrant, State of Texas (the “Land
Records”) in/under Instrument Number D205323652. Any capitalized terms used in this
Agreement and not defined shall have the meaning ascribed to them in the Security
Instrument.

	 	D.	 	The Note, Security Instrument and any other document executed by Original
Borrower in connection with the Loan that will be assumed by New Borrower, all as
listed on Exhibit B to this Agreement, are referred to collectively in this
Agreement as the “Loan Documents”.

	 	E.	 	Original Lender endorsed the Note to the order of the Noteholder and by
instrument dated as of October 31, 2005 filed for record on October 31, 2005 in the
Land Records in/under Instrument Number D205323653 sold, assigned and transferred all
right, title and interest of the Original Lender in and to the Security Instrument and
the Loan Documents to the Noteholder. The Noteholder is now the owner and holder of
the Note and the Loan is serviced by KeyCorp Real Estate Capital Markets, Inc., an Ohio
corporation (the “Servicer”).

	 	F.	 	The Security Instrument was further modified by a Modification to Multifamily
Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of
November 3, 2005 and recorded in the Land Records on November 9, 2005 in/under
Instrument Number D205337539.

	 	G.	 	Original Borrower transferred 18.21% of its interest in the Property to Bowler
on February 8, 2006 (“Unauthorized Transfer 1”), creating tenant-in-common ownership of
the Property. Bowler transferred its 18.21% interest in the Property to Fountain Green
on September 29, 2006 (“Unauthorized Transfer 2”). Original Borrower executed
Unauthorized Transfer 1 and Original Borrower and Bowler executed Unauthorized Transfer
2 without obtaining prior approval from Noteholder as required by Section 21 of the
Security Instrument. (Hereinafter, Bowler and Fountain Green shall be included in the
definition of “Original Borrower”.)

	 	H.	 	Original Borrower has transferred or has agreed to transfer all of its right,
title, and interest in and to the Property to New Borrower (the “Transfer”).

	 	I.	 	New Borrower has agreed to assume all of Original Borrower’s rights,
obligations, and liabilities created or arising under the Loan Documents, with certain
modifications, if any, as set forth in Exhibit C to this Agreement (the
“Assumption”).

	 	J.	 	Subject to the full satisfaction of all conditions set forth below, the
Noteholder has agreed to consent to New Borrower’s Assumption.

	 	K.	 	Original Borrower desires to be released by the Noteholder from any and all
obligations and liabilities under the terms and provisions of the Loan Documents, and
Noteholder has agreed to release Original Borrower from further liability (except as
provided in Section 14 of this Agreement).

NOW, THEREFORE, in consideration of these premises, the mutual covenants contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree as follows:

1. Assumption of Obligations. New Borrower covenants, promises and agrees that New
Borrower, jointly and severally if more than one, will unconditionally assume and be bound by all
terms, provisions, and covenants of the Loan Documents set forth in Exhibit B to this
Agreement, as if New Borrower had been the original maker of the Loan Documents. New Borrower will
pay all sums to be paid and perform each and every obligation to be performed by Original Borrower
under and in accordance with the terms and conditions of the Loan Documents.

2. Affirmation by New Borrower. New Borrower agrees that the Loan Documents set forth in
Exhibit B to this Agreement are and will be and remain in full force and effect,
enforceable against New Borrower in accordance with their terms, except as modified by Exhibit
C to this Agreement. The Property will remain subject to the lien, charge and encumbrance of
the Security Instrument. Nothing contained in this Agreement or done pursuant to this Agreement
will affect or be construed to affect the lien, charge, and encumbrance of the Security Instrument
or the priority of the Security Instrument over other liens, charges and encumbrances. Nothing
contained in this Agreement or done pursuant to this Agreement will release or be construed to
release or affect the liability of any party or parties who may now or after the date of this
Agreement be liable under or on account of the Note and the Security Instrument, except as
expressly provided in this Agreement. New Borrower will be liable for the payment of all sums and
the performance of every obligation required under the Loan Documents to the extent set forth in
the Loan Documents as modified by this Agreement.

3. Subordination of Rights of Original Borrower and New Borrower. Any indebtedness of
Original Borrower to New Borrower, or of New Borrower to Original Borrower, now or existing after
the date of this Agreement, together with any interest on such debt, is hereby subordinated to any
indebtedness of Original Borrower or New Borrower to the Noteholder under the Loan Documents. Any
collection or receipts with respect to any such indebtedness of Original Borrower to New Borrower,
or of New Borrower to Original Borrower, will be collected, enforced and received by New Borrower
or Original Borrower (as applicable) in trust for the benefit of the Noteholder, and will be paid
over to the Noteholder on account of the indebtedness of Original Borrower and New Borrower to the
Noteholder, but without impairing or affecting in any manner the liability of Original Borrower or
New Borrower under the other provisions of the Loan Documents and this Agreement. However, until
the occurrence of an Event of Default under the Security Instrument, Original Borrower or New
Borrower (as applicable) will be entitled to retain for its own account all payments made on
account of the principal of and interest on any such indebtedness; provided no such payment is made
more than ten (10) days in advance of the due date.

4. Modification of Note and Security Instrument. New Borrower and Noteholder agree that
the provisions of the Loan Documents are modified as set forth on Exhibit C to this
Agreement.

5. Replacement Reserve. New Borrower and Noteholder agree that a Replacement Reserve
Account will be established with Servicer with payments to be made by New Borrower to such account
in the amount of Three Thousand Nine Hundred Eight and No/100ths Dollars ($3,908.00) per month, in
accordance with the terms and provisions of the Replacement Reserve Agreement to be executed by New
Borrower and Noteholder on the same date as this Agreement. The failure of New Borrower to comply
with the additional obligations contained in this Section will constitute an Event of Default under
the Security Instrument, and the Noteholder will be entitled to exercise all remedies available to
it under the terms of the Loan Documents. Original Borrower acknowledges and agrees that by
executing this Agreement it relinquishes all right, title and interest it has or may have in the
Replacement Reserve Account.

6. Repairs. No Repair Escrow is required. Original Borrower acknowledges and agrees that
Noteholder is not holding any funds pursuant to the Repair Escrow, if any, executed by Original
Borrower.

7. Tax and Insurance Escrow. On or prior to the execution of this Agreement, to ensure
that sufficient funds are available for the payment of real estate taxes, fire, hazard insurance,
or other insurance premiums, an escrow account will be established with Servicer, with payments to
be made by New Borrower to such account in the amount required by Noteholder and/or Servicer. By
execution of this Agreement, Original Borrower acknowledges and agrees that it relinquishes any
right, title or interest it has or may have in any escrow account held by Servicer in connection
with the Property.

8. Guaranty Requirements. On the date of execution of this Agreement, NNN APARTMENT REIT,
INC., a Maryland corporation (jointly and severally if more than one, “New Guarantor”) will execute
and deliver to Noteholder the appropriate version of the Guaranty (the “Guaranty”) under which the
New Guarantor guarantees the full and punctual payment when due of the “Guaranteed Obligations” (as
such term is defined in the Guaranty). The Guaranty will provide that New Guarantor is personally
liable for zero percent (0%) of the outstanding principal balance of the Loan. New Guarantor
automatically will become liable for one hundred percent (100%) of all amounts payable under the
Loan Documents upon the occurrence of certain events more specifically set forth in the Guaranty.

9. Ratification of Original Guaranty. By signing the Acknowledgment and Consent to this
Agreement where indicated below, the Original Guarantor:

	 	a)	 	ratifies the guaranty under which it guaranteed payments of certain amounts
under the Loan Documents (the “Original Guaranty”) only to the extent that it
guaranties payments of the Borrower’s liability under Section 18 (ENVIRONMENTAL
HAZARDS) of the Security Instrument arising out of conditions existing on or before the
date of this Agreement (“Preexisting Conditions”); and

	 	b)	 	agrees that Section 18 (ENVIRONMENTAL HAZARDS) of the Security Instrument as
assumed by New Borrower and modified by this Agreement will continue to be guaranteed
by the Original Guarantor as and to the full extent provided in the Original Guaranty
for such Preexisting Conditions.

	 	c)	 	Noteholder hereby releases Original Guarantor from any and all liability under
the Original Guaranty except to the extent that the Original Guaranty guarantees
payment of the Original Borrower’s liability under Section 18 of the Security
Instrument arising out of Preexisting Conditions.

	10.	 	Representations. Original Borrower represents and warrants to Noteholder:

	 	a)	 	As of the date of this Agreement, the amount of the unpaid indebtedness under
the Note is Fifteen Million Three Hundred Sixty Six Thousand Three Hundred Sixty Two
and 47/100ths Dollars ($15,366,362.47).

	 	b)	 	Interest at the rate set forth in the Note has been paid to Noteholder in full
through and including August 1, 2007.

	 	c)	 	All of the representations and warranties in the Loan Documents are true as of
the date on which Original Borrower executes this Agreement.

	 	d)	 	No Event of Default (or event which, with the giving of notice or the passage
of time or both, would be an Event of Default) has occurred or is continuing under the
Security Instrument.

	 	e)	 	Original Borrower has no claims, offsets, defenses, or counterclaims of any
kind to its performance under, or Noteholder’s enforcement of, the Note and the other
Loan Documents; and to the extent any such counterclaims, setoffs, defenses or other
causes of action may exist, whether known or unknown, Original Borrower waives all such
items. Original Borrower acknowledges that all of Noteholder’s actions in connection
with the Loan have been in compliance with the terms of the applicable Loan Documents,
and Original Borrower acknowledges and agrees that Noteholder has not breached or
failed to perform any duty or obligation that Noteholder may owe Original Borrower.

	 	f)	 	There are no suits or actions threatened or pending against Original Borrower
which affect the enforcement or validity of the Note, the Security Instrument and/or
the Loan Documents.

	11.	 	Additional Transfers. Notwithstanding the Noteholder’s consent to the Transfer of
the Property to New Borrower, New Borrower understands and agrees that such consent will in no
way limit or operate as a waiver of the Noteholder’s continuing rights under Section 21 of the
Security Instrument.

	12.	 	Continuing Obligations. New Borrower will execute, acknowledge and deliver
Replacement Reserve Agreement and such other documents as Noteholder, or Servicer may require
to document the Assumption described in this Agreement and to more fully effectuate the
provisions of this Agreement. The failure of New Borrower to comply with the additional
obligations contained in this Section will constitute an Event of Default under the Security
Instrument, and the Noteholder will be entitled to exercise all remedies available to it under
the terms of the Loan Documents.

	13.	 	Additional Obligations.

	 	a)	 	To induce the Noteholder to consent to New Borrower’s Assumption, in addition
to the covenants and agreements set forth in the Loan Documents, New Borrower agrees
that it will comply with the Additional Obligations set forth on Exhibit D to
this Agreement, if applicable.

	 	b)	 	The failure of New Borrower to comply with the Additional Obligations, if
applicable, will constitute an Event of Default under the Security Instrument, and the
Noteholder will be entitled to exercise all remedies available to it under the terms of
the Loan Documents.

14. Release of Original Borrower; Rights of Noteholder.

	 	a)	 	In reliance upon Original Borrower’s representations and warranties, the
Noteholder releases Original Borrower from any and all obligations under the terms and
provisions of the Loan Documents; provided, however, that Original Borrower is not
released from any liability pursuant to Section 18 (ENVIRONMENTAL HAZARDS) of the
Security Instrument arising out of conditions existing on or before the date of this
Agreement (“Preexisting Conditions”).

	 	b)	 	If any material element of Original Borrower’s representations and warranties
are materially false or misleading, this release will be canceled and Original Borrower
will remain obligated under the Loan Documents as though there had been no release.

	 	c)	 	If at any time all or any part of any payment by Original Borrower which has
been applied by the Noteholder to payment of the Loan on or prior to the date of this
Agreement is or must be rescinded, repaid or returned by the Noteholder for any reason
whatsoever (including, without limitation, the application of any bankruptcy,
insolvency or other law), for purposes of this Agreement, to the extent that such
payment is or must be rescinded, repaid or returned, such payment will be deemed to
have continued to be due and payable, notwithstanding such application by the
Noteholder and this Agreement will continue to be effective as to such payment as
though such application by the Noteholder had not been made. Original Borrower and New
Borrower will each remain liable to the Noteholder for the amount so rescinded, repaid,
or returned to the same extent as if such amount had never originally been received by
the Noteholder, notwithstanding any cancellation of the Note, release or satisfaction
of the Security Instrument, or the cancellation of any other Loan Document.

15. Expenses. New Borrower’s execution of this Agreement will constitute New Borrower’s
agreement to pay all expenses incurred by the Noteholder in connection with this Assumption,
including without limitation the payment of any title endorsement costs, legal costs (including
in-house legal costs) attorney’s fees, and assumption fees required by the Noteholder.

16. Miscellaneous.

	 	a)	 	This Agreement will be binding upon and will inure to the benefit of the
parties to the Agreement and their respective heirs, successors and permitted assigns.

	 	b)	 	Except as expressly modified by this Agreement, the Note, the Security
Instrument and all other Loan Documents will be unchanged and remain in full force and
effect, and are hereby expressly approved, ratified and confirmed. No provision of
this Agreement that is held to be inoperative, unenforceable or invalid will affect the
remaining provisions, and to this end all provisions of this Agreement are declared to
be severable.

	 	c)	 	Time is of the essence of this Agreement.

	 	d)	 	This Agreement may not be changed orally, but only by an agreement in writing,
signed by the party against whom enforcement of any waiver, change, modification or
discharge is sought.

	 	e)	 	This Agreement will be construed in accordance with the laws of the
jurisdiction in which the Property is located.

	 	f)	 	This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same document.

	 	g)	 	All notices given pursuant to the Agreement must be in writing and will be
effectively given if personally delivered or, if mailed, postage prepaid, certified or
registered mail, return receipt requested, to the addresses of the parties set forth
below or to such other address as any party subsequently may designate in writing.

17. Executed Originals. An executed original of this Agreement will be (i) attached
permanently to the Note as an amendment to the Note, and (ii) recorded in the Land Records as a
modification to the Security Instrument.

18. State Specific Requirements. WAIVER OF TRIAL BY JURY. BORROWER AND LENDER
EACH (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF
THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS NEW BORROWER AND LENDER THAT IS TRIABLE
OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE
EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL
COUNSEL.

ATTACHED EXHIBITS. The following Exhibits are attached to this Instrument:

	 	 	 
	[X] Exhibit A

	 	Legal Description of the Land (required).
	[X] Exhibit B

	 	List of Loan Documents (required).

	 	 	 	[X] Exhibit C Modifications to Note and Security Instrument,
(required).

	 	 	 	[ ] Exhibit D Additional Obligations of New Borrower, check if
applicable.

	 	 	 	[X] Exhibit E Modification to Assumption Agreement, check if
applicable.

1

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

	 	 	ORIGINAL BORROWER:

FS TOWNE CROSSING, L.P.

	 	 	a            Texas limited partnership

	 	 	 	 	 
	By:	 	MANAGEMENT SOLUTIONS, INCORPORATED
	
 
	 	a Texas corporation

General Partner
	 	

	
 
	 	By:
	 	/s/ Wendell A. Jacobson

	 	 	Wendell A. Jacobson

President

Address for Notice to Original Borrower:

P.O. Box 400; 400 North State Street

Fountain Green, Utah 84632

State of Utah ]

]

County of Sanpete ]

BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day
personally appeared Wendell A. Jacobson, known to me to be the President of Management Solutions,
Incorporated, a Texas corporation, the corporation that executed the foregoing instrument, and
known to me to be general partner of FS Towne Crossing, L.P., a Texas limited partnership, that
executed the foregoing instrument, and acknowledged to me that such corporation executed the same
as such general partner and that such limited partnership executed the same for the purposes and
consideration therein expressed.

Given under my hand seal of office this 23 day of August, 2007.

	 	 	 
	/s/ Tina Stephensen

Notary Public in and for the said

County and State

	 	[Seal] Tina Stephensen

[Seal] Notary Public-State of Utah

[Seal] 255 West Center POB 194

[Seal] Fountain Green, UT 84632

[Seal] Comm. Exp. 08-24-2010
	My Commission Expires:

	 	Printed Name of Notary:
	08-24-2010

	 	Tina Stephensen

[DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES]

2

ORIGINAL BORROWER:

	 	 	BOWLER HOLDINGS, L.C.

	 	 	a            Utah limited liability company

By: /s/ R. Lynn Bowler

	R.	 	Lynn Bowler

Manager

State of Utah ]

]

County of Salt Lake ]

BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day
personally appeared R. Lynn Bowler, known to me to be the Manager of Bowler Holdings, L.C., the
limited liability company that executed the foregoing instrument, and executed the same for the
purposes and consideration therein expressed.

Given under my hand seal of office this 27th day of August, 2007.

	 	 	 
	/s/ Kristy Wardle

Notary Public in and for the said

County and State

	 	[Seal] Notary Public

[Seal] Kristy Wardle

[Seal] My Commission Expires

[Seal] January 26. 2008
	My Commission Expires:

	 	Printed Name of Notary:
	1-26-08

	 	Kristy Wardle

[DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES]

3

ORIGINAL BORROWER:

	 	 	FOUNTAIN GREEN, L.C.

a Utah limited liability company

	 	 	 	 	 
	By:

	 	Bowler Holdings, L.C.
	 	

	 	 	a Utah limited liability company, its Managing Member
	
 
	 	By:
	 	/s/ R. Lynn Bowler

	R.	 	Lynn Bowler

Manager

State of Utah ]

]

County of Salt Lake ]

BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day
personally appeared R. Lynn Bowler known to me to be the Manager of Bowler Holdings, L.C., a Utah
limited liability company, the limited liability company that executed the foregoing instrument,
and known to me to be Managing Member of Fountain Green, L.C., a Utah limited liability company,
that executed the foregoing instrument, and acknowledged to me that such limited liability company
executed the same as such general partner and that such limited partnership executed the same for
the purposes and consideration therein expressed.

Given under my hand seal of office this 27th day of August, 2007.

	 	 	 
	/s/ Kristy Wardle

Notary Public in and for the said

County and State

	 	[Seal] Notary Public

[Seal] Kristy Wardle

[Seal] My Commission Expires

[Seal] January 26. 2008
	My Commission Expires:

	 	Printed Name of Notary:
	1-26-08

	 	Kristy Wardle

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4

NEW BORROWER:

APARTMENT REIT TOWNE CROSSING, LP

a Texas limited partnership

	 	 	 	 	 	 	 	 	 
	By:	 	APARTMENT REIT TOWNE CROSSING GP, LLC	 	 
	 	 	a Delaware limited liability company	 	 
	 	 	General Partner	 	 	 	 
	 	 	By:	 	NNN Apartment REIT Holdings, L.P.
	 	 	 	 	a Virginia limited partnership
	
 
	 	 	 	Manager
	 	

	 	

	 	 	 	 	By:	 	NNN Apartment REIT, Inc.
	 	 	 	 	 	 	a Maryland corporation
	 	 	 	 	 	 	General Partner
	
 
	 	 	 	 	 	By:
	 	 /s/ S. Jay Olander

	 	 	 S. Jay Olander

 Chief Executive Officer

Tax identification number for New Borrower: 26-052249

Address for Notice to New Borrower:

c/o Triple Net Properties, LLC

1551 N. Tustin Avenue, Suite 300

Santa Ana, California 92705

Commonwealth of Virginia, City of Richmond

BEFORE ME, the undersigned, a Notary Public in and for said City and Commonwealth, on this day
personally appeared S. Jay Olander, known to me to be the Chief Executive Officer of NNN Apartment
REIT, Inc., a Maryland corporation, the corporation that executed the foregoing instrument, and
known to me to be general partner of NNN Apartment REIT Holdings, L.P., Manager of Apartment REIT
Towne Crossing GP, LLC, general partner of Apartments REIT Towne Crossing, LP, that executed the
foregoing instrument, and acknowledged to me that such corporation executed the same for the
purposes and consideration therein expressed.

Given under my hand seal of office this 23rd day of August, 2007.

/s/ Brenda M. Holmes

Notary Public in and for the said County and State

	 	 	 
	My Commission Expires: 9-30-07 Printed Name of Notary: Brenda M. Holmes

	Registration Number: 224930

	 	

	[Seal]

	 	

5

	 	 	 
	CONSENTED TO BY NOTEHOLDER:

	 	

	 

	 	 
	FEDERAL HOME LOAN MORTGAGE

CORPORATION, a corporation organized

and existing under the laws of the Unit

	 	

ed States
	By:

Name:

Title:

	 	 /s/ Ed Gagermeier

 Ed Gagermeier

 Manager – Multifamily Portfolio Services
	Date:

	 	 8/28/07

Address for Notice to Noteholder:

8200 Jones Branch Drive

McLean, Virginia 22102

State of Virginia ]

]

County of Fairfax ]

BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day
personally appeared Ed Gagermeier known to me to be the Manager – MF PS of Federal Home Loan
Mortgage Corporation, the corporation that executed the foregoing instrument, and executed the same
for the purposes and consideration therein expressed.

Given under my hand seal of office this 28 day of August, 2007.

/s/ Leslie R. Gallahan

Notary Public in and for the said

County and State

My Commission Expires: Printed Name of Notary:

[Seal] Leslie R. Gallahan

[Seal] Notary Public

[Seal] Commonwealth of Virginia

[Seal] My Commission Expires

[Seal] December 31, 2008

Notary Registration # 239709

ACKNOWLEDGED AND CONSENTED TO:

ORIGINAL GUARANTOR:

/s/ Wendell A. Jacobson

WENDELL A. JACOBSON

Date: 8-23-07

Address for Notice to Original Guarantor:

P.O. Box 400; 400 North State Street

Fountain Green, Utah 84632

THE STATE OF Utah, Sanpete County ss:

BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day
personally appeared Wendell A. Jacobson, known to me to be the person(s) whose name(s) he
subscribed to the foregoing instrument, and acknowledge to me that he executed the same for the
purposes and consideration therein expressed.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this 23 day of August, 2007.

	 	 	 
	/s/ Tina Stephensen

Notary Public in and for

Sanpete County, Utah

	 	[Seal] Tina Stephensen

[Seal] Notary Public-State of Utah

[Seal] 255 West Center POB 194

	 	 	[Seal] Fountain Green, UT 84632

[Seal] Comm. Exp. 08-24-2010

[DOCUMENT EXECUTION CONTINUES ON THE FOLLOWING PAGES]

6

NEW GUARANTOR:

NNN APARTMENT REIT, INC.

a Maryland corporation

By: /s/ S. Jay Olander

S. Jay Olander

Chief Executive Officer

Date: August 23, 2007

Address for Notice to New Guarantor:

c/o Triple Net Properties, LLC

1551 N. Tustin Avenue, Suite 300

Santa Ana, California 92705

THE COMMONWEALTH OF Virginia, RICHMOND CITY ss:

BEFORE ME, the undersigned, a Notary Public in and for said City and Commonwealth, on this day
personally appeared S. Jay Olander, known to me to be the Chief Executive Officer of NNN Apartment
REIT, Inc., the corporation that executed the foregoing instrument, and known to me to be the
person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me
that the same was the act of the said corporation and that he executed the same as the act of such
corporation for the purposes and consideration therein expressed and in the capacity therein
stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this 23rd day of August, 2007.

/s/ Brenda M. Holmes

Notary Public in and for City of Richmond County, Virginia

Registration No. 224930

My expiration expires: 9-30-07

[Seal]

7

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