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Exhibit 10.34    
  

THIRTY-THIRD AMENDMENT TO THE

THIRD AMENDED AND RESTATED AGREEMENT OF

LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P.  

        This THIRTY-THIRD AMENDMENT TO THE THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AIMCO PROPERTIES, L.P., dated as of November 27, 2002
(this "Amendment"), is being executed by AIMCO-GP, Inc., a Delaware corporation (the "General Partner"), as the general partner of AIMCO Properties, L.P., a Delaware limited
partnership (the "Partnership"), pursuant to the authority conferred on the General Partner by Section 7.3.C(7) of the Third Amended and Restated Agreement of Limited Partnership of
AIMCO Properties, L.P., dated as of July 29, 1994, as amended and/or supplemented from time to time (the "Agreement"). Capitalized terms used, but not otherwise defined herein, shall have the
respective meanings ascribed thereto in the Agreement. 

        WHEREAS,
on March 11, 2002, Casden Properties, Inc. merged with and into the Previous General Partner (the "Casden Merger"); 

        WHEREAS,
pursuant to the Casden Merger agreement and related documents, upon completion of each of certain properties and the satisfaction of other conditions, the Previous General
Partner has agreed to pay additional, deferred consideration in respect of the Casden Merger, and to purchase the general partner interest in the entities that own each such property; 

        WHEREAS,
in order to fund such payments with respect to the particular property commonly known as Park La Brea C, the Partnership has loaned $28,101,024.14 to the Previous General
Partner, which loan is evidenced by a promissory note, dated November 27, 2002, in the original principal amount of $28,101,024.14; 

        WHEREAS,
the Previous General Partner has contributed to the Partnership the assets acquired in connection with the Casden Merger, including the general partner interest described above
and, in connection with such contribution, the Partnership proposes to issue to the Special Limited Partner 1,124,041 Class Eleven Partnership Preferred Units; and 

        WHEREAS,
pursuant to Section 4.2.A of the Agreement, the General Partner is authorized to determine the designations, preferences and relative, participating, optional or other
special rights, powers and duties of Partnership Preferred Units. 

1

 

        NOW,
THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

	1.
	The
Agreement is hereby amended by the addition of a new exhibit, entitled "Exhibit LL," in the form attached hereto, which shall be attached to and made a part of the
Agreement.

	2.
	Except
as specifically amended hereby, the terms, covenants, provisions and conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as
amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and confirmed in all respects. 

        IN
WITNESS WHEREOF, this Amendment has been executed as of the date first written above. 

	

 	
 	

GENERAL PARTNER:
	

 	
 	

AIMCO-GP, INC.
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Name: Peter K. Kompaniez

Title: President

2

   Exhibit LL  

PARTNERSHIP UNIT DESIGNATION OF THE

CLASS ELEVEN PARTNERSHIP PREFERRED UNITS

OF AIMCO PROPERTIES, L.P.  

        1.    Number of Units and Designation.    

        A
class of Partnership Preferred Units is hereby designated as "Class Eleven Partnership Preferred Units," and the number of Partnership Preferred Units constituting such class
shall be 1,124,041. 

        2.    Definitions.    

        For
purposes of the Class Eleven Partnership Preferred Units, the following terms shall have the meanings indicated in this Section 2, and capitalized terms used and not
otherwise defined herein shall have the meanings assigned thereto in the Agreement: 

"Agreement" shall mean the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July 29, 1994, as amended. 

"AIMCO" shall mean Apartment Investment and Management Company, a Maryland corporation. 

"Class Eleven Partnership Preferred Unit" means a Partnership Preferred Unit with the designations, preferences and relative, participating,
optional or other special rights, powers and duties as are set forth in this Exhibit LL. 

"Code" shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the
Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor thereto, as interpreted by any applicable regulations or other administrative
pronouncements as in effect from time to time. 

"Distribution Payment Date" shall mean December 31 of any year beginning with December 31, 2002, and continuing until no Class Eleven
Partnership Preferred Units remain outstanding. 

"Junior Partnership Units" shall have the meaning set forth in paragraph (c) of Section 7 of this  Exhibit LL. 

LL-1

 

"Liquidation Preference" shall mean, with respect to each Class Eleven Partnership Preferred Unit, as of any date, Twenty-Five Dollars
($25.00), plus an amount equal to all distributions (whether or not declared or earned) accumulated, accrued and unpaid on such Class Eleven Partnership Preferred Unit as of such date. 

"Parity Partnership Units" shall have the meaning set forth in paragraph (b) of Section 7 of this  Exhibit LL. 

"Partnership" shall mean AIMCO Properties, L.P., a Delaware limited partnership. 

"Promissory Note" shall mean the Promissory Note, dated November 27, 2002, in the original principal amount of $28,101,024.14, made by AIMCO in
favor of the Partnership (bearing simple interest at 8%, payable on December 31 of each year). 

"Senior Partnership Units" shall have the meaning set forth in paragraph (a) of Section 7 of this  Exhibit LL. 

        3.    Distributions.    

        On
every Distribution Payment Date, the holders of Class Eleven Partnership Preferred Units shall be entitled to receive distributions payable in cash in an amount equal to $2 per
Class Eleven Partnership Preferred Unit. Each such distribution shall be payable to the holders of record of the Class Eleven Partnership Preferred Units, as they appear on the records
of the Partnership at the close of business on the Distribution Payment Date. Distributions shall accumulate from the date of original issuance of the Class Eleven Partnership Preferred Units. 

        4.    Liquidation Preference.    

        (a)  In
the event of any liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary, before any payment or distribution of the Partnership
(whether capital, surplus or otherwise) shall be made to or set apart for the holders of Junior Partnership Units, the holders of Class Eleven Partnership Preferred Units shall be entitled to
receive the Liquidation Preference for each Class Eleven Partnership Preferred Unit as of the date of final distribution to such holders; but such holders shall not be entitled to any further
payment. Until the holders of the Class Eleven Partnership Preferred Units have been paid their aggregate Liquidation 

LL-2

 

Preference
in full, no payment shall be made to any holder of Junior Partnership Units upon the liquidation, dissolution or winding up of the Partnership. If, upon any liquidation, dissolution or
winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Class Eleven Partnership Preferred Units shall be insufficient to pay in
full the preferential amount aforesaid and liquidating payments on any Parity Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the holders of
Class Eleven Partnership Preferred Units and any such Parity Partnership Units ratably in the same proportion as the respective amounts that would be payable on such Class Eleven
Partnership Preferred Units and any such other Parity Partnership Units if all amounts payable thereon were paid in full. For the purposes of this Section 4, a consolidation or merger of the
Partnership with one or more partnerships, or a sale or transfer of all or substantially all of the Partnership's assets, shall not be deemed to be a liquidation, dissolution or winding up, voluntary
or involuntary, of the Partnership. 

        (b)  Upon
any liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full to the holders of Class Eleven Partnership
Preferred Units and any Parity Partnership Units, as provided in this Section 4, any other series or class or classes of Junior Partnership Units shall, subject to the respective terms thereof,
be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Class Eleven Partnership Preferred Units and any Parity Partnership Units shall not be entitled to
share therein. 

        5.    Conversion.    

        (a)  If
AIMCO uses all or any portion of the net proceeds from any sale of its equity securities to pay or prepay all or any portion of the outstanding balance of the
Promissory Note, a number of Class Eleven Partnership Preferred Units equal to the amount of such net proceeds used to pay or prepay the outstanding balance of the Promissory Note, divided by
the Liquidation Preference, shall be automatically converted into (i) if such equity securities are shares of AIMCO's Class A Common Stock, a number of Partnership Common Units equal to
the number of shares sold by AIMCO, and (ii) in the case of any other equity securities, an equal number of equity securities of the Partnership of a class or type that are substantially the
economic equivalent of the equity securities sold by AIMCO. 

LL-3

 

        (b)  If
AIMCO uses a portion of the net proceeds from a sale of its equity securities to pay or prepay a portion of the Promissory Note, and contributes the remaining portion
of such net proceeds to the Partnership, the Partnership Units which are issued in exchange for such contribution pursuant to Section 4.3(E) of the Agreement shall be of the same class
or type as those issued pursuant to Section 5(a)(ii) hereof. 

        (c)  The
General Partner shall take all actions necessary to effect the creation and issuance of any equity securities of the Partnership necessary to give effect to
Sections 5(a) and 5(b). 

        (d)  The
Partnership will pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of Partnership Common Units or
other equity securities on conversion of Class Eleven Partnership Preferred Units pursuant hereto. 

        6.    Status of Reacquired Units.    

        All
Class Eleven Partnership Preferred Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled. 

        7.    Ranking.    

        Any
class or series of Partnership Units of the Partnership shall be deemed to rank: 

        (a)  prior
or senior to the Class Eleven Partnership Preferred Units, as to the payment of distributions and as to distributions of assets upon liquidation,
dissolution or winding up, if (i) such class or series of Partnership Units shall be Class B Partnership Preferred Units, Class C Partnership Preferred Units, Class D
Partnership Preferred Units, Class G Partnership Preferred Units, Class H Partnership Preferred Units, Class I Partnership Preferred Units, Class J Partnership Preferred
Units, Class K Partnership Preferred Units, Class L Partnership Preferred Units, Class M Partnership Preferred Units, Class N Partnership Preferred Units, Class O
Partnership Preferred Units, Class P Partnership Preferred Units, Class Q Partnership Preferred Units, Class R Partnership Preferred Units, Class One Partnership Preferred Units,
Class Two Partnership Preferred Units, Class Three Partnership Preferred Units, Class Four Partnership Preferred Units, Class Six Partnership Preferred Units,
Class Seven Partnership Preferred Units, or Class Nine Partnership Preferred Units, or (ii) the holders of such class or series shall be entitled to the receipt of distributions
and of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in 

LL-4

 

preference
or priority to the holders of Class Eleven Partnership Preferred Units (the Partnership Units referred to in clauses (i) and (ii) of this paragraph being hereinafter
referred to, collectively, as "Senior Partnership Units"); 

        (b)  on
a parity with the Class Eleven Partnership Preferred Units, as to the payment of distributions and as to distribution of assets upon liquidation, dissolution
or winding up, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per unit or other denomination thereof be different from those of the
Class Eleven Partnership Preferred Units if (i) such class or series of Partnership Units shall be Partnership Common Units, Class I High Performance Partnership Units,
Class II High Performance Partnership Units, Class III High Performance Partnership Units, Class IV High Performance Partnership Units, Class V High Performance Partnership
Units, Class Five Partnership Preferred Units, Class Eight Partnership Preferred Units or Class Ten Partnership Preferred Units, or (ii) the holders of such class or series of
Partnership Units and the Class Eleven Partnership Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon liquidation, dissolution or winding up in
proportion to their respective amounts of accrued and unpaid distributions per unit or other denomination or liquidation preferences, without preference or priority one over the other (the Partnership
Units referred to in clauses (i) and (ii) of this paragraph being hereinafter referred to, collectively, as "Parity Partnership Units");
and 

        (c)  junior
to the Class Eleven Partnership Preferred Units, as to the payment of distributions and as to the distribution of assets upon liquidation, dissolution or
winding up, if the holders of Class Eleven Partnership Preferred Units shall be entitled to receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as
the case may be, in preference or priority to the holders of such class or series of Partnership Units (the Partnership Units referred to in this paragraph being hereinafter referred to, collectively,
as "Junior Partnership Units"). 

        8.    Special Allocations.    

        Gross
income and, if necessary, gain shall be allocated to the holders of Class Eleven Partnership Preferred Units for any Fiscal Year (and, if necessary, subsequent Fiscal Years)
to the extent that the holders of Class Eleven Partnership Preferred Units receive a distribution on any Class Eleven Partnership Preferred Units (other than an amount included in any
redemption pursuant to Section 5 hereof) with respect to such Fiscal Year. 

LL-5

 

        9.    Restrictions on Ownership.    

        The
Class Eleven Partnership Preferred Units shall be owned and held solely by the General Partner or the Special Limited Partner. 

        10.    General.    

        (a)  The
ownership of Class Eleven Partnership Preferred Units may (but need not, in the sole and absolute discretion of the General Partner) be evidenced by one or
more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the
issuance of, and subsequent conversion or any other event having an effect on the ownership of, Class Eleven Partnership Preferred Units. 

        (b)  The
rights of the General Partner and the Special Limited Partner, in their capacity as holders of the Class Eleven Partnership Preferred Units, are in addition
to and not in limitation of any other rights or authority of the General Partner or the Special Limited Partner, respectively, in any other capacity under the Agreement or applicable law. In addition,
nothing contained herein shall be deemed to limit or otherwise restrict the authority of the General Partner or the Special Limited Partner under the Agreement, other than in their capacity as holders
of the Class Eleven Partnership Preferred Units. 

LL-6

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Exhibit 10.35.2    
  

        EXECUTION COPY  

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT  

among 

Apartment Investment and Management Company,

AIMCO Properties, L.P.,

AIMCO/Bethesda Holdings, Inc., and

NHP Management Company  

as Borrowers, 

Bank of America, N.A.,
  as Administrative Agent and Letter of Credit Issuing Lender, 

Fleet National Bank,
  as Syndication Agent, 

Wachovia Bank NA,
  as Documentation Agent 

and 

The Other Financial

Institutions Party Hereto  

Dated as of February 14, 2003 

Banc of America Securities LLC  

and 

Fleet Securities Inc.,
  as Co-Lead Arrangers 

and

Banc of America Securities LLC,
  as Sole Bookrunner 

   FIFTH AMENDED AND RESTATED CREDIT AGREEMENT  

        This FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is dated as of February 14, 2003 (the
"Effective Date") and entered into by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the
"REIT"), AIMCO PROPERTIES, L.P., a Delaware limited partnership ("AIMCO"), AIMCO/BETHESDA
HOLDINGS, INC., a Delaware corporation ("AIMCO/Bethesda") and NHP MANAGEMENT COMPANY, a District of Columbia corporation
("NHP Management") (the REIT, AIMCO, AIMCO/Bethesda and NHP Management collectively referred to herein as
"Borrowers"), BANK OF AMERICA, N.A. ("Bank of America"), as Administrative Agent (in such capacity,
"Administrative Agent"), and Lenders party hereto, and is made with reference to that certain Fourth Amended and Restated Credit Agreement dated as of
March 11, 2002 by and among Borrowers, each lender from time to time party thereto, BANK OF AMERICA, N.A., as Administrative Agent and Issuing Lender, FLEET NATIONAL BANK, as a Lender and
Syndication Agent, and WACHOVIA BANK NA, as a Lender and Documentation Agent, as amended by certain amendments thereto including that certain Second Amendment to Fourth Amended and Restated Credit
Agreement, dated as of August 5, 2002 (as so amended, the "Credit Agreement") by and among Borrowers, each lender from time to time party thereto
and as Administrative Agent (the Credit Agreement as amended and restated by this Amendment, the "Amended Agreement"). Capitalized terms used in this
Amendment shall have the meanings set forth in the Credit Agreement unless otherwise defined. 

RECITALS  

        WHEREAS, Borrowers desire to amend the Credit Agreement as more particularly set forth below; 

        WHEREAS, pursuant to the Credit Agreement, such amendment requires the consent of all Lenders, and all Lenders hereby consent thereto; 

        NOW, THEREFORE, in consideration of the agreements, provisions and covenants contained herein, the parties agree as follows: 

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT  

1.1    Amendment to Subsection 1.01: Defined Terms.  

        A.    The defined term "Applicable Margin" is deleted in its entirety and
replaced with the following: 

        "Applicable Margin" means from and after the Effective Date the following amounts per annum, based upon the Fixed Charge Coverage Ratio as
set forth in the most recent Compliance Certificate received by Administrative Agent pursuant to Section 6.02(b): 

1

 
Applicable Margin

(in basis points per annum)  

	Pricing Level
 
	 	Fixed Charge

Coverage Ratio
	 	Offshore Rate +
	 	Base Rate +

	1	 	3 2.00:1	 	205	 	55
	2	 	3 1.85:1 but < 2.00:1	 	230	 	80
	3	 	3 1.65:1 but < 1.85.00:1	 	255	 	105
	4	 	< 1.65:1	 	265	 	115

        The
Applicable Margin for all periods prior to the Revolving Commitment Termination Date shall be in effect from the date the most recent Compliance Certificate is received by
Administrative Agent to but excluding the date the next Compliance Certificate is received; provided, however, that if Borrowers fail to timely deliver
the next Compliance Certificate, the Applicable Margin from the date such Compliance Certificate was due to but excluding the date such Compliance Certificate is received by Administrative Agent shall
be the highest pricing level set forth above, and, thereafter, the pricing level indicated by such Compliance Certificate when received. 

        In
the event that the Maturity Date is extended past the Revolving Commitment Termination Date pursuant to Section 2.13, for all
periods after the Revolving Commitment Termination Date, the Applicable Margin for Base Rate Loans shall be 115 basis points per annum and the Applicable Margin for Offshore Rate Loans shall be 265
basis points per annum. 

        B.    The defined term "Free Corporate Cash Flow" shall be deleted and replaced
in its entirety with the following: 

        "Free Corporate Cash Flow" means, for any period, Total Corporate EBITDA for such period  minus the sum of (a) Total Interest Expense for such period (excluding
interest paid or accrued in respect of the Obligations),  plus (b) Borrowers', the Guarantors' and their respective Subsidiaries' pro-rata share of all
repayments of principal of Indebtedness (excluding (i) principal amortization in respect of the Obligations, (ii) any principal amortization consisting of a balloon payment of
Indebtedness in connection with the repayment in full of such Indebtedness, and (iii) principal amortization required under the Casden Loan Documents but only to the extent such principal
amortization is funded from "Net Issuance Proceeds", "Net Disposition Proceeds", "Net Refinancing Proceeds", or "Net Indebtedness Proceeds" (each as defined in the Casden Credit Agreement existing on
the Effective Date) and such proceeds are applied in accordance with, and are in the amounts provided in Section 2.03 of the Casden Credit Agreement existing on the Effective Date, regardless
of whether 

2

 

such
proceeds are paid directly to the lenders under the Casden Credit Agreement or such proceeds are applied initially to the Loan and then funded to the lenders under the Casden Credit Agreement
pursuant to Section 2.06 hereof) during such period, plus (c) Borrowers', the Guarantors' and their respective Subsidiaries' pro-rata share of taxes based on income paid for
such period, plus (d) preferred dividends accrued (whether or not declared or payable) on the preferred Stock and/or Partnership Units of the
Borrowers or any of their Subsidiaries during such period, plus (e) an amount equal to 90% of the aggregate amount of REIT taxable income as
reported on the REIT's federal income tax return (Form 1120-REIT) or as estimated from time to time based on current financial results for the period determined in accordance with
all applicable requirements of the Code, plus (f) the Capital Expenditure Reserve as of the last day of such period of determination;  provided, however, that, for purposes of determining Free Corporate Cash Flow, in no event shall any calculation of Total Corporate EBITDA include any
Consolidated Net Income or net income (or loss, as applicable) in respect of any Property which has been Disposed of by Borrowers or any Subsidiary thereof, or any unconsolidated partnership or
subsidiary thereof. 

        C.    The defined term "Gross Asset Value" shall be deleted and replaced in its
entirety with the following: 

        "Gross Asset Value" means as of any date of determination, the sum of the following, determined for Borrowers, the Guarantors and their
respective Subsidiaries: 

        (i)    Cash
(including Restricted Cash) and Cash Equivalents of both consolidated and unconsolidated Persons, which Cash and Cash Equivalents are owned, directly or indirectly,
by Borrowers, the Guarantors or their respective Subsidiaries as of such date of determination; 

        (ii)  GP
Loans valued at net realizable value as of such date of determination determined in accordance with GAAP; 

        (iii)  with
respect to all real estate assets wholly or partially owned by such Person(s) throughout the most recent four calendar quarters ending on or prior to such date of
determination (other than Real Property Assets Under Development), the Adjusted Total NOI attributable to such real estate assets for such four quarter period divided
by 9.00%; 

        (iv)  with
respect to all real estate assets wholly or partially owned by such Person(s) on such date of determination, but acquired less than four calendar quarters but at
least one calendar quarter preceding such date of determination (other than Real Property Assets Under Development), the Adjusted Total NOI attributable to such real estate assets for the number of
full calendar quarters that such Person(s) owned such assets measured on an annualized basis and divided by 9.00%; 

        (v)  with
respect to all real estate assets owned by such Person(s) on such date of determination, but acquired less than one calendar quarter preceding 

3

 

such
date of determination (other than Real Property Assets Under Development), 95% of the purchase price paid by such Person(s) for such assets; 

        (vi)  the
gross book value of Real Property Assets Under Development as of such date of determination; and 

        (vii) an
amount equal to 400% of Management EBITDA for the four consecutive fiscal quarter period preceding such date of determination. 

        D.    The defined term "Maturity Date" shall be deleted and replaced in its
entirety with the following: 

        "Maturity Date" means July 31, 2005, as it may be earlier terminated or extended in accordance with the terms hereof. 

        E.    The defined term "Requisite Time" shall be deleted and replaced in its
entirety with the following: 

        "Requisite Time" means, with respect to any of the actions listed below, the time and date set forth below opposite such action (all times
are local time (standard or daylight) as observed in the Governing State): 

4

 

	Type of Action
 
	 	Time
	 	Date of Action

	Delivery of Request for Extension of Credit for, or notice for:	 	 	 	 
	

Borrowing of, prepayment of, or Conversion into, Base Rate Loans (other than Swing Line Loans)	
 	

9:00 a.m.	
 	

1 Business Day prior to such Borrowing, prepayment or Conversion
	

Borrowing of, or notice of prepayment of Swing Line Loans	
 	

2:00 p.m.	
 	

Same date as such Borrowing or prepayment
	

Prepayment of, or Conversion of Swing Line Loans into Base Rate Loans by the Lenders	
 	

9:00 a.m.	
 	

2 Business Days after request for such prepayment or Conversion
	

Borrowing of, prepayment of, Continuation of, or Conversion into, Offshore Rate Loans	
 	

10:00 a.m.	
 	

3 Business Days prior to such Borrowing, prepayment, Conversion or Continuation
	

Letter of Credit Action	
 	

10:00 a.m.	
 	

5 Business Days prior to such action
	

Voluntary reduction in or termination of Commitments	
 	

10:00 a.m.	
 	

5 Business Days prior to such reduction or termination
	

Payments by Lenders or Borrowers to Administrative Agent	
 	

11:00 a.m.	
 	

On date payment is due

        F.    The defined term "Revolving Commitment Termination Date" shall be deleted
and replaced in its entirety with the following: 

        "Revolving Commitment Termination Date" means July 31, 2005. 

        G.    The defined term "Total Obligations" shall be deleted and replaced in its
entirety with the following: 

        "Total Obligations" means as of any date, the sum of (a) Total Combined Debt and (b) the aggregate liquidation preference of
all preferred Stock issued by Borrowers and Guarantors. 

        H.    Subsection 1.01 shall be further amended by adding the following new definitions thereto in the appropriate
alphabetical order: 

        "Effective Date" is defined in the preamble. 

        "Increase Effective Date" is defined in Section 2.01(e). 

5

 

1.2  Amendment to Subsection 2.01: Committed Loans.  

        A.    Subsection 2.01 shall be amended by adding a new Subsection 2.01(e) thereto which shall read as follows: 

        (e)  Subject
to the provisions of Section 4.02, on the terms and subject to the conditions set forth in this  Section 2.01(e), Borrowers may, on or at any time
prior to March 11, 2004, by written notice to Administrative Agent, request an increase
in the then effective aggregate principal amount of the Combined Commitments by (i) permitting any Lender to increase its Commitment (and accordingly increase the Combined Commitments by such
amount), or (ii) inviting any Eligible Assignee that has previously been approved by Administrative Agent in writing to become a Lender under this Agreement and to provide a commitment to lend
hereunder (and accordingly increase the Combined Commitments by such amount); provided, however, that in no event shall such actions cause the aggregate
principal amount of the Combined Commitments to increase above $500,000,000. 

        Each
of the Lenders acknowledges and agrees that, notwithstanding any contrary provisions of Section 10.01, (i) its consent
to any such increase in the Combined Commitments shall not be required and (ii) Eligible Assignees may be added to this Agreement and any Lender may increase its Commitment without the consent
or agreement of the other Lenders (provided, however, that no Lender's Commitment may be increased without such Lender's consent), so long as
Administrative Agent and Borrowers have consented in writing to such Eligible Assignee or the increase in the Commitment of any of the Lenders, as applicable. 

        Administrative
Agent shall not unreasonably withhold its consent to Borrowers' request for an increase in the Combined Commitments under this  Section 2.01(e) provided that Borrowers satisfy all of the following
conditions precedent: 

        (i)    No
Default or Event of Default shall have occurred and remain uncured on the Effective Date (as hereinafter defined), and Administrative Agent shall have received a
certificate to that effect signed by an officer of the Borrowers; 

        (ii)  Any
Eligible Assignee is acceptable to Administrative Agent in its reasonable discretion; 

        (iii)  Borrowers
and each such Lender or Eligible Assignee shall have executed and delivered to Administrative Agent a Joinder Agreement in the form of  Exhibit M attached hereto (a "Joinder
Agreement"); 

        (iv)  Borrowers
shall have paid to Administrative Agent, for the account of such Lender or Eligible Assignee, Administrative Agent and BAS, as applicable, a commitment fee
and/or an arrangement fee in an amount reasonably satisfactory to Administrative Agent and Borrowers; 

        (v)  Administrative
Agent shall have sent written notice of each such request by Borrowers to the Lenders, together with notice of such Eligible Assignee's 

6

 

Commitment
or such Lender's increased Commitment, as the case may be, and the effective date (the "Increase Effective Date") of such increase in the
Combined Commitments; and 

        (vi)  All
requirements of this Section 2.01(e) shall have been satisfied. 

        Upon
the Increase Effective Date, and notwithstanding any contrary provision of this Agreement (i) each such Eligible Assignee shall become a party to this Agreement, and
thereafter shall have all of the rights and obligations of a Lender hereunder, (ii) each such Eligible Assignee or Lender shall simultaneously pay to Administrative Agent, for distribution to
the Lenders whose Pro Rata Shares of the Combined Commitments of all of the Lenders have decreased as a result of the new Commitment of such Eligible Assignee or the increased Commitment of such
Lender, an amount equal to the product of such Eligible Assignee's Pro Rata Share (or the increase in such Lender's Pro Rata Share), expressed as a decimal, multiplied by the aggregate outstanding
principal amount of the Loans on the date of determination, and (iii) each such Eligible Assignee or Lender shall thereafter be obligated to make its Pro Rata Share of Borrowings to Borrowers
up to and including the amount of such Eligible Assignee's or Lender's Pro Rata Share of the increased Combined Commitments, on the terms and subject to the conditions set forth in this Agreement. 

1.3  Amendment to Subsection 2.04: Borrowings of Swing Line Loans.  

        A.    Subsection 2.04(c) shall be deleted in its entirety and replaced with the following: 

        (c)  If
necessary to meet Borrowers' funding deadlines, Administrative Agent may treat any Request for Extension of Credit as a request for a Swing Line Loan from Borrowers
and Swing Line Lender may fund it as a Swing Line Loan. Within two (2) Business Days after each Swing Line Loan is funded, Swing Line Lender and Administrative Agent shall request that each
Lender, and each Lender shall, at the Requisite Time, prepay one or more Swing Line Loans in an amount equal to such Lender's Pro Rata Share of such Swing Line Loans by funding under such Lender's
Commitment, such purchase to be made in accordance with the terms of Section 2.01 of this Agreement just as if such Lender were funding a Base
Rate Loan directly to Borrowers under its Commitment (such that all Lenders other than Swing Line Lender shall fund only under their respective Commitments). Unless Administrative Agent had actual
knowledge when Swing Line Lender funded a Swing Line Loan that Borrowers have not satisfied the conditions in this Agreement to obtain a borrowing, each Lender's obligation to prepay the Swing Line
Loans shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation (i) any set-off, counterclaim, recoupment, defense, or other
right which such Lender or any other Person may have against Swing Line Lender or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or Event of Default
or the termination of any Lender's Commitment, (iii) the occurrence of any Material Adverse Effect, (iv) any breach of this Agreement or any other Loan Document by Borrowers, any
Borrower Party, Administrative Agent, or any other Lender, or (v) any other circumstance, 

7

  

happening,
or event whatsoever, whether or not similar to any of the foregoing. Any portion of a Swing Line Loan not so prepaid may be treated by Swing Line Lender as a Loan which was not funded by
the non-purchasing Lenders as contemplated in Section 2.11(d) of this Agreement, and as a funding by Swing Line Lender under the
Combined Commitments in excess of Swing Line Lender's Commitment. Each Swing Line Loan, once so prepaid, shall cease to be a Swing Line Loan for the purposes of this Agreement, but shall be deemed a
borrowing made under the Combined Commitments and each Lender's Commitment; provided, however, that so long as Bank of America is both Administrative
Agent and Swing Line Lender, no Lender shall be obligated to prepay any Swing Line Loan for which Borrowers have not satisfied the applicable conditions precedent set forth in  Section 4 hereof.

1.4  Amendment to Subsection 2.06: Prepayments; Mandatory Amortization.  

        A.    Subsection 2.06(d) shall be amended by deleted the table appearing therein and replaced it with the
following table: 

	Scheduled Repayment Date
 
	 	Scheduled Repayment of

Outstanding Obligations in

the Event of Extension of the

Maturity Date pursuant to

Section 2.13

	October 31, 2005	 	12.5%
	

January 31, 2006	
 	

12.5%
	

April 30, 2006	
 	

12.5%
	

July 31, 2006	
 	

62.5%
	 	 	

	
TOTAL	
 	
100%
	 	 	

1.5  Amendment to Subsection 2.09: Fees.  

        A.    Subsection 2.09(a) shall be deleted in its entirety and replaced with the following: 

        (a)  Facility Fee. On a quarterly basis, payable in advance on the first Business Day of each fiscal quarter, Borrowers shall
pay to Administrative Agent, for the account of each Lender pro-rata according to its Pro-Rata Share, a facility fee equal to 0.200% per annum times the Combined Commitments as
in effect when such payment is due. No facility fee shall accrue on or after any extension of the Maturity Date pursuant to Section 2.13. All
facility fees are fully earned on the date paid. The facility fee paid to each Lender hereunder and under the Original Agreement is solely for its own account and is nonrefundable for any reason. 

8

 

1.6  Amendment to Subsection 2.13: Extension of Maturity Date.  

        A.    Subsection 2.13(c) shall be deleted in its entirety and replaced with the following: 

        (c)  Only
one extension of the Maturity Date may be made, and the Maturity Date shall not, in any event, be extended beyond July 31, 2006. 

1.7  Amendment to Subsection 6.16: Further Assurances.  

        A.    Subsection 6.16 shall be amended by adding a new clause (e) thereto which shall read as follows: 

        (e)  Additional Pledged Collateral. With respect to any new Guarantor created or acquired after the Closing Date by the
Borrowers or any of their Affiliates, within a reasonable time, not to exceed twenty (20) days, following the delivery of any guaranty required pursuant to Section 6.16(c), the Borrowers
or their Affiliates, as applicable, shall execute and deliver to the Administrative Agent such amendment to the Borrower Pledge Agreement as the Administrative Agent deems reasonably necessary or
desirable to grant to the Administrative Agent, for the benefit of the Lenders, (A) with respect or all Guarantors other than Casden Guarantors, a perfected first priority security interest in
the Stock or other equity interest of such new Guarantor and deliver to the Administrative Agent the certificates representing such Stock or equity interests, together with undated stock powers, in
blank, executed and delivered by a duly authorized officer of the Borrowers or their respective Affiliates, as applicable and (B) with respect to any Casden Guarantor, a perfected second
priority security interest in the Stock or other equity interest of such new Casden Guarantor. 

1.8  Amendment to Subsection 7.02: Liens and Negative Pledges.  

        A.    Subsection 7.02(j) shall be deleted in its entirety and replaced with the following: 

        (j)    Liens
and Negative Pledges pursuant to (1) the DevCo LLC Agreement, and (2) any other joint venture agreement; provided,
that, such joint venture is in the Ordinary Course of Business and the Liens and Negative Pledges only encumber or restrict Liens on the Property of such joint venture. 

1.9  Amendment to Subsection 7.14: Financial Covenants.  

        A.    Subsection 7.14(a) shall be deleted in its entirety and replaced with the following: 

        (a)  Permit
the Fixed Charge Coverage Ratio as of the end of any fiscal quarter ending during any period set forth below to be less than 1.50:1.00. 

        B.    Subsection 7.14(h) shall be deleted in its entirety and replaced with the following: 

9

 

        (h)  Permit
the Consolidated Net Worth of the REIT and its Subsidiaries on a consolidated basis to be less at any time than the sum of (x) $3,230,456,000  plus (y) 85% of the Net Issuance Proceeds of all
issuances of Stock or Partnership Units from and after September 30, 2002. 

Section 2. CONDITIONS TO EFFECTIVENESS  

        This Amendment shall become effective on the Effective Date, if all of the following conditions are satisfied: 

        A.    Guarantors and Pledgors have executed this Amendment with respect to Section 5; 

        B.    On or before the Effective Date, Borrowers have paid to Administrative Agent an amendment fee in an aggregate amount equal
to the sum of 20 basis points times the Pro Rata Shares of Combined Commitments of each Lender. The amendment fee will be distributed to each Lender in accordance with the foregoing; 

        C.    If required by Administrative Agent, Lenders and their respective counsel shall have received originally executed copies
of one or more favorable written opinions of counsel for Borrowers, Guarantors and Pledgors in form and substance satisfactory to Administrative Agent and its counsel, dated as of the Effective Date,
with respect to the validity, binding effect and enforceability of this Amendment, and due authorization, execution and delivery thereof, and as to such other matters as Administrative Agent acting on
behalf of Lenders may request; 

        D.    Lenders and their respective counsel shall have received executed resolutions from Borrowers, Guarantors and Pledgors
authorizing the entry into and performance of this Amendment and the Credit Agreement as amended, all in form and substance satisfactory to Administrative Agent and its counsel; 

        E.    Borrowers shall have paid the fees, costs and expenses of Administrative Agent's counsel in connection with this
Amendment; and 

        F.    Administrative Agent shall have received evidence satisfactory to it and its counsel that the Casden Agent and the Casden
Lenders (i) have modified, or concurrently with the Effective Date will modify, the Casden Loan and the Casden Credit Agreement in a manner satisfactory to Administrative Agent and the Lenders
and Administrative Agent shall have been provided with true, correct and complete copies of the documents effecting such modifications to the Casden Loan and Casden Credit Agreement and
(ii) have consented to or waived their right to consent to the Borrowers', Guarantors' and Pledgors' execution and delivery of this Amendment. 

Section 3. BORROWERS' REPRESENTATIONS AND WARRANTIES  

        In order to induce all Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Borrowers represent and warrant to
each Lender that the following statements are true, correct and complete: 

10

 

3.1 Corporate Power and Authority. Borrowers have all requisite corporate power and authority to enter into this Amendment and any other agreements or
other operative documents to be delivered pursuant to this Amendment, to carry out the transactions contemplated by, and perform their obligations under, the Amended Agreement. Each of the Borrowers,
Pledgors and the Guarantors are in good standing in the respective states of their organization on the Effective Date. 

3.2 Authorization of Agreements. The execution and delivery of this Amendment and the performance of the Amended Agreement have been duly authorized by
all necessary corporate, partnership or other action on the part of Borrowers and the other parties delivering any of such documents, as the case may be. Except as disclosed on Schedule 3.2 and
any name changes that have been disclosed to the Administrative Agent on or prior to the date hereof, the organizational documents of the Borrowers, Pledgors and Guarantors have not been modified in
any material respect since August 5, 2002. 

3.3 No Default. After giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement as of the Effective Date.
Further, after giving effect to this Amendment, no Default or Event of Default would result under the Amended Agreement from the consummation of this Amendment. 

3.4 No Conflict. The execution, delivery and performance by Borrowers, Pledgors and Guarantors of this Amendment and the performance of the Amended
Agreement by Borrowers, Pledgors and Guarantors does not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Borrowers, Pledgors, Guarantors
or any of their Subsidiaries, the Organizational Documents of Borrowers, Pledgors, Guarantors or any of their Subsidiaries or any order, judgment or decree of any court or other Governmental Authority
binding on Borrowers, Pledgors, Guarantors or any of their Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their Subsidiaries, (iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of
Borrowers, Pledgors, Guarantors or any of their Subsidiaries not otherwise permitted by the Amended Agreement, or (iv) require any approval of members or stockholders or any approval or consent
of any Person under any Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their Subsidiaries, except for such approvals or consents which have been or will be obtained on or before
the Effective Date and or have been disclosed in writing to Lenders in accordance with Section 5.03 of the Credit Agreement. 

3.5 Governmental Consents. The execution and delivery by Borrowers, Guarantors and Pledgors of this Amendment and the performance by Borrowers,
Guarantors and Pledgors under the Amended Agreement does not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or
other governmental authority or regulatory body. 

3.6 Binding Obligation. The Credit Agreement, as amended by this Amendment, has been duly executed and delivered by Borrowers, Pledgors and Guarantors
and is enforceable against Borrowers, Pledgors and Guarantors in accordance with its respective 

11

 

terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to
enforceability. 

3.7 Incorporation of Representations and Warranties From Credit Agreement. After giving effect to this Amendment, the representations and warranties
contained in Section 5 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the Effective Date to the same extent as though made on and as of
such date, except representations and warranties solely to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in
all material respects on and as of such earlier date. 

Section 4. MISCELLANEOUS  

	4.1
	Reference to and Effect on the Credit Agreement and the Other Loan Documents.  

         A.    On and after the Effective Date, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like
import referring to the Credit Agreement, and each reference in the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or words of like import referring to the Credit Agreement
shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 

        B.    Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full
force and effect and are hereby ratified and confirmed. 

        C.    The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a
waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Loan Documents. 

4.2 Fees and Expenses. Borrowers acknowledge that all reasonable costs, fees and expenses incurred by Administrative Agent and its counsel with respect
to this Amendment and the documents and transactions contemplated hereby shall be for the account of Borrowers. On or before the Effective Date, Borrowers hereby agree to pay the reasonable fees, cost
and expenses of Administrative Agent's counsel in connection with this Amendment. 

4.3 Headings and Titles. Section and subsection headings and titles in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 

4.4 Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but all such counterparts 

12

 

together
shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature
pages are physically attached to the same document. This Amendment shall become effective upon the execution of a counterpart hereof by each Borrower and each Lender, and receipt by Borrowers
and Administrative Agent of written, facsimile or telephonic notification of such execution and authorization of delivery thereof. 

Section 5. ACKNOWLEDGEMENT AND CONSENT  

        A.    Guarantors are party to either (i) that certain Payment Guaranty (Revolver Guarantors) dated as of March 11,
2002, as amended or (ii) that certain Payment Guaranty (Casden Guarantors) dated as of March 11, 2002, as amended, in each case, to the extent amended hereby, pursuant to which
Guarantors have guarantied the Obligations. Pledgors are party to that certain Borrowers Pledge Agreement dated as of March 11, 2002, as amended, to the extent amended hereby, pursuant to which
Pledgors have pledged the Pledged Collateral as security for the Loan. 

        B.    Each Guarantor and each Pledgor hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement
and this Amendment and consents to the amendment of the Credit Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that each Guaranty to which it is a party or otherwise
bound, and each Pledgor hereby confirms that the Pledge Agreement to which it is a party or otherwise bound, will continue to guaranty or secure, as the case may be, to the fullest extent possible the
payment and performance of all of the "Indebtedness" (as defined in the applicable Guaranty) or the "Secured Obligations" (as defined in the applicable Pledge Agreement), as the case may be, including
without limitation the payment and performance of all such "Indebtedness" or "Secured Obligation", as the case may be, with respect to the Obligations of Borrowers now or hereafter existing under or
in respect of the Credit Agreement (as amended hereby) and the Notes defined therein. 

        C.    Each Guarantor acknowledges and agrees that any Guaranty to which it is a party or otherwise bound, and each Pledgor
acknowledges and agrees that the Pledge Agreement to which it is a party or otherwise bound, shall continue in full force and effect and that all of its obligations thereunder shall be valid and
enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. Each Guarantor and each Pledgor represents and warrants that all representations and warranties
contained in the Credit Agreement and the Guaranty and/or the Pledge Agreement, as the case may be, to which it is a party or otherwise bound are true, correct and complete in all material respects on
and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case
they were true, correct and complete in all material respects on and as of such earlier date. 

        D.    Each Guarantor and each Pledgor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness
set forth in this Amendment, such Guarantor or such Pledgor, as the case may be, is not required by the terms of the Credit 

13

 

Agreement
or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any
other Loan Document shall be deemed to require the consent of such Guarantor or such Pledgor to any future amendments to the Credit Agreement. 

        E.    Each Revolver Lender hereby (i) acknowledges that it has received and reviewed the terms and provisions of that
certain Third Amendment and Waiver dated as of February 14, 2003 (the "Casden Amendment") among REIT, AIMCO, NHP Management (collectively, the
"Casden Borrowers"), Lehman Commercial Paper Inc., as administrative agent, syndication agent and a lender
("Lehman"), each lender from time to time party thereto, and Lehman Brothers Inc., as sole lead arranger, and (ii) consents to the
modifications and amendments as set forth in the Casden Amendment to the Casden Credit Agreement and the Casden Loan Documents. 

[Signatures on Next Page]

14

   
        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first written above. 

	
BORROWERS:	
 	

APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,
 a Maryland corporation
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
AIMCO PROPERTIES, L.P.,
 a Delaware limited partnership
	

 	
 	

By:	
 	

AIMCO-GP, INC.,

a Delaware corporation
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
AIMCO/BETHESDA HOLDINGS INC.,
 a Delaware corporation
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
NHP MANAGEMENT COMPANY,
 a District of Columbia corporation
	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

President
	
PLEDGORS (for purposes of Section 5 only):
	
 	
 	
APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,
 a Maryland corporation, as Pledgor
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President

15

 

	

 	
 	
AIMCO PROPERTIES, L.P.,
  a Delaware limited partnership, as Pledgor
	

 	
 	

By:	
 	

AIMCO-GP, INC.,

a Delaware corporation
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
AIMCO/BETHESDA HOLDINGS, INC.,
 a Delaware corporation, as Pledgor
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
NHP MANAGEMENT COMPANY,
 a District of Columbia corporation as Pledgor
	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

President
	

 	
 	
AIMCO GP LA, L.P.,
 a Delaware limited partnership
	

 	
 	

By:	
 	

AIMCO-GP, INC.,
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
AIMCO LP LA, L.P.,
 a Delaware limited partnership
	

 	
 	

By:	
 	

AIMCO LA QRS, Inc.,
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President

16

 

	

 	
 	
AIMCO-GP, INC.,
 a Delaware corporation
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
AIMCO-LA QRS, INC.,
 a Delaware corporation
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President
	

 	
 	
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,
 a Delaware limited partnership
	

 	
 	

By:	
 	

AIMCO GP LA, L.P.,
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

AIMCO-GP, INC.,
	 	 	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

Executive Vice President
	

 	
 	
AIC REIT PROPERTIES LLC,
 a Delaware limited liability company
	

 	
 	

By:	
 	

AIMCO Properties L.P.
	 	 	Its:	 	Managing Member
	

 	
 	

 	
 	

By:	
 	

AIMCO-GP, INC.,
	 	 	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

Executive Vice President

17

 

GUARANTORS (for purposes of Section 5 only):  

AIMCO/Bethesda Holdings Acquisitions, Inc.

AIMCO/Bethesda Holdings Acquisitions II, Inc.

AIMCO/NHP Holdings, Inc.

NHP A&R Services, Inc.

AIMCO/NHP Properties, Inc.

Oxford Holding Corporation

Oxford Realty Financial Group, Inc.  

	
By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

AIMCO/Bethesda GP, L.L.C.

AIMCO/Bethesda Employee, L.L.C.

AIMCO/Bethesda II, LLC

AIMCO/Akron One, L.L.C.

AIMCO/Allentown, L.L.C.

AIMCO/Allview, L.L.C.

AIMCO/Apollo, L.L.C.

AIMCO/Augusta, L.L.C.

AIMCO/Beach, L.L.C.

AIMCO/Beville, L.L.C.

AIMCO/Brandermill, L.L.C.

AIMCO/Brandon, L.L.C.

AIMCO/Casselberry, L.L.C.

AIMCO/Charleston, L.L.C.

AIMCO/Chickasaw, L.L.C.

AIMCO/Chimneytop, L.L.C.

AIMCO/Farmingdale, L.L.C.

AIMCO/Fox Valley, L.L.C.

AIMCO/Greensboro, L.L.C.

AIMCO/Greenville, L.L.C.

AIMCO/Kettering, L.L.C.

AIMCO/Kings, L.L.C.

AIMCO/Kirkman, L.L.C.

AIMCO/Lake Ridge, L.L.C.

AIMCO/Lakeridge California, L.L.C.

AIMCO/Lantana, L.L.C.

AIMCO/Laurel, L.L.C.

AIMCO/Lexington, L.L.C.

AIMCO/Middletown, L.L.C.

AIMCO/Nashua, L.L.C.

AIMCO/Newport, L.L.C.

AIMCO/North Woods, L.L.C.  

18

 

AIMCO/Ocala, L.L.C.

AIMCO/Palm Aire, L.L.C.

AIMCO/Palm Beach, L.L.C.

AIMCO/Pinellas, L.L.C.

AIMCO/Runaway Bay, L.L.C.

AIMCO/Salem, L.L.C.

AIMCO/San Bruno, L.L.C.

AIMCO/Schaumburg, L.L.C.

AIMCO/Southridge, L.L.C.

AIMCO/Spartanburg, L.L.C.

AIMCO/Tidewater, L.L.C.

AIMCO/Westridge, L.L.C.

AIMCO/Bethesda Williamsburg, L.L.C.  

	
By:	
 	

AIMCO Properties, L.P.,

as their Sole Member
	

 	
 	

By:	
 	

AIMCO-GP, Inc.
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

AIMCO Anchorage, L.P.

AIMCO Bay Club, L.P.

AIMCO Bridgewater, L.P.

AIMCO Colonel I, L.P.

AIMCO Copperfield, L.P.

AIMCO Crows Nest, L.P.

AIMCO Group, L.P.

AIMCO Hampton Hill, L.P.

AIMCO Hastings Place, L.P.

AIMCO LT, L.P.

AIMCO Oak Falls, L.P.

AIMCO Park at Cedar Lawn, L.P.

AIMCO Peppermill Place, L.P.

AIMCO Recovery Fund, L.P.

AIMCO Seaside Point, L.P.

AIMCO Signature Point, L.P.

AIMCO Stirling Court, L.P.

AIMCO Sunbury, L.P.

AIMCO Township at Highlands, L.P.

AIMCO/Travis One, L.P.

AIMCO UT, L.P.

AIMCO West Trails, L.P.  

19

  

	

By:	
 	

AIMCO Holdings, L.P.,

as their General Partner	
 	

 
	

 	
 	

By:	
 	

AIMCO Holdings QRS, Inc.,

its General Partner	
 	

 
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
AIMCO Bay Club II, L.P.	
 	

 
	
By:	
 	

AIMCO Bay Club, L.P.,

its general partner	
 	

 
	

 	
 	

By:	
 	

AIMCO Holdings, L.P.,

as its general partner	
 	

 
	

 	
 	

By:	
 	

AIMCO Holdings QRS, Inc.,

its general partner	
 	

 
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
AIMCO Holdings, L.P.	
 	

 
	
By:	
 	

AIMCO Holdings QRS, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

20

 

	
Ambassador CRM Florida Partners Limited Partnership	
 	

 
	
By:	
 	

Ambassador Apartments, L.P.,

as its general partner	
 	

 
	

 	
 	

By:	
 	

AIMCO Properties, L.P.,

as its general partner	
 	

 
	

 	
 	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

as its general partner	
 	

 
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Ambassador I, L.P.	
 	

 
	
By:	
 	

Ambassador I, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Ambassador II, L.P.	
 	

 
	
By:	
 	

Ambassador II, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Ambassador VIII, L.P.	
 	

 
	
By:	
 	

Ambassador VIII, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

21

 

	
Ambassador IX, L.P.	
 	

 
	
By:	
 	

Ambassador IX, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Ambassador Apartments, L.P.	
 	

 
	
By:	
 	

AIMCO Properties, L.P.,

its general partner	
 	

 
	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

its general partner	
 	

 
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Ambassador X, L.P.	
 	

 
	
By:	
 	

Ambassador X, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
Williamsburg Limited Partnership	
 	

 
	
By:	
 	

Ambassador IX, L.P.,

its general partner	
 	

 
	

 	
 	

By:	
 	

Ambassador IX, Inc.,

its general partner	
 	

 
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

22

 

	
Property Asset Management Services-California, LLC
	
By:	
 	

NHP Management Company,

its Managing Member	
 	

 
	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

President	
 	

 
	
NHP/Congress Management Limited Partnership	
 	

 
	
By:	
 	

NHP-HG Six, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

Executive Vice President	
 	

 
	
NPI-AP Management, L.P.	
 	

 
	
By:	
 	

NPI Property Management Corporation,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PATRICK FOYE      
 Patrick Foye

Executive Vice President	
 	

 
	
AIMCO IPLP, L.P.	
 	

 
	
By:	
 	

AIMCO/IPT, Inc.,

its general partner	
 	

 
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 

AIMCO Calhoun, Inc.

AIMCO Colorado Residential Group, Inc.

AIMCO Holdings QRS, Inc.

AIMCO LJ Tucson, Inc.

AIMCO Properties Finance Corp.

AIMCO/Brant Rock, Inc.

AIMCO/Beacon Hill, Inc.

AIMCO/Blossomtree, Inc.

AIMCO/Colonnade, Inc.

AIMCO/Foothills, Inc.  

23

 

AIMCO/Foxtree, Inc.

AIMCO/Freedom Place, Inc.

AIMCO/Grovetree, Inc.

AIMCO/Hiddentree, Inc.

AIMCO/IPT, Inc.

AIMCO/Islandtree, Inc.

AIMCO/Olmos, Inc.

AIMCO/Orchidtree, Inc.

AIMCO/OTC QRS, Inc.

AIMCO/Pine Creek, Inc.

AIMCO/Polo Park, Inc.

AIMCO/Quailtree, Inc.

AIMCO/Rivercrest, Inc.

AIMCO/Sand Castles, Inc.

AIMCO/Sand Pebble, Inc.

AIMCO/Shadetree, Inc.

AIMCO/Shadow Lake, Inc.

AIMCO/Silktree, Inc.

AIMCO/Surrey Oaks, Inc.

AIMCO/Tall Timbers, Inc.

AIMCO/The Hills, Inc.

AIMCO/Timbertree, Inc.

AIMCO/Wickertree, Inc.

AIMCO/Wildflower, Inc.

AIMCO/Windsor Landing, Inc.

AIMCO/Woodhollow, Inc.

AIMCO/Wydewood, Inc.

AIMCO/Yorktree, Inc.

AIMCO-LP, Inc.

AIMCO-GP, Inc.

Ambassador I, Inc.

Ambassador II, Inc.

Ambassador IV, Inc.

Ambassador V, Inc.

Ambassador VIII, Inc.

Ambassador Texas, Inc.

Ambassador X, Inc.

Ambassador XI, Inc.

Ambassador Florida Partners Inc.

Angeles Realty Corporation II

NHP Multi-Family Capital Corporation

NHP Real Estate Corporation

A.J. Two, Inc.

AIMCO Equity Services, Inc.

NHP-HDV Ten, Inc.

NHP-HDV Fourteen, Inc.  

24

   DBL Properties Corporation

SF General, Inc.

CPF XIV/St. Charleston, Inc.

CPF XIV/Torrey Pines, Inc.

CPF XIV/Sun River, Inc.

CPF XV/Lakeside Place, Inc.

ConCap Equities, Inc.

ConCap Holdings, Inc.

PRA, Inc.

National Property Investors, Inc.  

	
By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
AIMCO GP LA, L.P.	
 	

 
	
By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation
	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Peter K. Kompaniez

President	
 	

 
	
AIMCO LP LA, L.P.	
 	

 
	
By:	
 	

AIMCO LA QRS, Inc.,

a Delaware corporation
	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Name: Peter K. Kompaniez

Title: President	
 	

 

25

 

	
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.
	
By:	
 	

AIMCO GP LA, L.P.,

a Delaware limited partnership
	Its:	 	General Partner
	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Name: Peter K. Kompaniez

Title: President	
 	

 
	
AIC REIT PROPERTIES LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

AIMCO Properties, L.P.,

a Delaware limited partnership
	Its:	 	Managing Member
	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation
	 	 	Its:	 	General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PETER K. KOMPANIEZ      
 Name: Peter K. Kompaniez

Title: President	
 	

 

26

 

AIMCO LA QRS, INC.

MAYER MANAGEMENT, INC.

MAYER PROPERTY SERVICES, INC.

AIMCO PARK LA BREA INC.

LA BROADCAST CENTER QRS INC.

LA CANYON TERRACE QRS INC.

LA CREEKSIDE QRS INC.

LA CRESCENT GARDENS QRS INC.

LA INDIAN OAKS QRS INC.

LA LAKES QRS INC.

LA MALIBU CANYON QRS INC.

LA HILLCRESTE QRS INC.

LA TOPANGA QRS INC.

LA CENTINELA QRS INC.

LAC PROPERTIES QRS II INC.

LAC PROPERTIES QRS III INC.  

	
By:	
 	

/s/  PETER K. KOMPANIEZ      
 Name: Peter K. Kompaniez

Title: President	
 	

 
	
NHPMN STATE MANAGEMENT, INC.,
 a Delaware corporation
	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 
	
NHPMN MANAGEMENT, L.P.,
 a Delaware limited partnership
	

By:	
 	

NHPMN-GP, Inc.,

a Delaware corporation	
 	

 
	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 

27

 

	
NHPMN MANAGEMENT, LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

NHP Management Company,

a District of Columbia corporation	
 	

 
	Its:	 	General Member and General Manager	 	 
	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 
	
NHPMN MANAGEMENT, LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 
	
OP PROPERTY MANAGEMENT, L.P.,
 a Delaware limited partnership	
 	

 
	

By:	
 	

NHPMN-GP, Inc.,

a Delaware corporation	
 	

 
	Its:	 	Managing General Partner	 	 
	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 

28

 

	
OP PROPERTY MANAGEMENT, LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

AIMCO Properties, L.P.,

a Delaware limited partnership	
 	

 
	Its:	 	General Member and General Manager	 	 
	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation	
 	

 
	 	 	Its:	 	General Partner	 	 
	

 	
 	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 

29

 

	
LAC PROPERTIES GP I LIMITED PARTNERSHIP,
 a Delaware limited partnership	
 	

 
	

By:	
 	

LAC Properties GP I LLC,

a Delaware limited liability company	
 	

 
	Its:	 	General Partner	 	 
	

 	
 	

By:	
 	

LAC Properties Operating Partnership LP,

a Delaware limited partnership	
 	

 
	 	 	Its:	 	Managing Member	 	 
	

 	
 	

 	
 	

By:	
 	

AIMCO GP LA, L.P.,

a Delaware limited partnership	
 	

 
	 	 	 	 	Its:	 	General Partner	 	 
	

 	
 	

 	
 	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation	
 	

 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	

 	
 	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 
	
LAC PROPERTIES GP II LIMITED PARTNERSHIP,
 a Delaware limited partnership	
 	

 
	

By:	
 	

LAC Properties QRS II Inc.,

a Delaware corporation	
 	

 
	Its:	 	General Partner	 	 
	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 

30

 

	
LAC PROPERTIES SUB LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

LAC Properties Operating Partnership LP,

a Delaware limited partnership	
 	

 
	Its:	 	Managing Member	 	 
	

 	
 	

By:	
 	

AIMCO GP LA, L.P.,

a Delaware limited partnership	
 	

 
	 	 	Its:	 	General Partner	 	 
	

 	
 	

 	
 	

By:	
 	

AIMCO-GP, Inc.,

a Delaware corporation	
 	

 
	 	 	 	 	Its:	 	General Partner	 	 
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 
	
LA CENTINELA GP LLC,
 a Delaware limited liability company	
 	

 
	

By:	
 	

LA Centinela QRS, Inc.,

a Delaware corporation	
 	

 
	Its:	 	Managing Member	 	 
	

 	
 	

By:	
 	

/s/  PAUL J. MCAULIFFE      
 Paul J. McAuliffe

Executive Vice President and

Chief Financial Officer	
 	

 

31

  

	
BANK OF AMERICA	
 	

 	
 	

 
	

 	
 	

BANK OF AMERICA, N.A.,
 as Administrative Agent
	

 	
 	

By:	
 	

/s/  FRANK H. STUMPF      
 Name: Frank H. Stumpf

Title: Principal

32

 

	

 	
 	
BANK OF AMERICA, N.A.,
 as Issuing Lender and a Lender
	

 	
 	

By:	
 	

/s/  FRANK H. STUMPF      
 Name: Frank H. Stumpf

Title: Principal

33

 

	

 	
 	
FLEET NATIONAL BANK, as a Lender
	

 	
 	

By:	
 	

/s/  KATHLEEN M. AHERN      
 Name: Kathleen M. Ahern

Title: Director

34

 

	

 	
 	
THE BANK OF NOVA SCOTIA, acting through its San Francisco Agency, as Lender
	

 	
 	

By:	
 	

/s/  KATE PIGOTT      
 Name: Kate Pigott

Title: Director

35

 

	

 	
 	
CALIFORNIA BANK & TRUST, a California banking corporation, as a Lender
	

 	
 	

By:	
 	

/s/  STEPHANIE LANTZ      
 Name: Stephanie Lantz

Title: Vice President

36

 

	

 	
 	
JP MORGAN CHASE BANK (formerly known as The Chase Manhattan Bank), a New York banking corporation, as a Lender
	

 	
 	

By:	
 	

/s/  JOHN MIX      
 Name: John Mix

Title: Vice President

37

 

	

 	
 	
WACHOVIA BANK NA (formerly known as First Union National Bank), as a Lender
	

 	
 	

By:	
 	

/s/  REX E. RUDY      
 Name: Rex E. Rudy

Title: Director

38

 

	

 	
 	
KEYBANK NATIONAL ASSOCIATION, as a Lender
	

 	
 	

By:	
 	

/s/  SCOTT CHILDS      
 Name: Scott Childs

Title: Vice President

39

 

	

 	
 	
SOUTHTRUST BANK, N.A., as a Lender
	

 	
 	

By:	
 	

/s/  ANN PECK      
 Name: Ann Peck

Title: Assistant Vice President

40

 

	

 	
 	
U.S. BANK NATIONAL ASSOCIATION, as a Lender
	

 	
 	

By:	
 	

/s/  VALERIE P. HELLER      
 Name: Valerie P. Heller

Title: Vice President

41

 

	

 	
 	
NEW YORK LIFE INSURANCE COMPANY, a New York mutual insurance company, as a Lender
	

 	
 	

By:	
 	

/s/  RICHARD M. WALSH      
 Name: Richard M. Walsh

Title: Real Estate Vice President

42

QuickLinks

Exhibit 10.35.2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}]]